COLUMBUS – Ohio Secretary of State Frank LaRose announced 16,409 new business filings in May 2023, up 12 percent from May of last year. Although still below prior record-setting years, Ohio business filings remain ahead of the previous year’s pace by more than three percent, reflecting 83,055 total businesses filed so far in 2023.
"Our goal is to make Ohio a destination for entrepreneurs,” said Secretary LaRose. "While the Biden administration continues to make life harder for small businesses with massive tax hikes and skyrocketing inflation, we’re doing everything we can to break down obstacles to growth here in Ohio.”
According to the NFIB, small business optimism has tracked for the past 17 months at its lowest level in nearly 50 years, and inflation remains the single largest problem facing small businesses. (Source) Despite these obstacles, Secretary LaRose has worked to strengthen Ohio’s business climate in the following ways:
- 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.
- 16,409 new businesses were created in May 2023, a 1,813 filing increase from May 2022.
- 83,055 new businesses were created so far in 2023, a 2,575 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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