COLUMBUS – Ohio Secretary of State Frank LaRose announced 14,037 new business filings in October 2022, down 103 filings from October 2021 and down 456 filings from September 2022.
As inflation remains high at 7.7%, entrepreneurs and job creators continue to be cautious. Accordingly, in light of these headwinds, Secretary LaRose continues to constantly modernize the Secretary of State’s office to make it as business-friendly as possible to encourage entrepreneurship and help guide new businesses on a path to success.
“Every Ohioan looking to take the leap to become an entrepreneur should know that we are right there with them,” said LaRose. “As we approach a new year, supporting and protecting new business owners will remain a top priority.”
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. He 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.
QUICK FACTS:
14,037 new businesses were created in October 2022, a 456 filing decrease from September 2022.
October 2022 new business filings are down 103 filings from October 2021.
152,204 new businesses have been created in 2022 so far, averaging 15,220 per month. 170,740 had been created at the same point last year.
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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