A total of 10,260 new companies were set up in Turkey in October, up 22.84% on a yearly basis, the country's top trade body said Friday.

Month-on-month, the figure marked a fall of 3.23%, according to data released by the Turkish Union of Chambers and Commodity Exchanges (TOBB).

The number of companies that went out of business over the course of the month stood at 1,261, up 5.17% year-on-year.

Some 1,123 companies with foreign partners were established in October, while 159 cooperatives were also launched.

Around 42% of firms and cooperatives launched in October were in the metropolis Istanbul, followed by the capital Ankara with 9% and the western province of Izmir with 6.27%.

Of the companies and cooperatives established last month, 3,737 are engaged in trade, 1,598 in manufacturing and 1,265 in the construction industry.

The number of new companies set up in Turkey in the first 10 months of this year was 84,172, an increase of 22.84% year-on-year.

Some 11,390 firms were liquidated, a rise of 10.15% from the same period last year.