What documents are needed to apply for a Japanese corporate account? How can I successfully obtain a Japanese bank account?
Why is it so difficult to open a Japanese bank account currently?
If you have any questions above, please consult our specialists.
Trans Co., Ltd Taiwan Branch has an office in Zhonghe District, New Taipei City, Taiwan. Our team of consultants can assist foreign companies, any individuals regardless of nationality, and venture capital companies to solve intractable problems related to foreigners setting up service bases and executing business activities in Japan. Our goal is to assist foreigners in starting a business in Japan, including opening open a store, applying for a visa, setting up a company and registering a legal person under the name of a Taiwanese. With the help of our professional team, these applications will no longer cause you any trouble and can make your business in Japan even more successful.
The Japanese government has established "national strategic special zones" in places such as Tokyo and Kansai, and has relaxed relevant laws and regulations with the goal of "creating an environment for business freedom."
Table of contents
Required documents
The documents required to open a corporate account are listed below. Please note that the required documents vary according to each bank, so we advise you to confirm on the official website of each bank in advance. Except for online banking, if you want to open a bank account with an actual store, most of the applications must be made in person by the person in charge. It takes approximately 1 to 2 weeks for the legal representative office to review your application. Please prepare all information before applying.
| Corporate account | Corporate account application form. |
|---|---|
| Certificate of All Historical Matters | Certificate of All Historical Matters (Transcript of Business Registration) is the company's registration form, which can be obtained directly from any Legal Affairs Bureau. The form is valid for 3 months. |
| Seal certificate | The seal certificate represents a legal person and can be obtained by bringing the company seal card to each legal affairs bureau to apply directly. The certificate is valid for 3 months. |
| Identification document of the person in charge | Residence card (original and photocopy of front and back) and certificate of residence (住民票). |
| Documents of Company operating status | When opening a corporate account, the bank needs to determine if the company is operating normally. Companies usually provide information such as web pages, flyers, business plans, or office leases, etc. |
| Account Manager | If the person in charge does not have an identity document that can be used in Japan, an account manager is required. Some banks will list this person as the substantial beneficiary. If the person is Japanese, he or she must provide any valid document such as a driver's license or MY NUMBER card; if the person is a foreigner with non-Japanese citizenship, he or she must provide a residence card (original and a photocopy of the front and back) and certificate of residence. |
Application process
STEP1. Select the Japanese bank to open an account with
Financial institutions that can open corporate accounts include large commercial banks, local banks, shinkin banks, postal banks, online banks, etc. Each financial institution has different review difficulties and accompanying service conditions (monthly account fees, remittance collection and renewal fees), so please select a suitable financial institution on the website in advance.
STEP2. Submit application materials to the bank by mail or in person
When applying for a Japanese corporate account, you will definitely be required to provide a Certificate of All Historical Matters issued by the Legal Affairs Bureau that is valid within 3 months, a corporate seal registration certificate, the identity document of the person in charge, and other information. In addition, the presence of the company's fixed telephone number and company image webpage are also necessary conditions for application.
If you didn't choose the online bank, it is recommended to open the online banking for the corporate account altogether, which can save time when making bank transfers.
STEP3. Reviewed by the bank
Review is based on the information provided in STEP 2. In addition to the information of STEP 2, the company's main business content, shareholder list, etc. will also be reviewed. If your company has an actual store or office, the bank will send a specialist to the company's registered address to inspect and confirm whether it is actually operating. If you chose an online bank, the bank would call the company on the phone, and the person in charge or the account manager would need to explain the company's operational plan and other matters by themselves. In recent years, in order to prevent money laundering and financial fraud, it has become very difficult to inspect financial institutions. Generally, banks with many branches will have a longer review period.
STEP4. Corporate account opening completed
After passing the review, the bank will send the financial card, online banking password and other information to the address recorded in the residence card of the company and the account manager respectively. If the documents of either party are returned, the corporate account qualification will be canceled. After receiving the information, you must open an account within the time limit, set the transfer limit, debit card withdrawal limit and other matters.
What to consider when applying?
Due to the increase in crimes such as remittance fraud and investment fraud using corporate accounts in recent years, even fully prepared information may not pass the bank's review. As a result, financial institutions have also stepped up vigilance, especially for newly established corporations. If you are unable to provide relevant business plans, website and other information, it will be regarded as a paper company with no actual operations, which will usually result in the bank refusing to open an account, and the reason for the rejection will not be known afterward.
Although each bank does not have specific public standards for opening Japanese corporate accounts. However, you will usually be declined if the following circumstances apply.
- The capital is too small.
- No fixed company phone number.
- The registered address is a sublet or virtual office.
- No company website.
- There are no customers and transaction partners, and there are no transaction contracts and receipt issuance.
- Complicated business items.
- The person in charge does not have Japanese identity documents.
- The person in charge or the bank account manager cannot communicate smoothly with the bank clerk in Japanese.
Banks to choose from
The following types of banks and financial institutions are eligible to open Japanese corporate accounts:
● City banks
MUFG Bank https://www.bk.mufg.jp/global/
Sumitomo Mitsui Banking Corporation https://www.smbc.co.jp/
Mizuho Bank https://www.mizuhobank.co.jp/
Resona Bank https://www.resonabank.co.jp/
● Local banks
Different banks to choose from depending where you are, i.e.Fukuoka Bank in Kyushu, Hokuriku Bank in Hokkaido, Yokohama Bank, Chiba Bank, Shizuoka Bank, Yamaguchi Bank, Changyo Bank, etc.
● Japan Post Bank
Japan Post Bank https://www.jp-bank.japanpost.jp/
● Online banking
Rakuten Bank https://www.rakuten-bank.co.jp
PayPay Bank https://www.paypay-bank.co.jp
● Shinkin bank
Shinkin bank is a small regional bank. The advantage is that it will be evaluated based on the company's business scale and the owner's attitude. Compared with ordinary banks, it is easier to apply for account opening and loan financing.