Opening a Bank Account in the Name of a Japanese Corporation

May 8, 2020

Question:

After establishing a company or branch in Japan, I would like to open a bank account under the company’s name. Please tell me about the things I need for opening a bank account and the points that I need to take note of.

Answer:

The required documents for opening a Japanese bank account vary from bank to bank. Therefore, it is important to prepare materials according to the bank’s requests and to cooperate in advance with the banks and branches that are familiar with opening bank accounts of foreign companies.

Explanation:

In order to open a bank account, you are required to at least submit a registered copy of the established Japanese corporation or branch. Therefore, you will not be able to open a bank account until your registration is complete. As mentioned above, the materials submitted to financial institutions vary, and it will take some time to open due to their investigations.

Also, although the requirements of establishing a company by non-Japanese residents have been relaxed (March 17, 2017 Ministry of Justice No.41) and it has become easier to set up a company by non-residents alone, opening a bank account remains to be a challenge. In cases such as when the Japanese resident representative director is not registered in the registered copy of the established corporation, it will be better to confirm in advance with a financial institution about opening a bank account.