Paul D. Pate
Secretary of State
Des Moines, IA 50319
|Iowa launches improved reinstatement process to aid small businesses|
|FOR IMMEDIATE RELEASE:
March 3, 2021
MEDIA RELEASE: Iowa launches improved reinstatement process to aid small businesses
DES MOINES – Governor Kim Reynolds and Secretary of State Paul Pate announced a new interagency partnership with Iowa Workforce Development to assist Iowa businesses with the reinstatement process through the Iowa Secretary of State’s Fast Track Filing system. Businesses owners whose companies have been dissolved are now able to utilize an online system that is shared by the Secretary of State’s Office and Iowa Workforce Development. This will reduce the reinstatement period from 2-4 weeks to just a few days.
“Iowa small businesses always look for ways to be innovating and dynamic in how they serve their customers, and state government should be no different,” said. Gov. Reynolds. “This partnership makes the reinstatement process more accessible, efficient and significantly reduces wait times from 2-4 weeks to just 1-2 business days. I commend Secretary of State Paul Pate and IWD Director Beth Townsend for their collaborative approach to improving the reinstatement process.”
“This is another important step in providing Iowa’s business community with the service it deserves,” Secretary Pate said. “Our Fast Track Filing System has greatly reduced processing time for businesses filing with my office. Now, by partnering with other state agencies, we can help entrepreneurs cut through the red tape even faster. This will help more businesses succeed.”
The Secretary of State’s Office collaborated with Iowa Workforce Development to develop the interagency system. Both agencies must review and approve applications to reinstate Iowa businesses. Under the previous system, reinstatements were processed solely on paper, which necessitates data entry, cashiering and correspondence be handled manually by State of Iowa staff in separate agencies. Now those functions are handled jointly online, and correspondence is via email instead of postal mail.
"Iowa businesses will benefit greatly from the new system because reinstatement applications will be processed in just a few days compared to several weeks under the old paper-based process. With reinstatement wait times significantly reduced, businesses can re-open their doors faster, which is good news for employers, employees, and Iowans across the state," said Beth Townsend, director of Iowa Workforce Development.
The two agencies process about 2,500 reinstatements per year. Reinstatements are required when an Iowa business entity is dissolved after missing a deadline for a required filing or failing to maintain a registered agent.
The Secretary of State’s office worked with a local vendor, QCI, to bring Fast Track Filing online in 2018. Since its inception, more than 500,000 filings have been processed through Fast Track, including nearly 57,000 new Iowa business formations.