The YC.Market team’s research confirms that despite Russia’s full-scale invasion, foreigners continue to start businesses in Ukraine. According to YC.Market, the top five countries by the number of new legal entities and sole proprietors with foreign founders in 2022–2025 are Turkey, the United States, Poland, Germany, and the United Kingdom.
Turkey leads in business openings in Ukraine. Since 2022, the number of legal entities and sole proprietors with Turkish founders has steadily increased: 198 businesses in 2022, 213 in 2023, and 220 in 2024. From January to August this year, Turkish investors registered 139 enterprises.
The United States ranks second: 157 businesses in 2022, 181 in 2023, then a slight decline with 141 in 2024, and 93 so far this year.
Polish investors take third place, opening 121 businesses in 2022, 133 in 2023, 109 in 2024, and 73 this year.
Germany ranks fourth, surpassing the United Kingdom this year. German investors opened 94 businesses in 2022, 118 in 2023, 90 in 2024, and 59 this year.
British investors, meanwhile, have lost ground over the past two years. They registered 109 and 151 businesses in 2022 and 2023, but only 92 in 2024 and 57 so far this year.
Next in the ranking are China, Cyprus, Israel, Switzerland, and the Czech Republic.
“Even after the start of the full-scale invasion, foreign companies continue to register in Ukraine. Moreover, each year since the acute phase of the war began, there has been growth in the number of new companies from almost every country. This dynamic may indicate interest in access to the domestic market, the country’s advantageous geographic location, preserved human capital, and the prospect of integration into the foreign economic space,” the YC.Market team concluded.