This article reveals the geographical distribution, structures, and problematic aspects of business migration to the oblasts of the Carpathian region of Ukraine and abroad. In the context of the Russian–Ukrainian war, the article assesses the risks and threats that internal and international business migration pose to the Ukrainian economic system, economies of the Carpathian region, the internal consumer market, and business entities. Measures to mitigate the threats of business migration to the Carpathian region are offered. The implementation of certain measures will eliminate the identified threats to relocated businesses and minimise the risks to the social and economic development of the Carpathian region and Ukraine as a whole.