Top countries whose citizens become entrepreneurs in Ukraine
Over 1.6 thousand sole proprietorships were opened by foreigners in Ukraine in the first 9 months of 2025, according to the Unified State Register. This is almost 10% less than during the same period last year. At the same time, the net increase between openings and closures this year amounted to 490 non-resident entrepreneurs. Most often, citizens of Azerbaijan, Russia, and Uzbekistan become entrepreneurs in Ukraine.
Foreigners registered 1,648 sole proprietorships this year in Ukraine, which is 10% less than in the same period last year. Overall, only 0.7% of all new entrepreneurs this year are non-residents of Ukraine.
At the same time, 1,158 foreign sole proprietors ceased their activities during the same period. The net growth amounted to 490 non-resident entrepreneurs. In total, more than 213 thousand entrepreneurs closed down in Ukraine during this period, with foreigners making up only 0.5%.
Unlike Ukrainians, most foreign entrepreneurs are men: 69% versus 31% women.
It is worth noting that non-resident entrepreneurs are quite resilient: the median operating time of such a business in Ukraine is 3.1 years. The record holder was a woman with Russian citizenship whose business operated for 30 years and closed at the beginning of this year. For comparison, Ukrainian sole proprietorships last slightly less — 2.5 years.
“Opening sole proprietorships by foreigners is an absolutely normal and legal practice. People who have a temporary or permanent residence permit in Ukraine obtain a tax identification number (TIN), so they can officially run a business and pay taxes on par with Ukrainian citizens. As for citizens of the Russian Federation — they are no exception to this rule. Only those who legally reside in Ukraine can start their own business. In this case, the procedure does not differ from opening a sole proprietorship by any other non-resident,” notes Denys Popov, head of the legal department of Opendatabot, lawyer, and arbitration manager.
Most new entrepreneurs come from Azerbaijan — 229 (14%), followed by citizens of the Russian Federation — 222 (14%), Uzbekistan — 160 (10%), Moldova — 125 (8%), and Armenia — 95 (6%).
The highest number of business closures were among citizens of Russia — 241 (21%), Azerbaijan — 157 (14%), Moldova — 102 (9%), Uzbekistan — 91 (8%), and Belarus — 69 (6%).
The majority of foreigners choose the trade sector — nearly every third business. Other popular sectors include food service (14%), wholesale trade (9%), computer programming (6%), and information services (4%).
Most closures also occur in these sectors: retail trade (37%), computer programming (10%), and food service (9%).
Every third foreign entrepreneur starts their business in Kyiv: 544 in 2025. Next come Odesa region — 300 (18%), Kyiv region — 138 (8%), Kharkiv region — 104 (6%), and Lviv region — 83 (5%). The fewest foreign entrepreneurs are registered in Volyn, Chernihiv, Sumy, Donetsk, and Kherson regions — from 2 to 17.
Foreigners mostly close their businesses in the same regions: Kyiv — 297 (26%), Odesa (17%), Kharkiv (9%), Kyiv region (8%), and Dnipropetrovsk (5%).
https://opendatabot.ua/analytics/fops-foreigners-2025
https://opendatabot.ua/analytics/fops-foreigners-2025
The mining and metallurgical group Metinvest plans to invest $293 million in its assets this year, while last year the total amount of investments, including joint ventures, amounted to $251 million, about 90% of which went to the development of Ukrainian enterprises. According to dsnews.ua’s article “Top 10 Successful Investor Companies in Ukraine,” Metinvest entered the top ten leading investors in Ukraine: $90 million in the first half of 2025. These investments were directed mainly at supporting technologies, maintaining production volumes, and ensuring labor safety.
As before, the funds are concentrated on critical areas: the mining segment, to ensure the production cycle, and the energy sector, to minimize blackout risks.
Despite the proximity of the front line, Metinvest continues large-scale repair and modernization works at its enterprises. In the first half of 2025, investments in repairs and equipment amounted to $28.8 million at Kametstal, $6.4 million at Zaporizhstal, $19 million at Northern GOK, and $3 million at Central GOK. The group focuses particularly on Kametstal and the mining and beneficiation plants.
