Iowa Secretary of State Paul Pate announces the cost of fees for businesses filing with his office will be reduced, beginning July 1. Uniform Commercial Code filings will be cut in half and Biennial Report fees for most entities will be reduced by $15.
A Technology Modernization Fund was established in 2017 to help the Secretary of State upgrade systems to enhance services the state provides to businesses. The fund included an adjustment in some filing fees for users. Now that the five-year fee adjustment has ended, the fees that are under the control of the Secretary of State will be significantly reduced.
“The fund allowed us to provide Iowa’s business community with the service it deserves,” Secretary Pate said. “We were able to launch the Fast Track Filing system in 2018. It greatly enhanced the speed and efficiency of the filing process. I promised Iowans that following the five-year period with adjusted fees, they would sunset and return to the levels they were at in 2017. On July 1, that is exactly what will happen.”
For many Iowans who conduct business with the Iowa Secretary of State, Fast Track Filing was a godsend. Clients of law firms were elated with the speedy processing time. Firms located outside the Des Moines area no longer had to use a delivery service and the added risk of missing an important deadline. It was all at their fingertips. The online system allowed entrepreneurs to launch their businesses faster, enabled business owners to focus on their goals sooner, and saved them time and valuable resources.
Iowa has set a record for most new business filings in state history every year since Secretary Pate returned to office in 2015, with the exception of Fiscal Year 2020, when the COVID pandemic began. Despite the increased volume, including more than 33,000 new business entities in Fiscal Year 2021, the processing time is quicker than ever.
During Fiscal Year 2021, approximately 181,000 filings were completed using the Fast Track Filing system, accounting for 89% of all business filings completed with my office.
“I promised, when I ran for Secretary of State in 2014, to make conducting business with state government easier. I delivered. I promised to enhance our technology and return business filing fees to previous levels at the end of five years. At the end of this fiscal year, I will deliver. I promise to keep finding innovative ways to serve you. Promises made, promises kept,” Secretary Pate said.