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Despite war, business in Ukraine is flourishing

Despite the ongoing war and objective difficulties such as power outages, business is nevertheless thriving in Ukraine. According to a report published on Monday by the analytical center Opendatabot, over five times more companies have been established in Ukraine than those ceasing their operations.

At the beginning of April 2023, the number of registered sole proprietorships reached nearly 2 million, while larger companies exceeded 1.2 million. For the first time, the number of closed sole traders did not increase.

Previously, an average of 260,000 such companies ceased their operations annually in Ukraine. However, during the surveyed period (from April 1, 2022, to April 1, 2023), fewer than 204,000 closed down, while nearly 209,000 new businesses were registered.

Regarding small and medium-sized enterprises (SMEs), there is a clear difference between the number of closures and new openings. The former amounted to 5,728, while over 32,000 new businesses were established.

The mentioned data covers the period from April 1, 2022, to April 1, 2023. The analytical center noted that from the beginning of the war until the end of March 2022, there was no functioning Ukrainian registration office for economic activities, which meant that there was no possibility of registering a new company or legally closing an existing one.

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