Doing business in Ukraine

Economy, Business, and Investments

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Ukraine economy

  • almost $278 billion allocated by international partners in military, financial, and humanitarian assistance for Ukraine from the beginning of the full-scale Russian invasion of Ukraine to January 15, 2024.
  • 5.7% real GDP growth in 2023.
  • 5.1% is the annual inflation rate in 2023.

Pre-war Ukraine’s indicators – best year in economy

Ukraine 2021
GDP $199,8B
GDP PPP $591,3B
GDP per capita $4,828
GDP PPP per capita $14,289

Economic outlook

  • The National Bank of Ukraine, the World Bank, and the IMF estimate continued moderate growth of real GDP in Ukraine.
  • Іn 2023 the largest export from Ukraine bellows to grain crops, seeds, and fruits of oil plants.
  • As of January 2024, the inflation rate in Ukraine is generally in line with the general trend in the Eastern Europe.

Economic environment in Ukraine

Key indicators

new individual entrepreneurs were registered in Ukraine in 2023 (35% more than in 2022 and 7% more than in 2021)1.

More than 37,000 
new companies have been registered in Ukraine in 2023 (10% more than in 2022)1.

More than 90% 
of Ukrainian SMEs by the end of 2023 resumed their operations since the beginning of the full-scale Russian invasion of Ukraine2.

of Ukrainian SMEs are planning to enter international markets2.

1. Оpendatabot 2. United Nations Development Program (UNDP) 3. National Bank of Ukraine

Why Ukraine?

  • As part of Ukraine’s path towards accession to the EU, in 2022, Ukraine acquired the official status of a candidate for joining the EU. It has strengthened the political relations with the Union, as well as deepened the common values between Ukraine and the European community and strengthened the economic ties between the markets.
  • Located in the East of Europe, bordered on the south by the Black and Azov Seas
  • 2,500 km border with the EU and well-developed transport infrastructure (the third longest railway network in Europe)
  • Prospective member of the OECD and the EU candidate.
    Large-scale recovery and reconstruction programs sponsored by G7 nations.
  • Urbanisation rate: 70%1
  • Large and prospective market for investment (necessity of post war reconstruction and infrastructure modernization, millions of consumers, largest country in Europe)
  • 7th most populated country in Europe – 38 million (2022)1. Highly educated work force and vibrant start-up environment.
  • War risk insurance for investment projects (via MIGA, other national agencies)

Source: 1. World Bank – Ukraine



“Hot industries” for investment

Tax and Legal incentives in Ukraine

Блоки з заголовками

State Support of Investment Projects with Significant Investments

  • Exemption from certain taxes and duties
  • Cost reimbursements for certain activities
  • State support for the implementation of an investment project

Industrial parks

  • Exemption from certain taxes and duties
  • State compensation of the interest rate on loans

Production Sharing Agreement

For mining and mineral resources industry:

  • Reimbursement of expenses
  • Generally lower or deferred CIT liabilities
  • Certain VAT and duties exemptions on import and export transactions

Diia City

For IT industry:

  • Favorable tax conditions
  • Automatic protection of IP rights on internal developments for IT companies

How we as Deloitte can help you

Блоки з заголовками

To find suitable investment project

  • Search for potential projects
  • Market research
  • Feasibility studies
  • Screening of business partners
  • Consulting on legislative incentive mechanisms for FDIs including industrial parks, international technical assistance, Diia City regime for IT industry

Registration of the business

  • We will take care of all the necessary formalities related to registering an entity or branch
  • Legal analysis and concise comments on licensing requirements/permits


  • Tax compliance in Ukraine, including bookkeeping, transfer pricing, tax reporting
  • Best practices across all functions: both front (sales, marketing) and back office (accounting, tax, HR, legal)

Tax planning

  • Supporting in obtaining tax incentives and benefits for investment projects
  • Tax planning and structuring of the investments
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