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13 Jan. 2024

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What's happening to Ukrainian business in the second year of the war?

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What's happening to Ukrainian business in the second year of the war?

Despite the war and all the risks associated with staff shortages and the search for new markets and customers, Ukrainian businesses tend to stay in Ukraine and have no plans to relocate. Find out what else was revealed in the new Gradus Research study

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Take care of insurance for safe entry into Ukraine
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The war has changed the way Ukrainians live their lives, and thus forced businesses to adapt to new conditions and daily challenges. However, the latest Gradus Research study shows that Ukrainian business is successfully passing all the tests of military realities.


What are the main trends in Ukrainian business over the past year and how entrepreneurs are adapting to today's challenges?


Ukrainian business has no plans to relocate and demonstrates endurance


Business in Ukraine needs not only employees but also new markets and customers. These needs are primarily related to the fact that a significant number of Ukrainians were forced to flee the war abroad. In addition, modern realities require new approaches to security issues. However, numerous Gradus Research studies have shown that all these obstacles do not stop Ukrainian entrepreneurs, and therefore businesses are proactive and ready to solve these problems. In addition, surveys have shown that businesses tend to stay in Ukraine and not relocate. This applies to both traditional businesses and startups.


Strategies for survival and business development during the war


The business planning horizon has shrunk during the war - most Ukrainian companies plan their activities only for a year or less. At the same time, entrepreneurs remain optimistic and plan not only moderate but also active growth.


At the same time, compared to 2022, the share of businesses in Ukraine that have undergone partial or complete sectoral transformation or need it has increased significantly. Thus, most Ukrainian companies are currently operating in the pre-war mode.




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Business in Ukraine works for the Armed Forces


Charity and support for the army is one of the key objectives for almost every business in Ukraine. Ukrainian companies not only donate funds to the Armed Forces, but also organize various social and volunteer programs on their own.


Sociologists note that even small companies with an annual turnover of up to UAH 100 thousand find opportunities to help with donations, goods or volunteering. "Moreover, the vast majority of businesses are ready to continue these social initiatives even after the end of a full-scale war. This once again demonstrates the strength of horizontal ties in Ukrainian society," the study says.


Changing priorities of business owners in Ukraine


As noted, the war has also provoked certain changes in the attitude of business owners and top managers to doing business. In particular, they began to take a more active part in the operational management of their businesses, which led to increased efficiency in communication, increased trust and support, and satisfaction among employees.


Thus, Ukrainians are once again proving that they are able not only to withstand, but also to move forward confidently despite all the difficulties, threats and instability. Together to victory!


Please note that on the Visit Ukraine website you can get advice or full legal support on starting and doing business in Ukraine. Our qualified lawyers will answer any questions you may have, help you determine the appropriate NACE and taxation system, as well as collect the necessary documents and prepare the constituent documents. 

Registering your own company in Ukraine can be simple and fast. Follow the link to request a consultation at a time convenient for you and in your preferred language (our specialists provide legal assistance to both Ukrainians and foreigners). 


We remind you! The Ukrainian authorities have fixed a plan to increase taxes for sole proprietorships and set a new level of subsistence minimum and wages, which accordingly affected the amount of taxes for sole proprietorships of groups I-III. Read how much individuals now have to pay and what other changes to expect in the near future in our previous article.


Photo: Getty Images


Want to know more? Read the latest news and useful materials about Ukraine and the world in the News section.




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