ABOUT UKRAINE

Amongst all the countries in Eastern Europe, Ukraine is the second largest country in Europe by area and a significant player in regional geopolitics. The capital of Ukraine is Kyiv, which is the largest city and the economic, cultural, and historical center of the country. According to the report of the World Bank, Ukraine has been classified as an Upper Middle-Class income Nation. The currency of Ukraine is Ukrainian Hryvnia (UAH) and the value of Indian currency is significantly higher than that of Ukrainian Hryvnia at the time of writing this article. The population of Ukraine is estimated at approximately 3.87 crores as of 2025 (note: recent demographic figures are impacted by conflict and may vary). The neighboring countries of Ukraine are Russia, Belarus, Poland, Slovakia, Hungary, Romania, and Moldova. The most commonly spoken language in the country is Ukrainian, with Russian also widely spoken. The majority of the Ukrainian population practices Orthodox Christianity, but other Christian denominations and other religions are also followed. Ukraine has several international airports, including Boryspil International Airport (Kyiv), Lviv International Airport, and Odesa International Airport. While some airports are currently impacted by ongoing conflict, they represent key infrastructure. Ukraine also boasts significant seaports on the Black Sea, such as Odesa, Chornomorsk, and Pivdennyi (Yuzhne), which are vital for its extensive international trade, particularly for agricultural exports.

The standard corporate income tax rate for companies in Ukraine is 18%. Special tax regimes may apply for certain types of businesses. Opesh Group of companies will be helping you in completing the Due Diligence process which includes financial planning, registration process, business options, and if required, even helping you find a Rental property for your office.

Establishing a business in Ukraine has to be done with utmost care, keeping in mind the laws of the country. The Ukrainian Commercial Code and other relevant legislation provide guidelines for foreign investors to register a company in Ukraine. The most popular form of legal presence for foreign investors in Ukraine is the Limited Liability Company (LLC or TOV). Foreign investors may also choose to open a branch office. A Limited Liability Company (LLC) formed and registered in Ukraine generally allows foreign investors to own 100% of the company.

In case an investor is planning to establish an LLC in Ukraine, Opesh Group will be helping you in taking the right decision for setting up your business in Ukraine and we will also guide you about how to follow the procedure while formulating your company in Ukraine.

Types of Business which can be started in Ukraine-

Agriculture and Agribusiness – Ukraine is known as the “breadbasket of Europe” due to its fertile black soil. This sector remains a strong export driver, with immense opportunities in modern farming techniques, food processing, supply chain improvements, and agricultural technology. Information Technology (IT) and Tech Ecosystem – Ukraine has a robust and rapidly growing IT sector with a large pool of highly skilled software developers. It is a hub for tech startups, particularly in military and defense tech, cybersecurity, and digital transformation. Opportunities exist in software development, IT outsourcing, and innovative digital solutions. Energy Sector (Renewable Energy) – Ukraine is focusing on energy independence and diversification, with significant potential in renewable energy sources like solar, wind, and hydropower. Opportunities exist in project development, energy storage, and modernizing the energy grid. Industrial Manufacturing – Ukraine has a well-developed manufacturing sector, with strengths in heavy machinery, aerospace, automotive components, and defense industries. Opportunities exist in adapting and expanding industrial businesses, particularly with a focus on reconstruction and modernization. Infrastructure and Construction – The country will require massive investments in infrastructure reconstruction and development. Opportunities abound in road, rail, port, and public utility projects, as well as urban redevelopment. Mineral Resources – Ukraine has substantial deposits of various minerals, including iron ore, coal, and rare earth elements. Opportunities exist in resource mapping, extraction technologies, and processing. Logistics and Transportation – Given its strategic location and access to Black Sea ports and European land routes, Ukraine offers significant opportunities in logistics, warehousing, and multimodal transport, especially vital for post-conflict recovery and trade routes. Pharmaceuticals and Healthcare – The healthcare sector requires modernization and expansion. Opportunities exist in localizing pharmaceutical production, medical device manufacturing, and developing healthcare services.

Advantages of Starting Business in Ukraine-

Ukraine has a large potential market with a population of close to 40 million (pre-conflict figures) and progressive business attitudes. The country offers highly skilled and educated labor at competitive average wages compared to many European countries. Ukraine boasts abundant natural resources, including fertile agricultural land and significant mineral deposits, making raw material processing profitable. The country has signed numerous free trade agreements with 45 countries, including the EU, providing wide market access. There are various government initiatives and reforms aimed at improving the business climate and attracting foreign direct investment, with a focus on reconstruction. Ukraine has a thriving IT industry with a strong technical education system and a competitive environment for technology investment. The country’s strategic geographical location serves as a bridge between Europe and Asia, with access to both Black Sea routes and European land corridors.

Business Opportunities for Indians in Ukraine-

Despite ongoing challenges, there are significant long-term business opportunities in Ukraine, especially in the context of future reconstruction and economic recovery. Ukraine actively seeks international partners and investment. Indian investors can explore vast business opportunities in sectors such as pharmaceuticals, agriculture, IT services, infrastructure development, and manufacturing. Indian companies can play a crucial role in the country’s recovery and contribute to its future growth.

Imports & Exports-

Many goods are imported and exported from Ukraine. While trade flows have been impacted by recent events, the long-term potential for import and export businesses remains strong. Proper research and development are crucial to identify suitable products for import or export and to assess market revenue potential.

Major items which are exported from Ukraine to India-

Cereals (especially sunflower oil, wheat, barley, maize) Edible fats and oils Iron and steel products Oil seeds and miscellaneous plants Mineral ores and ash Electrical machinery and equipment Wood and articles of wood

Major items which are imported in Ukraine from India-

Pharmaceutical products Miscellaneous edible preparations Rubbers Salt, sulphur, earth, stone, plaster, lime and cement Vehicles (other than railway, tramway) Optical, photo, technical, medical apparatus Coffee, tea, mate and spices Machinery, nuclear reactors, boilers Organic chemicals Plastics

Manufacturing-

Indian investors can consider establishing manufacturing units in Ukraine, particularly in sectors vital for reconstruction, such as construction materials, automotive components, pharmaceuticals, and agricultural machinery, leveraging local resources and future demand.

Information Technology (IT) and Digital Services-

Given Ukraine’s strong IT talent pool, Indian IT companies can find significant opportunities for software development, IT outsourcing, and contributing to Ukraine’s digital transformation efforts and tech ecosystem.

Agriculture and Food Processing-

Indian companies can invest in modern agricultural practices, food processing (e.g., grain processing, edible oils), and the export of agricultural commodities, leveraging Ukraine’s rich agricultural potential.

Major Indian companies which are currently working in Ukraine-

Several Indian pharmaceutical companies have a significant presence in Ukraine, with representative offices and strong market shares. These include: Ranbaxy Dr. Reddy’s Laboratories Sun Pharmaceutical Industries Other Indian companies in sectors like agriculture, machinery, and IT have also explored or established a presence, though direct operational details might be sensitive due to current geopolitical circumstances.

GDP = $205.742 billion (nominal, 2025 est.) GDP Growth = +2.0% to +3.3% (2025 est., revised forecasts from international bodies) Ease of doing business rank = 64 (as of 2019, latest available from World Bank, though this ranking is now paused and current conditions are highly impacted by conflict) GDP per Capita = $6,261 (nominal, 2025 est.)

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