A total of 109,695 new companies were set up in Turkiye in 2021, the country’s top trade body said on Friday.

The figure rose 8.5% compared to 2020, the Union of Chambers and Commodity Exchanges of Turkiye (TOBB) said in a report.

It added that 16,222 companies also went out of business last year, marking a 5.6% rise from 2020.

A total of 13,445 foreign-partnered or foreign-funded new companies were formed in 2021.

Monthly figure

In December 2021, 9,774 companies started doing business in Turkiye, up 15.3% on an annual basis.

The number of companies that went out of business in December 2021 rose 20% year-on-year to 3,803.

According to the TOBB report, 1,186 companies with overseas capital were established last month.

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