COLUMBUS – Ohio Secretary of State Jon Husted today announced that with 8,558 new entities filing to do business in Ohio throughout the month of November – 826 more than in November 2016 – 2017 marks another record-setting year for the number of new business filings with a month still to go. To date, 108,547 new entities have filed to do business this year – exceeding 2016’s total by more than 3,500.
“The word is out, we’ve made it easier than ever to start a business and as a result more and more entrepreneurs are choosing Ohio as the place to set up shop,” said Secretary Husted. “Not surprising when you consider all we have done to reduce processing times, cut filings fees, and improve customer service.”
Much of this success has been possible because of Ohio Business Central, the online business filing site founded by Secretary Husted in 2013. Due to the efficiency of Ohio Business Central, three out of every four new businesses are now started online.
From the time Ohio Business Central was launched until the end of November 2017, the Secretary of State’s Office has processed 318,071 online filings. In August of this year, Secretary Husted announced that 100 percent of all filings needed to start or maintain a business in Ohio may now be submitted online.
November 2017 marked 25 months since Secretary Husted reduced the cost of starting and maintaining a business in the Buckeye State by 21 percent. This change has saved Ohio businesses over $5.3 million to date.
Secretary Husted’s efforts to cut costs don’t stop there. In fact, his request for a 100 percent cut in the amount of tax dollars needed to run his office was approved as part of the state’s budget. Husted’s request will save taxpayers nearly $5 million in the next two years. Secretary Husted was able to do this because of his wise financial stewardship. During his first term, he reduced spending by $14.5 million, a 16 percent reduction when compared to the previous administration. Secretary Husted is also operating his office with roughly 40 percent fewer staff and payroll costs at the Secretary of State’s Office are at the lowest level in 10 years.
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 ongoing 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.
Editor’s Quick Facts:
• 8,558 new entities filed to do business in Ohio throughout November 2017.
• Since Ohio Business Central was launched, 318,071 entities have been formed online through November 2017.
• Three out of every four businesses are now started online in Ohio.
• With a month to spare, 2017 has already surpassed 2016 in terms of new business filings. Thus far 108,547 new entities have filed in 2017 – exceeding 2016’s total by 3,538.
• This marks a new 8-year record for new business filings.
• Since Secretary Husted reduced the cost of starting and maintaining a business in Ohio businesses have saved over $5.3 million.
• Cut spending by more than $14.5 million during his first term – a 16 percent reduction compared to the previous administration.
• Reduced staff by 40 percent and decreased payroll costs to the lowest level in 10 years.
• Cut tax dollars needed to run his office for the next two years by 100 percent, saving taxpayers nearly $5 million.
• Announced in August of 2017 that 100 percent of all filings needed to start or maintain a business in Ohio may now be submitted online.