At Kametstal, the first overhaul of Blast Furnace No. 9 since the start of the full-scale invasion was completed for $16 million, and equipment of one of the converters was restored. At Southern GOK, a new vacuum pump production station No. 4 is being built with a planned capacity of over 100,000 tons of concentrate per month.
A priority is the construction of a tailings thickening plant at Northern GOK. The relevant equipment will be purchased from the Finnish industrial manufacturer Metso Finland, for which Metinvest opened a credit line of EUR 23.6 million at Deutsche Bank.
The group is taking up the challenge of “greening” production processes, particularly within the EU’s environmental policy framework. From 2026, the Carbon Border Adjustment Mechanism (CBAM) should come into full effect, obliging importers to buy certificates compensating for emissions contained in goods imported to the EU. The EU may postpone CBAM for Ukraine due to the war.
At Northern GOK, one of the LURGI 552 roasting machines is being redesigned to produce improved pellets that meet EU green metallurgy requirements. Capital investments at Kametstal also support the green transition. Overall, the group estimates the green modernization of its assets at about $8 billion.
The group pays special attention to energy security. Between 2022 and 2024, it spent UAH 159.4 million on 242 diesel generators with a total capacity of 22.9 MW. Another UAH 240 million was allocated to modernize and maintain steam generation with a nominal capacity of 89 MW. At Kametstal, maneuverable gas generation has started in pilot mode.
Metinvest has major plans for developing its own generation: gas piston generators at Northern, Central GOKs and Kametstal (29 MW, $26 million), as well as solar power plants at Central GOK (23.8 MW) and Kametstal (13.3 MW) worth $18.1 million in 2025–2026.
Another important direction is investment in artificial intelligence technologies. Metinvest Digital, the group’s IT company, is responsible for R&D. Its solutions are quickly implemented in production. The AI tool ForgeCheck helps control product quality at Zaporizhstal by detecting slab defects, reducing complaints and saving electricity.
Another system, the SPAIS platform, integrates into industrial video surveillance to monitor safety compliance, helping reduce workplace violations.
According to Metinvest B.V.’s report, in the first half of 2025, capital investments decreased by 28% to $91 million compared to $127 million a year earlier. $52 million was invested in metallurgy and $38 million in mining. 79% of expenses went to maintenance (90% in the first half of 2024), the rest to strategic projects.
In 2024, capital investments decreased by 17% to $235 million from $284 million in 2023. $81 million was invested in metallurgy and $146 million in mining.
Metinvest is a vertically integrated group of mining and metallurgical companies. Its enterprises are located in Ukraine — in the Donetsk, Luhansk, Zaporizhzhia, and Dnipropetrovsk regions — as well as in European countries. The main shareholders of the holding are SCM Group (71.24%) and Smart-Holding (23.76%), which jointly manage it. Metinvest Holding LLC is the group’s management company.
Insurance premiums accrued under international Green Card insurance agreements concluded by member companies of the Motor (Transport) Insurance Bureau of Ukraine (MTIBU) decreased by 3.08% in January-September 2025 compared to the same period in 2024, to UAH 4.139 billion. According to the MTIBU website, the number of Green Card contracts concluded during this period decreased by 4.51% to 1.081 million.
At the same time, the amount of compensation paid on claims increased by 4.43% to EUR 38.987 million, while the number of claims paid decreased by 4.01% to 11,300.
The MTIBU is the only association of insurers providing compulsory civil liability insurance for owners of land vehicles for damage caused to third parties.
The Green Card is a system of insurance protection for victims of road traffic accidents, regardless of their country of residence and the country of registration of the vehicle. It is valid in 45 countries in Europe, Asia, and Africa.
According to the decision adopted by the General Assembly of the Council of the International Motor Insurance System “Green Card” in Luxembourg in May 2004, Ukraine has been a full member of this system since January 1, 2005.
