Citizens of which countries most often start a business in Ukraine: analysis of entrepreneurial activity in 2024

Despite the difficult economic conditions caused by the war, foreigners continue to open businesses in Ukraine. However, in 2024, the number of companies founded by non-residents decreased by almost 25% compared to the previous year. Find out more about the countries and industries where foreigners are most likely to start a business in Ukraine

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According to Opendatabot and the Unified State Register, 1,109 new foreign-owned companies were registered in Ukraine in 2024. This is 24.2% less than in the previous year. Compared to the pre-war year of 2021, the number of foreign-owned companies decreased by 60%.

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Types of activities of companies with foreign owners in 2024

Let's take a look at the areas in which foreign owners most often start a business in Ukraine:

1. Wholesale trade - 23%.

2. IT - 9.8%.

3. Real estate - 7.8%.

3. Construction - 5.1%.

4. Restaurant business - 4.1%.

5. General government - 4.1%.

6. Retail trade - 4%.

7. Transportation - 3.2%.

8. Others - 36.2%.

In 2024, Kyiv remained the leader in terms of the number of new foreign companies, with 542 companies registered here, accounting for 48.9% of the total. Other popular regions were Lviv region with 137 companies (12.4%) and Odesa region with 122 companies (11%).

Among the newly established companies, the largest authorized capital belongs to DVL UKR LLC from Kyiv, owned by a French citizen. Its authorized capital is UAH 1.18 billion. The top three also includes TRADE SOLUTIONS LLC (UAH 456.7 million) and DK KYIV OUTLET LLC (UAH 335.6 million), whose beneficiary is a Czech citizen.

In the first half of 2024, more than 13,000 companies and almost 148,500 individual entrepreneurs were registered, which is more than in the same period in 2023 (12,500 companies and 134,000 individual entrepreneurs). However, 2024 was also a record year for the number of closed sole proprietorships - more than 209,750, which is 32% more than in 2023. This indicates market instability and difficult economic conditions for small businesses.

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What countries do citizens of start a business in Ukraine?

In 2024, citizens of 78 countries opened businesses in Ukraine. For example, Turkish nationals opened 201 businesses in Ukraine, Polish nationals - 90 companies, and US nationals - 89 companies.

In 2024, citizens of the following countries started businesses most often:

1. Turkey - 18.1%.

2. Poland - 8.1%.

3. THE UNITED STATES - 8%.

4. Germany - 5%.

5. Israel - 4.4%.

6. China - 4.3%.

7. Azerbaijan - 4.4%.

8. Romania - 3.5%.

9. Great Britain - 3.2%.

10. Other - 41.3%.

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We remind you! Ukrainian entrepreneurs are actively developing their business in Europe, gradually shifting their focus from the Ukrainian diaspora to local customers. Read more about how Ukrainian companies are adapting to new conditions and strengthening their positions in the international arena.

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