Ukrainian business 2025: Kyiv dominates and utilizes budget funds
5 September 14:08
On the occasion of the Entrepreneur’s Day, which is traditionally celebrated on the first Sunday of September, YC.Market analysts have released a study on the state of business in Ukraine. The results show interesting trends in the development of entrepreneurship in times of war.
Kyiv remains the undisputed leader
According to the study, since the beginning of 2025, the capital has registered the most new businesses in Ukraine – 34,655 individual entrepreneurs and companies. Dnipropetrovska oblast is in second place with 21,069 new business entities, and Lviv oblast is in third place with 17,096 enterprises. The top five also includes Kyiv region (16,233) and Odesa region (15,954).
Together, these five regions account for more than half of the country’s business activity, which underscores the significant concentration of business around major economic centers. The decline in activity in the frontline regions is particularly noticeable due to security risks.
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Uneven distribution of public funds
The distribution of budget funds among newly created enterprises demonstrates even more pronounced concentration. Kyiv-based companies and individual entrepreneurs received the most state payments – UAH 448.7 million, which is almost 1.5 times more than in Dnipropetrovska oblast (UAH 308.6 million). Lviv region rounded out the top three with UAH 201.4 million.
Interestingly, Zakarpattia is in the top 5 in terms of public funds (UAH 45.6 million), although it is not among the leaders in terms of the number of enterprises. Analysts explain this by the relocation of businesses and government projects in a safe region. Meanwhile, Odesa region, despite ranking fifth in terms of the number of businesses, is not in the top 5 in terms of budget payments.
Foreigners are not losing interest in Ukraine
Contrary to expectations, foreign investors continue to actively register businesses in Ukraine. In 2022-2025, entrepreneurs from Turkey, the United States, Poland, Germany, and the United Kingdom created the most new companies with foreign founders.
What is particularly striking is that the number of newly established companies with foreign capital has been growing every year since the start of the full-scale war. Analysts see this as a sign of interest in the Ukrainian market, prospects for integration into the international economic space, and a desire to maintain access to qualified Ukrainian personnel.
The big picture
The study shows that Ukrainian entrepreneurship remains an important element of national resilience, adapting to military realities and remaining attractive to international partners.
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