A guide to help you understand the ins and outs of business in Ohio
Ohio is located on the northern border of the United States. It has Lake Erie to the north, Pennsylvania to the east, West Virginia and Kentucky to the south, and Indiana and Michigan to the west. Cincinnati is the state’s largest city, while Columbus is the capital. Ohio is the 34th largest state, but surprisingly has the 7th largest population, with 11.69 million residents. The GDP in Ohio for the 2019 year was $695,362,000,000.
The top industries in Ohio are manufacturing mining, transportation and trade, finance and insurance, real estate, business services, and education and health. Manufacturing exported %54.3 billion in products to 210 different countries in 2018, which equaled to over 3% of the total exports from the US.
In 2019, Ohio imported $6,309,006 from Qatar. Its top imports are: Special classification provisions Mineral fuel, mineral wax, bitumin substances Soap, waxes, polish, candles, dental preps, etc. In 2019, Ohio exported $ 116,285,479 to Qatar with its top exports being: Aircraft, spacecraft and parts thereof Vehicles except railways and tramway, and parts Special classification provision Qatar Investment Authority invested $300 million in Welltower Inc. Welltower is located in Toledo, OH and has more than 800 employees and $4.7 billion in revenue.
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Ohio repealed the corporate income tax in 2013. However, most corporations must now file for either the commercial activity tax (CAT) or the financial institutions tax (FIT). Ohio has nine free trade zones spread throughout the state, in Toledo, Cleveland, Cincinnati, Dayton, Columbus, and Charleston. Ohio also has a total of 51 incentive programs. including 15 loan programs, 13 grants, 10 tax exemptions, 7 tax credits and 4 preferential rates.