FOR IMMEDIATE RELEASE
Thursday, April 16, 2015
Secretary of State Husted Releases New Business Filing Figures for March 2015
Number of new companies that registered marks a record high for a single month in Ohio
COLUMBUS – Ohio Secretary of State Jon Husted today announced 10,102 new entities filed to do business in Ohio during March 2015, a high that marks a record month for the Buckeye State.
These numbers are up significantly both compared to February 2015 where 7,918 new entities filed and for the same month last year, March 2014, when 9,271 new entities filed. In 2015, the Secretary of State’s office has assisted with a total of 25,525 new business filings.
“’If you build it, they will come,” Secretary Husted said. “Over the past few years, we’ve turned an outdated and cumbersome business startup process into a modern, 21st Century system that helps businesses hit the ground running in less than 24 hours. If we want jobs in Ohio, we need businesses; and to attract businesses, we have to move at the speed of business, which is exactly what we are doing today.”
The historical high puts the state on track for a record-breaking year in 2015.
The state has experienced record business growth over the past five years, beginning in 2010. Under the leadership of Secretary Husted, the state has made it possible for more than 80% of all filings to be done online with one in two companies now being established electronically through the Secretary of State’s Ohio Business Central service.
The state legislature is poised to give final approval in the coming weeks to legislation that will cut fees associated with forming a new business in Ohio. Secretary Husted urged the General Assembly to undertake this initiative in January after responsible fiscal stewardship over the Secretary of State’s office has reduced operating expenses by more than $14 million over the past four years, representing a 16% cut from the previous administration.
Upon passage, it would mark the first time this fee has been cut in modern history and would make Ohio the least expensive state in the region to start and maintain a new business.
Though the most visible role of the Secretary of State is that of chief elections officer, the office is also the first stop for individuals or companies who want to file and start a business in Ohio. While recognizing these numbers can’t provide a complete picture of Ohio’s jobs climate, they are an important indicator of economic activity that Secretary Husted hopes will add to the discussion of how to improve the state’s overall climate for business.
NOTE: New business filings are classified as forms filed with the Ohio Secretary of State that declare the formation of a business entity, including for-profit, non-profit and professional corporations, limited liability companies, partnerships, limited partnerships and limited liability partnerships. Filing as a business in Ohio does not guarantee the company will begin operations, be profitable or create jobs.
For more information, please contact Joshua Eck at (614) 466-2729