The process of opening a corporate bank account in Japan has become stricter over the past few years, particularly since local banks in most countries have begun to coordinate and monitor transactions related to lawful business, prevent money laundering, and maintain control over all activities.
Applications for bank accounts may be screened over two to four weeks, with the bank having the final say in the matter. An application can be submitted only after registering a legal entity i.e. a branch of this or a locally incorporated company in Japan.
Documents required to open a corporate bank account in Japan
- Application form available at the bank
- Original Copy of Company or Branch Registration Certificate
- Copy of the Articles of Association
- Original copy of the seal registration certificate and the physical registered company seal (stamp)
- Identification proof of the person applying for the Company Bank Account
- Copy of the corporate number (issued by the tax office)
The process of opening a corporate bank account in Japan
Analyze your company.
Make sure your company has a clear business plan, sufficient funding, a landline number, an online presence, and documentation proving it is in business (receipts, invoices, etc.). Before requesting to open a business bank account, concentrate on making improvements if your company lacks in any of these areas.
Prepare the required documents
Apply for and obtain all the necessary paperwork for your initial application. The required documents to open a bank account in Japan are listed above.
Send the application
It is most likely required that the application be completed in Japanese. Make sure you include all necessary documents when filling out the form.
Your documents will be screened by the bank. Usually, this procedure takes one to two weeks. The bank will typically ask for an in-person meeting to confirm the documents and ask any unanswered questions.
In-person appointment at the bank
The bank will ask you to schedule an appointment after reviewing your documents. The applicant should bring the articles of incorporation, the company seal, the director’s seal, and the director’s ID. At this point, the bank might ask you some questions about your company, so it’s advised to be ready to explain the objectives of your company in detail. The person providing language support, such as an interpreter, must bring a picture ID.
Receive the banking documents
Once the contract, cash card, passbook, and other relevant banking documents are delivered to the registered address of your company, the procedure will be completed.
Things to consider when applying for a bank account
Submit the correct documents
The requirements for opening a corporate account vary depending on the banking institution. Refer to the official guidelines provided by each bank for more information.
Make sure the name on the application is the same as the name on the Tohon
The representative’s or director’s name on the bank application must exactly match the one on your company’s articles of incorporation (Tohon) to open a corporate bank account.
The following is an example of what will not be accepted:
- ドウ ジョン on Tohon
- ドー ジョーン on the application
Due to the phonetic nature of katakana, creative pronunciations of foreign names are occasionally allowed, depending on the writer. On the other hand, everything that appears on the Tohon must also appear on the application.
Make sure to stamp the seal in the right place
Two spaces are usually provided for signatures by both parties in contracts written in English. Likewise, Japanese application forms have two seal (hanko) spaces. One space is for you, while the bank will use the other.
The applications should be handwritten
Corporate account applications are usually required to be handwritten. Unless otherwise instructed, even if you receive a PDF copy of the application form, you are expected to print the files, handwrite your application entries, and mail your documents in via postal mail.
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