A total of 10,603 new companies were established in Turkey in September, up 37.77% on an annual basis, the country's top trade body said on Friday.

Month-on-month, the figure marked a rise of 13.38%, according to data released by the Turkish Union of Chambers and Commodity Exchanges (TOBB).

Some 1,470 companies went out of business last month, up 18.45% year-on-year.

Over 85% of the new firms are limited companies and 13% are joint-stock companies.

The top three fields of operation among new companies were wholesale and retail trade, manufacturing and construction.

In September, 1,197 companies with foreign partners were established – 665 have Turkish partners, 63 have Iranian partners and 36 have Syrian partners.

Foreign capital partners' capital investments constitute 77.47% of the total capital of foreign joint venture companies, according to the report.

Overall, around 73,912 companies started doing business in Turkey from January through September, a 22.84% year-on-year increase.

Some 10,232 firms were liquidated, a rise of 11.56% from the same period last year.

The number of closed companies increased by 13.7% to reach 9,962.