COLUMBUS – Ohio Secretary of State Jon Husted today announced 11,690 new entities filed to do business in Ohio last month, making March 2018 the second-best month for new business filings in state history. The best month on record for new business filings remains March 2017, which saw a total of 12,827 entities formed.
The first quarter of 2018 saw a total of 31,399 new entities register, compared to 33,084 filings received over the same period in 2017.
In 2017, 117,429 new businesses registered with the Secretary of State’s office, surpassing the previous record set in 2016 of 105,009. Last year also marked the eighth consecutive year the state has seen a record number of new business filings. In all, Ohio has seen a rise of 46.3 percent in filings from 2010 to 2017.
From the time Ohio Business Central was launched until the end of March 2018, the Secretary of State’s Office has processed 367,952 online filings. Recently, Secretary Husted announced that 80 percent of all new businesses are now started online through Ohio Business Central, which launched in 2013. In August of 2017, Secretary Husted announced that 100 percent of all filings needed to start or maintain a business in Ohio may now be submitted online.
March 2018 marked 29 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 $6.3 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 over fiscal years 2018 and 2019. 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:
- 11,690 new entities filed to do business in Ohio throughout March 2018.
- Since Ohio Business Central was launched, 367,952 entities have been formed online through March 2018.
- Four out of every five businesses are now started online in Ohio.
- Since Secretary Husted reduced the cost of starting and maintaining a business in Ohio businesses have saved over $6.3 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 his last 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.