Setting up the business is just the beginning. There are various procedures to be completed after your business is up and running. Notifying the tax office, enrolling in social and labor insurance, opening a bank account are just few of them. We are here to provide full service with these procedures you may be unfamiliar with. Here are a few examples
- Opening a bank account
- Notify appropriate authority
- Bookkeeping and accounting
- Labor and Social insurance procedures
- Preparation of contracts
- Payroll processing
- Capital procurement
1. Opening a business bank account
In recent years bank’s compliance system has strengthened and examination for opening a corporate bank account for newly established company has become extremely strict to prevent money laundering and financing terrorism. This is also the same for Japanese Nationals.
Foreign National should be aware that it is extremely difficult to open a business bank account if the representative of the company (CEO for incorporation, representative employee for LLC) is not a resident in Japan (either a Japanese National or long-term resident). To create a corporate account, companies need to assign a resident in Japan as CEO.
To be able to open a bank account, it is important to prepare necessary documents to prove that your company is a legitimate. Required documents vary for each bank, but most common include:
- Certified copy of registration of company
- Certificate of corporate seal
- Article of incorporation
- legal identification of representative
- Certified copy of land and building deed or lease contract for the office
- Business license, special permit if the field requires
- documents which prove your business activities
These are the most important document to show the bank what kind of business you are operating. We will prepare necessary documents, e.g. a company profile brochure, copy of a contract with your client, customer receipt, order form, invoice, financial statement, tax return, company website, etc. for you.
2. Various Notification after completion of registration
Below is the list of necessary notifications to government offices after completion of registration of incorporation. We provide full service for these procedures with the specialists.
| Office to report | Submission documents | Documents to be attached |
|---|---|---|
| Tax Office | Notification of Establishment of Incorporation | Copy of Article of Incorporation |
| Notification related to withholding income tax Notification of opening of a salary payment office Application for approval for special payment for withholding income tax | None | |
| Various notification forms for consumption tax Consumption tax taxable business selection procedure application form Consumption tax filing deadline extension procedure application form | None | |
| Application for approval of Blue Return | None | |
| Notification of inventory valuation method | None | |
| Notification of depreciate method for depreciable assets | None | |
| Notification of calculation method for book value per unit of securities | None | |
| Application for special exception for extension of the filing deadline pursuant to the provisions of the articles of incorporation, etc. | Copy of Articles of Incorporation | |
| Notification of pre-fixed notification salary | None | |
| Notification of opening and closing of business for sole proprietorship *In the case a sole proprietor to be incorporated | None | |
| Application for canceling blue returns for income tax *In the case for sole proprietor (Blue return filer) becoming incorporation | None | |
| Prefectural Tax Office | Notification of Corporation Establishment | Copy of Articles of Incorporation Certified Copy of the register (Certificate of All Historical Matters) |
| Municipal Office | Notification of Corporation Establishment *Not necessary in Tokyo Prefecture | Copy of Article of Incorporation Certified Copy of the register (Certificate of All Historical Matters) |
| Pension Service Office | Notification of new application for Health Insurance and Welfare Pension Insurance | Certified Copy of the register (Certificate of All Historical Matters |
| Notification of acquisition of insured qualification for Health Insurance and Welfare Pension Insurance | None | |
| Notification of Health Insurance Dependent (Change) | Documents for confirmation of relationship Documents to verify income requirement | |
| National Pension No.3 Insured Person related Notification | Documents for confirmation of relationship Documents to verify income requirement | |
| Local Labor Standards Inspection Office or Public Employment Security Office | Applicable business report | None |
| Notification of establishment of insurance relationship of labor insurance | Certified Copy of the register (Certificate of All Historical Matters | |
| insurance premium estimate declaration form | None | |
| Notification of employment regulations *For employers who regularly employ 10 or more employees for each business site | Employment Regulations Employment Regulations Opinion | |
| Notification of Agreement on Overtime/Holiday Work (Notification of 36 Agreement) If applicable | None | |
| Employment Service Center (Hello Work) | Report on Establishment of office covered by employment insurance | Labor Insurance Notification of Establishment of Insurance Relationship (Accepted by Labor Standards Inspection Office) Proof of physical office, field of business operation, etc. (One of followings) 1.Certufucate of f Register Business permit Construction Contract Real Estate Contract Withholding tax report documents related to other social insurance |
| Notification of acquisition of employment insurance qualification | documents to prove employment status of workers, wage payment status, etc. List of names of workers wage ledger (from time of employment to present day) Work hour record or timecard (From time of employment to present day) Employment Contract (for fixed time contract workers) |
3. Various Arranging Fund
There may not be enough cash flow right after the company is set up. The first thing the business owner to think of might be getting a loan from bank. But there are many subsidies and grants government and municipal provide to support entrepreneurs you can look into.
Subsidies and grants are not prepayments because they cover expenses that have already been paid and take a long time to get the fund in your bank account. But there is no repayment obligation unlike bank loans.
Foreigners can apply for almost any subsidies and grants for supporting entrepreneurship. If you meet requirement, you should use these as much as you can. Due to the lack of information and complicated application process, no so many foreign nationals use these system but we can help you to apply for these subsidies and grant by providing you with the newest information.
We recommend low interest rate “New Startup Loan Program” without collateral or guarantor offered by The Japan Finance Corporation for those who have started a new business or who have not completed tow tax returns after starting a business.
Foreign Nationals can be financed through this system under the same conditions as Japan Nationals. But you must have visa (status of resident) to operate business in Japan.
We will prepare all necessary documents such as business plan, cash flow table, repayment schedule and complete all application process on your behalf for you to get the chance for an interview for ‘New Startup Loan Program”.
