COLUMBUS – Ohio Secretary of State Jon Husted today announced 12,082 new entities filed to do business in Ohio last month, an increase of 1,370 when compared to the same month in 2017. The total makes May 2018 the third-best month on record for new business filings. This comes just one month after April 2018 set a state record for new filings with 12,874 entities formed.
Ohio is currently on track for 2018 to be another record-breaking year for new business filings. Since January, Ohio has seen 56,355 new businesses file, up 3,010 from the same five-month period last year.
In 2017, Ohio finished with 117,429 new businesses registering 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 May 2018, the Secretary of State’s Office has processed 396,529 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.
May 2018 marked 31 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 $6.8 million to date.
Secretary Husted’s efforts to cut costs don’t stop there. In fact, he requested a 100 percent cut in the amount of tax dollars needed to run his office, which was approved as part of the state’s budget. Husted’s request is saving 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:
- 12,082 new entities filed to do business in Ohio throughout May 2018.
- Since Ohio Business Central was launched, 396,529 entities have been formed online through May 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 $6.8 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.