How to apply for a bank account in Japan
It is difficult for foreigners who is not a resident in Japan to open a corporate bank account as many Japanese banks require at least 6 months of residency or having a residency register (Jyuminhyo).
It is recommended to have a Japanese resident to become an initial minority shareholder or one of initially appointed directors for smooth procedure.
You need to have two sets of bank account to incorporate a company, the first one is a bank account you transmit your share capital fund and the second one is a corporate bank account of the company to receive the share capital fund.
In order to set up a company in Japan, you are required to provide a proof of transmitting share capital fund to the designated bank account. It is recommended to send more than the share capital fund in case a bank commission being deducted. If you do not pay enough to cover the share capital fund, the incorporation procedure will be delayed.
As you do not register a stamp in Japan, you are required to provide a proof of your signature which can be certified by your government, embassy or lawyer/public notary/commissioner of oaths.
You need to submit a corporate stamp, a copy of articles of association and business plan to apply for a bank account. Assessment of application is getting tougher each year as rules of money laundering preventions are getting tougher and many banks are aware of profitability of running a current account – small foreign companies with unclear identity and no requirements for loan facilities are not ideal customers for some banks. It is realistic to choose internet based banks and smaller regional banks for less stringent assessments.
