Openings versus closures: what Ukraine’s business dynamics showed in 2025
26 January 18:37
2025 was a year of cautious adaptation for Ukrainian businesses. The number of new companies grew throughout the year and exceeded the figures for 2024, but at the same time, the number of companies ceasing operations also increased.
This is evidenced by data from YC.Market, reports "Komersant Ukrainian".
Entrepreneurial activity is concentrated in large economic centers, and the structure of business is changing under the influence of war, logistics, and personnel constraints.
New business: gradual recovery
During 2025, 28,913 companies were registered in Ukraine. The dynamics throughout the year were upward:
- Q1 — 6,572 registrations
- Q2 — 7,183
- Q3 — 7,596 (peak value)
- Q4 — almost at the level of Q3
More than half of the new companies were registered in the second half of the year. This indicates a cautious recovery in entrepreneurial activity, despite the risks of war and unstable demand.
Far from pre-war levels, but faster than in 2024
A comparison with 2021 shows that the rate of business registration remains 25–30% lower than before the war. At that time, about 10,000 companies were registered each quarter, while in 2025, the figure was 6,600–7,600.
However, compared to 2024, the situation looks more optimistic:
- Q2 2025 — 11.8% compared to 2024,
- Q3 — 14.5%,
- Q4 — 24.6%.
This means that businesses were more active in entering the market at the end of the year.
Business closures: no sharp declines, but with a peak at the end of the year
In 2025, 2,871 companies ceased operations. The number of closures grew gradually:
- from 621 in Q1
- to 812 in Q4.
Analysts attribute the peak at the end of the year to several factors:
- the implementation of postponed liquidation decisions,
- increased workload due to massive attacks and power outages,
- and administrative disruptions in the operation of registries at the end of 2024.
Fewer liquidations than in 2021
Despite the war, the number of business closures in 2025 is almost half that of pre-war 2021 — in all quarters.
This may indicate not only the resilience of some businesses, but also a change in the behavior of entrepreneurs:
some companies remain in a “frozen” state or postpone formal closure due to uncertainty and relocation.
Where businesses were opened
Kyiv remains the leader with 10,401 new companies. Next are:
- Lviv region — 2,504,
- Dnipropetrovsk region — 2,320,
- Kyiv region — 1,912,
- Odesa — 1,869.
The fewest registrations were in Kherson, Chernihiv, Sumy, and border regions, which is explained by security risks.
Where businesses closed
The highest number of closures was recorded in the same places where the highest number of openings was recorded:
- Kyiv,
- Dnipropetrovsk,
- Lviv regions.
Experts emphasize that this is more a sign of business rotation in active regions than an exclusively negative signal.
Which sectors grew the fastest
- Wholesale trade — 3,563
- Information technology — 3,163
- Real estate operations — 2,664
- Transportation and logistics — 2,274
- Construction — 2,180
This structure reflects the war economy: logistics and trade are adapting to new routes, IT is focusing on foreign markets, and construction and real estate are focusing on restoration and relocation.
Ukrainian business is entering 2026 in a mode of cautious endurance — between adaptation, risk, and the search for new growth points.
