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In light of the characteristics of the Japanese market and its advantages for Korean startups introduced in the previous article, as well as the needs in Japan, many global startups may consider establishing a Japanese corporation in order to make a full-fledged entry into the Japanese market.
In this article, we will explain the "practicalities" and "points to note" of setting up a corporation in Japan! This is a must-read for startups considering expanding into Japan!
There are five steps to establishing a corporation as follows. We will explain the steps from the point where you decide to locate a base in Japan to the completion of registration.
There are "branch offices," "joint-stock companies," and "limited liability companies,". But for the purpose of this discussion, we will assume the establishment of a general subsidiary (joint-stock company).
Step 1: Decide on the form of incorporation
Step 2: Determine the location of the head office
Step 3: Prepare documents such as Articles of Incorporation
Step 4: Payment of capital
Step 5: Certify articles of incorporation and apply for registration
Simply establishing a corporation can be done through a "branch office", Japanese subsidiary(joint stock company), or local subsidiary(limited liability company). The form of incorporation is determined according to the needs of each company and its current situation.
The location of the head office can be a residence, a rented office, or a virtual office, as long as an agreement has been reached with the landlord.
In many cases, a small number of local personnel will be required when expanding, so many corporations might consider using a virtual office or rental office.
Once you have decided on the type of business and office, it is time to start the process of applying for registration.
You will need to organize the purpose of the business, determine the composition of the board of directors, the amount of capital, etc., and collect the necessary documents accordingly.
*Examples of documents that will be required: company registration, seal registration certificate, ID card, etc.
Once all the documents are in order, transfer the capital to a bank in Japan. The bank must file an "Overseas Investment Declaration" before remitting the capital.
After the remittance of capital is completed and the Articles of Incorporation are notarized at a notary public, you can apply for registration at the Japanese registry office. The registration will be completed in approximately two weeks after the application is filed.
Although it may vary depending on the speed of decision-making, it often takes about two months from the decision on the form of business entry to the completion of registration.
It is necessary to thoroughly review within the company the type of business to be conducted and how it will be conducted, including the type of business to be established and the composition of the board of directors.
Written by Starsia (Link)
Visit Starsia website: https://www.starsia.co.jp/
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