In Japan, companies are primarily determined according to the amount of invested capital funds as to whether they can be classified as SMEs (Small and medium-sized entities). A company established in Japan can benefit from a variety of tax-related procedures in the event it becomes a small and medium-size entity. Consequently, a company incorporated in…
● Necessary Reports to Tax Office etc. in connection with the establishment of a Corporation in Japan Report of Establishment of Corporation (National Tax, Local Tax) Reports regarding the establishment of the corporation (including the Japanese subsidiaries of foreign companies) must submitted to the competent tax office (national tax) and prefectural/ward/municipal tax offices (local tax)….
● Annual Schedule for Filing of Tax Returns and Social Insurance Procedures Some due dates for the filing of corporate tax returns and payment of corporate taxes and the procedures for social and labor insurance are determined by the company’s fiscal year, while others are determined regardless of the fiscal year. The following due dates…
● Tax Returns for Corporations 1. National Corporate Tax National corporate tax is imposed on the taxable income of a corporation. National corporate tax rates vary depending on the amount of capital of the corporation. The same applies among Japanese subsidiaries of foreign companies, foreign corporations, and Japanese branch of foreign corporations. ① For small…
What is shelf company? A company already registered and which can be taken over immediately for carrying out business activities is called a shelf company. ★ Explanation ★ A company already registered and which can be taken over immediately for carrying out business activities is called a shelf company. A shelf company is also called…
Introduction Due to the effects of the COVID-19 pandemic on the economy, many companies have resorted to reducing their officers’ remuneration to offset any decrease in sales, as well as to ensure that their other employees also remain stable. On the other hand, other companies have done the opposite, increasing their officers’ remuneration to compensate…
Since Abenomics was launched in 2013, Prime Minister Shinzo Abe’s economic policies represented by monetary easing, fiscal stimulus, and structural reforms, the Japanese economy was revived from Japan’s so-called ‘lost decades’ and millions of jobs were created. Along with the economic recovery, M&A activities have increased year-on-year for the past eight years since 2012. This…
Introduction On April 30, the Japanese government approved an emergency economic response plan to address the COVID-19 situation in Japan. Continuing from the previous article, we will look at the remaining tax relief measures. Specific details regarding tax relief measures under the emergency economic measures as response to COVID-19 Among the 12 tax measures under…
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. The required documents for opening a Japanese bank account vary from bank…
I want to open a restaurant in Japan. What kind of permits or licenses will I need to secure to operate my business? To be able to operate a food establishment such as restaurant in Japan, the establishment must receive a food establishment permit from a public health center and submit a notice to the…
I heard that there are businesses in Japan that require government licenses. What are these documents? A government license refers to documentation issued by administrative bodies such as the police station, health center, prefectural government, etc., which is a requirement to be able to operate specific kinds of businesses. ★ Explanation ★ 1. Government licenses…
Tell me about “social security agreements”. For foreign nationals transferring employment to Japan, there is a need to register under the social security systems both their of country of origin and Japan. To eliminate dual social security transactions, countries enter into what are called “social security agreements” with each other. ★ Explanation ★ 1. Defining…
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