Economic Development

Ohio New Business Filings Way Up in August

COLUMBUS – Ohio is currently on track for 2018 to be another record-breaking year for new business filings, according to the office of Ohio Secretary of State Jon Husted.

Today Husted announced 10,994 new entities filed to do business in Ohio last month, an increase of 992 when compared to August 2017.

Since January, Ohio has seen 87,124 new businesses file, up 5,143 from the same eight-month period last year.

Ohio finished 2017 with 117,429 new businesses registering with the Secretary of State’s office, surpassing the previous record of 105,009 that was set in 2016. 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% in filings from 2010 to 2017.

From the time Ohio Business Central was launched until the end of August 2018, the Secretary of State’s office has processed 441,175 online filings. Today 80% of all new businesses are started online through Ohio Business Central, which launched in 2013. In August 2017, Husted announced that 100% of all filings needed to start or maintain a business in Ohio may now be submitted online.

August 2018 marked 34 months since Husted reduced the cost of starting and maintaining a business in Ohio by 21%. This change has saved Ohio businesses over $7.6 million to date.

Husted also requested a 100% cut in the amount of tax dollars needed to run his office, which was approved as part of the state’s budget. This is saving taxpayers nearly $5 million over fiscal years 2018 and 2019. During his first term, he reduced spending by $14.5 million, a 16% reduction when compared to the previous administration.

Published by The Business Journal, Youngstown, Ohio.