COLUMBUS – Ohio Secretary of State Frank LaRose announced 14,765 new business filings in April 2023, down nearly five percent year over year. Despite the decline, business filings remain modestly ahead of the previous year’s pace by 762 filings, reflecting 66,646 total businesses filed in Ohio so far in 2023.
The April decrease comes amid growing concerns nationally about economic conditions, including rising interest rates and the stability of the banking industry. According to the National Federation of Independent Businesses (NFIB), April marked the lowest small business optimism in a decade, with inflation and workforce challenges as their top concerns.
“When job creators see inaction in Washington, business growth suffers,” said Secretary LaRose. “We’ve made Ohio one of the fastest and easiest places to start a business, but the administration in Washington needs to do its part by calming a nervous economy and getting spending and inflation under control. Their current postering over the debt ceiling isn’t helping.”
How the Secretary of State works to strengthen Ohio's business climate:
- Through streamlining certifications for minority, women, and veteran-owned businesses and modernizing the process for limited liability companies (LLCs) to incorporate in Ohio, Secretary LaRose continues to work to simplify the process for starting a business in the Buckeye State.
- A new business in Ohio can be filed in Ohio for $99 – less than our neighboring states – and the application can typically be processed in twenty-four hours.
- Secretary LaRose has also expanded the Ohio Business Resource Connection, a compilation of private and public resources available to assist businesses.
- Secretary LaRose has hosted dozens of roundtables throughout the state with community, legislative and business leaders to spread the word about the resources available for entrepreneurs looking to start or grow their businesses.
- Secretary LaRose is currently working with the legislature to pass legislation to protect Ohio businesses from business identity theft and other business-related fraud.
- 14,765 new businesses were created in April 2023, a 723 filing decrease from March 2022.
- 66,646 new businesses were created so far in 2023, a 762 filing increase from the same point in 2022.
- 2019, 2020, and 2021 were all record-setting years in Ohio for new business creation. In 2021, Ohio surpassed the annual filing record with 197,010 new business filings.
- Ohio entrepreneurs can visit OhioSoS.gov/BusinessResources to discover the helpful opportunities available to them that can help them start and grow their 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.
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