Some 5,486 new companies were created last month in Turkey, the Turkish Union of Chambers and Commodity Exchanges (TOBB) said in a report released on Monday.

The number of newly established companies in June declined 5.69 percent compared to June of last year.

The union also said that 786 companies went out of business, a drop of 7.75 percent compared to the same month in 2015.

The chamber's report showed 399 foreign-partnered or foreign-funded new companies had been established in June.

Over 33 percent (134) of foreign-partnered companies were founded directly by Syrians or by Syrians in partnerships. Out of the total number of foreign-funded companies in the second month of the year, 34 were Iraqi-funded, followed by 22 that were German-funded.