Open a Japanese Bank Account
After successfully registering the incorporation of your business,the next step is to open a
corporate bank account in Japan.We will explain the process of opening a Japanese bank
account,including the necessary documents and important considerations.
*Please be noted that the following writeup is based on the assumption that the form of the business is a joint stock company (Kabushiki Kaisha or KK: 株式会社) or a limited liability company (Godo Kaisha or GK: 合同会社).
Opening a Corporate Bank Account with a Foreign Bank in Japan
If you are considering opening a corporate bank account in Japan, you might prefer using a foreign bank from your home country, particularly if it has a presence in Japan.
A list of foreign banks that are members of Japanese Bankers Association can be found in the link here (List of Members Japanese Bankers Association). Although foreign banks can be helpful for transferring funds to and from your home country, their services in Japan are often limited. They may not be well-suited for daily transactions such as remittances and deposits for your business operations within Japan.
For this reason, it is advisable to open an account with a Japanese domestic bank to effectively handle your day-to-day banking needs.
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Opening a Corporate Bank Account with a Japanese Domestic Bank
There are more than 100 banks (Ginko: 銀行), trust banks (ShintakuGinko: 信託銀行), shinkin banks (ShinyoKinko: 信用金庫), and other financial institutions in Japan. Nevertheless, we recommend you to first open an account with one of the four largest city banks (Mizuho Bank, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Resona Bank). These banks offer comprehensive services and have branches located throughout Japan, making them a convenient and reliable choice for corporate banking.
In addition, it may be beneficial to open an account with a neobank such as Rakuten Bank and Sony Bank as they offer lower transfer fees and easy access to cashless services. Unlike traditional banks, most neobanks operate without physical branches, focusing instead on online platforms. Since each bank has its own fee structures and service offerings, it is essential to conduct thorough research and compare options to choose the one that best suits your company’s needs.
Procedures for Opening a Bank Account
The process for opening a bank account varies slightly from bank to bank. However, it typically involves detailed checks due to the strict compliance with the Japanese regulatory authorities' anti-money laundering and anti-social forces measures. Below is a general list of documents you may require submitting when opening a bank account:
(1) Certificate of Registered Company Information (TokiboShohon: 登記簿謄本)
(2) Seal (Inkan: 印鑑) used for bank transactions (LINK to our article about Seal)
(3) Initial Deposit (Cash)
(4) Certificate of Complete Historical Records (RirekijikoZenbuShomeisho: 履歴事項全部証明書)
(5) Articles of Incorporation (Teikan: 定款)
(6) Identification documents of the representative
(7) Lease agreement for the office or business premises
(8) Documents illustrating projected sales and payment (if any)
(9) Company brochure (if any)
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Opening a Bank Account Without a Representative Director in Japan
In the past, it was possible to open a bank account even if the representative director (Daihyotorishimariyaku: 代表取締役) resided overseas, so long as there was a Japanese national assisting with the procedures. However, due to strict compliance requirements, the screening process for opening a corporate bank account has become more rigorous.
As a result, it has become very difficult to open a bank account if the representative director is a foreign national and resides overseas. Furthermore, it is also extremely difficult to open an account if the representative director does not have a residential address in Japan, even if the other directors are Japanese residents.
However, if your home country bank has a branch in Japan, opening an account with them may be more straightforward. Depending on the bank's internal policies, it might be possible to open an account in Japan even if the representative director is not a Japanese national and resides overseas. It is advisable to confirm these requirements directly with the bank.
6STEPS
Here we explain each task divided into six steps
If you are considering expanding your business to Japan, please contact Quantum Accounting Inc. for a free consultation during the planning phase or general consultation (available in both English and Japanese). Quantum Accounting's professionals are experts in accounting, tax, legal, and labor issues. Our goal is to provide you with a one-stop professional firm for all the services you need to expand your business into Japan.
We are confident that we can help you. For further information, please contact from CONTACT US.