We analyze how the Syrian refugee inflows into Turkey affected firm entry and performance. To estimate the causal effects, we use instrumental variables, difference-in-differences, and synthetic control methodologies. The results suggest that hosting refugees is favorable for firms. Total firm entry does not seem to be significantly affected. However, there is a substantial increase in the number of new foreign-owned firms. In line with the increase in new foreign-owned firms, there is some indication of growth in gross profits and net sales.