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Foreigners have opened over 2,600 businesses in Ukraine since start of full-scale war

by Martin Fornusek May 16, 2024 3:45 PM 2 min read
An illustrative photo of Kyiv. (Fahad Rafeeq/Getty Images)
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Foreign citizens have founded 2,652 companies in Ukraine since the outbreak of the full-scale Russian invasion in 2022, the Opendatabot business monitoring service said on May 16.

Citizens from some 100 countries have continued to launch new businesses in the country even amid the physical danger and economic downturn caused by Moscow's war.

Businesspeople from Turkey represent the largest share, data shows, as they own 354 new Ukrainian businesses, or 13% of the total.

In second place are citizens of Uzbekistan, with 274 new Ukrainian companies, which is roughly one-tenth of the overall number. Poles come third with 193 businesses, representing 7% of the companies launched since 2022.

Citizens of the U.S. (174), Kazakhstan (151), Germany (122), Azerbaijan (121), Israel (114), and the U.K. (94) also rank high, according to Opendatabot's data.

The largest business opened by a foreigner after the beginning of the full-scale war was TENS1MA LLC, with a charter capital of Hr 1.28 billion ($32.5 million), owned by an Armenian citizen, the service said.

The second largest is the Venture Corporate Investment Fund Yugen, which has a capital of Hr 700 million ($18 million) and an American citizen as its ultimate owner.

As the third comes LLC LFS, with a charter capital of Hr 300 million ($7.6 million) and is owned by a Polish citizen.

Everyone talks about investing in Ukraine, but few are doing it
Despite its economy steadily improving from the first months of the full-scale invasion, very little foreign capital is currently trickling down to Ukraine’s private and public sectors. Money from international financial institutions has helped stabilize the economy, bolstering forecasts of 3.2% gr…
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