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Secretary of State Sees 13 Percent Increase in Business Filings





FOR IMMEDIATE RELEASE: Tuesday, February 6, 2018

CONTACT: Kristin Gabriel at (605) 773-3537 or Kristin.Gabriel@state.sd.us


PIERRE, S.D. – With the release of the fourth quarter business and economic data analysis report, Secretary of State Shantel Krebs announced that South Dakota ended the fourth quarter of 2017 with new business filings reaching the highest number since 2013.

 

The increase in entity filings were specifically domestic (in state) limited liability companies (LLCs). The Secretary of State’s office perceives the 13.3 percent increase in 2017 was due to the new online business filing system the office implemented at the end of the 2016 calendar year.

 

“My goal when I took over this office in 2015 was to make it operate at the speed of business, not at the speed of government,” stated Secretary Krebs. “We moved from paper filings that were over six weeks behind when I took office to an online service for today’s fast-paced business world where you can form a business within 15 minutes and have your certificate in hand.”

 

Of the LLCs that formed in calendar year 2017, 81 percent formed online utilizing the new system implemented by Secretary Krebs. The Secretary of State’s business division expects that number to continue to increase in the coming months.

 

About the Northern State University Quarterly Report: The South Dakota Secretary of State’s office partners with the Northern State University School of Business to compile a quarterly business and economic report for the state of South Dakota analyzing employment trends, business filings and income statistics.


One-page summary: 2017 Q4 Business & Economic Data Analysis - https://sdsos.gov/docs/economic-report/2017Q4-EconomicReportSummary.pdf  

 

Full report: 2017 Q4 Business & Economic Data Analysis - https://sdsos.gov/docs/economic-report/2017Q4-EconomicReportFull.pdf

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