Ukraine has transformed significantly since 1991, shifting focus from corruption to misgovernance according to Roman Waschuk, Ukraine’s Business Ombudsman. Established in 2014, the institution aims to protect legal business rights, conducting 115 investigations and saving over $645 million by ensuring fair business practices. Waschuk discussed Ukraine’s evolving business climate, highlighting the country’s potential for serious investment with successful medium-sized companies like Nova Poshta and Avrora. Despite challenges, Ukraine’s coping culture and operational resilience have sustained businesses through adversity.
Waschuk emphasized the importance of compliance in Ukrainian businesses, noting a need for alignment in tax frameworks and enforcement. While larger companies adapt well to compliance standards, smaller businesses struggle due to a lightly regulated environment. To foster a more transparent and compliant system, businesses must optimize internal processes and align with state regulations to operate smoothly. Waschuk’s insights shed light on Ukraine’s journey towards creating a more business-friendly environment for sustained growth and investment.
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