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New business entity filings
up 7.5% through May

MADISON - The number of new business entities formed in Wisconsin in the first five months of 2018 grew by 7.5% compared to same period in 2017, according to data compiled by the Department of Financial Institutions (DFI). As of May 31, new business filings totaled 21,610, compared to 20,099 in the first five months of 2017.

The business formation data is compiled by DFI, which is the filing office for the creation of business entities in the state. DFI tracks new business entity creation on a monthly basis and posts the data on its website. The full report may be found at www.wdfi.org/corporations/HistoricalStatistics.htm.

Qualified New Business Ventures will no longer
have to pay additional state fees

New state law expected to save start-up companies thousands of dollars

MADISON - Wisconsin early-stage companies that are certified as Qualified New Business Ventures and incorporated as C corporations in other states will no longer have to pay additional assessment fees under a new state law that takes effect today.

To be certified as a Qualified New Business Venture and thereby qualify for the flat fee, a business must meet several conditions, including:

  • Be headquartered in Wisconsin.
  • Have at least 51 percent of its workers employed in Wisconsin.
  • Have the potential of increasing jobs or capital investment in the state.
  • Have fewer than 100 employees.
  • Have been in operation in Wisconsin for 10 or fewer consecutive years.

See the full press release here.

Net income, lending show healthy gains
at state-chartered banks in 1st quarter

MADISON - Net income rose 23.3% and net lending grew by 8.8% at Wisconsin's state-chartered banks in the first quarter of 2018 compared to the same period in 2017, according to data released today by the Wisconsin Department of Financial Institutions (DFI).

Compared to the first quarter of 2017, Wisconsin's 160 state-chartered banks:

  • Increased net loans to $39.0 billion, up from $35.8 billion.
  • Posted a net income of $158.7 million, up from $128.7 million.
  • Reduced their past-due loan ratio to 1.22%, down from 1.23%
  • Posted a solid capital ratio of 11.48%, down from 11.64%

See the full press release here.

How to pay for college?
Consider opening an Edvest account

By Secretary Jay Risch
Wisconsin Department of Financial Institutions

Another school year is rapidly coming to a close, much to the anticipation of K-12 students across Wisconsin. As those students prepare to indulge themselves in the joys of summer, it is unlikely that either they - or their parents - have given thought to the longer-term ramifications of the passage of another school year: College - whether it's a technical school, a two-year program or a four-year institution - just got one year closer.

That's a thought that can send a shiver up the spine of many parents. The prospect of planning for, and more importantly paying for, a child's post-secondary education is indeed daunting. In a perfect world, all parents would begin that process when their children were born, or still very young. Unfortunately, that is not the case. Many families are not financially prepared for the cost of college when the time comes.

See the full press release here.

DFI joins 40-plus other states
in international crypto crackdown

MADISON - The Wisconsin Department of Financial Institutions (DFI) today announced it has issued an investor alert as part of an international crackdown on fraudulent Initial Coin Offerings (ICOs) and cryptocurrency-related investment products. The sweep is being coordinated by the North American Securities Administrators Association (NASAA), of which DFI is a member.

"Fraudulent activity involving ICOs and cryptocurrency-related investment products is a significant threat to Main Street investors in Wisconsin," said Leslie Van Buskirk, Administrator of DFI's Division of Securities. "Crypto-criminals need to know that DFI is committed to swiftly and effectively protecting investors from schemes and scams involving these products."

DFI has joined with more than 40 other state and provincial securities regulators in the United States and Canada in "Operation Cryptosweep," resulting in nearly 70 investigations and 34 pending or completed enforcement actions since the beginning of May. These actions are in addition to more than a dozen enforcement actions previously undertaken by NASAA members regarding these types of products.

See the full press release here.