Husted: 2015 was Ohio's 6th consecutive year of record business growth
Ohio Secretary of State Jon Husted announced Friday that 2015 marks the sixth consecutive year the state has seen a record number of new entities filing to do business in Ohio.
In 2015, 97,746 new businesses registered with the Secretary of State’s office, surpassing the record set in 2014 of 93,775 new entities by 3,971 businesses.
“We’re offering better customer service at a lower cost, which is just one of the many things that are helping to make Ohio a more attractive place to invest resources and hire workers,” Secretary Husted said.
At Secretary Husted’s urging, the state legislature reduced the cost of starting a new business in Ohio by 21 percent in 2015. The cost reduction was made possible by the wise fiscal stewardship that allowed the Husted Administration to spend $14 million less than the previous administration. Now just $99, Ohio is the least expensive state in which to start and maintain a business in the region. The reduction is estimated to save business owners $2 million annually.
[[In-content Ad]]Not only are more companies registering to do business in the state, but also fewer entities are receiving rejected applications. Just 24,671 applications were rejected in 2015, a 24.4 percent decrease from the 32,655 applications that were turned away in 2010.
Business filings are most commonly rejected because the filer has not met all of the legal requirements. The new, online forms instituted by Secretary Husted will alert a filer of mistakes or omissions before it is submitted, increasing the odds that the application is processed correctly on the first attempt.
“A record number of entrepreneurs are filing to do business in Ohio and far fewer of them are being held up by burdensome paperwork,” Secretary Husted added. “It’s pretty simple, we’ve used technology to cut the red tape and more businesses have chosen to do business with us. If we have more businesses, we have more jobs and that’s good for Ohio.”
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.