In order to enhance the competitiveness of enterprises and strengthen the competitive positions in the market, the cluster formation is increasingly becoming one of the essential conditions for the increasing of business cooperation and development, especially in initiating general joint projects and corporate trust. Cluster formation is a dynamic process that is recognized by the general Indicators and Criteria, consisting of consequential Stages and having different maturity Gestation Phases. Therefore, the Objective of the Study - to assess the General Indicators, Criteria, Stages and Phases of Gestation significance of Cluster Formation process. The Study Objective conducted a comprehensive study of the Cluster Formation process, involving both the Cluster Formation process Phases, Gestation Stages and Cluster Development through the Analysis of dynamic Criteria and General Indicators analysis. According to the Study, the main features of Cluster general Indicators, the parameters of Gestation Phases, Stages and Criteria were determined, the main barriers to the formation of clusters were identified and the reasonable conclusions of the Cluster Formation process improvement were prepared.