Imports of electric batteries and separators to Ukraine in January–September 2025 increased by 62.6% compared to the same period last year, reaching $909.7 million, according to the State Customs Service (SCS).
The main supplies came from China ($616.7 million, or 67.8% of the total), Vietnam ($95.9 million, or 10.5%), and Taiwan ($16 million, or 1.7%).
For comparison, in 2024, the largest exporters were China (80.7%), Bulgaria (3.7%), and the Czech Republic (3.3%).
In September 2025, battery imports decreased by 1.7% compared to September 2024, to $114.6 million.
According to GTS data, in 2024, battery imports more than doubled to $950.6 million, reflecting steady demand for energy independence equipment. As with generators, in July 2024, Ukraine temporarily exempted imports of battery equipment from customs duties and VAT to ensure a stable energy supply amid the war and damage to power grids.
https://expertsclub.eu/import-akumulyatoriv-v-ukrayinu-za-devyat-misyacziv-zris-na-63-do-9097-mln/
Imports of electric generator sets and rotating electrical converters to Ukraine in January–September 2025 increased 4.2 times compared to the same period in 2024, reaching $1.209 billion, according to data from the State Customs Service (SCS).
According to the SCS, the largest suppliers of equipment were the Czech Republic (19.7% of the total volume, $238.1 million), Romania (18.5%, $223.3 million), and Poland (12.5%, $150.6 million).
For comparison, last year’s leaders were China ($69.8 million), Turkey ($61.4 million), and the Czech Republic ($31.9 million).
In September 2025, imports of generators increased almost threefold compared to September last year, reaching $191.6 million.
Exports of such equipment from Ukraine remain insignificant — $3.52 million in nine months, mainly to the Czech Republic, Latvia, and Bulgaria.
According to the State Customs Service, the sharp increase in imports is associated with the active modernization of energy infrastructure and the continuing demand for autonomous power sources.
The authorities had previously exempted generators and batteries from customs duties and VAT (Cabinet of Ministers resolution of July 2024).
During his speech at LUN Conference 2025, Oleksandr Ovcharenko, co-owner of Standard One, shared his vision of the development of the Ukrainian real estate market.
According to him, the number of projects will continue to decline, and developers should focus on creating products that provide predictable cash flow and build investor confidence.
“We will see a return of buyer and investor confidence. However, investors are becoming more demanding, looking for a balance between price, area, quality, product readiness and, above all, predictable profitability and payback,” said Ovcharenko.
He emphasized that the winner is not the developer who sells cheaply, but the one who transparently explains and communicates the value for which the investor should pay. After all, prices will continue to rise due to high production costs. Today, there is a certain imbalance in the market: when the cost of production is growing faster than the selling price. This forces many developers to temporarily suspend the launch of new projects and wait for better conditions.
Despite the difficult situation, the co-owner of Standard One sees the prospect of a gradual return of mass and institutional investors to the market.
“If a product that combines capitalization with a rental approach and is able to provide a stable cash flow is launched on the market, it attracts a lot of interest from investors. That is why Standard One was the first in Ukraine to research and implement projects in the build-to-rent format,” said Oleksandr Ovcharenko.
A separate topic for discussion was construction financing. According to Oleksandr, cross-financing is the first step to bankruptcy, so Standard One has abandoned this approach. The project uses its own financing system, in particular through installment programs, as buyers increasingly expect flexible and loyal terms.
This year, Standard One launched a new product on the market – S1 REIT. This is a proprietary investment instrument that diversifies sales sources by raising funds through collective investment institutions. It gives investors the opportunity to invest profitably in a liquid product or, having accumulated a certain number of certificates, to exchange them for an apartment. This expands investment opportunities for different categories of investors.
For reference:
Standard One (S1) is a full-cycle development company that has been developing the build-to-rent segment in Kyiv since 2016. The portfolio includes the completed S1 VDNH project and new buildings S1 Obolon, S1 Terminal, S1 Nyvky.
