The Financial Services Company has launched an office to greatly help foreign financial firms with the regulatory processes had a need to enter Japan -- from pre-application consultation to supervision and inspection after registration -- with all communication available in English.
The launch of the Financial Market Entry Office is supposed to expand Japan's role as an international financial center, the FSA said in a news release.
In coordination with localized finance bureaus across Japan, the office, and the a lot more than 10 FSA officials, started businesses on Jan. 12 for "all types of foreign organization operators" including asset operations firms and funds.
In order to emulate other Asian economic centers such as Hong Kong and Singapore, online communication and video conference will be accessible in English.
"We try to make Japan a good financial center available to the world by building its financial administration obtainable in English and offering a one-stop support," Financial Providers Minister Taro Aso informed reporters last week.
The office may also serve as a contact point for just about any inquiry on procedures regarding financial regulations regarding the the establishment of a business base in Japan by foreign business operators, in line with the FSA.
Alongside the new one-stop business office, Japan will try to attract more overseas businesses by offering profit and inheritance tax breaks for highly-skilled foreign pros in a tax reform blueprint for fiscal 2021 beginning April.
Higher taxes and vocabulary barriers are often cited as the reason why Japan, the world's third-largest economy, is normally deemed less attractive than other Asian rivals as an international financial hub.
According to a report simply by the London-based Z/Yen Group and the China Production Institute, while Tokyo was ranked 4th among the world's top rated financial hubs last September, Osaka came in 39th and Fukuoka was beyond your ranking covering a lot more than 100 locations.