Basics of Entry into Japanese Market
Home > 6.Opening Bank Account
Japanese banks are roughly classified into the following four categories.
| Category | Bank name | Feature |
|---|---|---|
| Megabank | ・Mitsubishi UFJ Financial Group ・Mizuho Financial Group ・Sumitomo Mitsui Financial Group |
・Nationwide network ・Careful services including consultation on funding policy and referral to clients ・Main customers are listed companies and large corporations |
| Local bank | ・Gunma Bank ・Ashikaga Bank ・Bank of Yokohama, etc. |
・Local network ・Cordial community-based services ・Main customers are small and medium-sized companies |
| Trust bank | ・ORIX Bank ・SMBC Trust Bank ・Nomura Trust and Banking, etc. |
・Offer property management/asset management services in addition to normal bank operations ・Engaged in financing and fund management for businesses rather than general bank business |
| Internet-based bank | ・Sony Bank ・Rakuten Bank ・PayPay Bank, etc. |
・Online bank without real branches ・Operated by many large non-bank companies ・Overwhelmingly low cost and high speed ・Main customers are sole proprietors, small businesses, etc. |
The advantages and disadvantages vary depending on the bank category. Choose the most appropriate bank for your business in Japan to open a bank account.
Currently, however, it is getting very difficult for foreign companies to open a Japanese bank account due to money laundering etc. You need to provide a bank with documents such as a certificate of registered matters, an ID document (residence card), a certificate of a seal-impression, a company brochure, and a trade list. Moreover, you will be asked about your company’s beneficial owner and business model.
Whether you can eventually open your bank account depends on the bank’s own examination. So, it is common to apply to several banks and start using the bank where you can successfully open your account.
Since our foundation in 1986, we have been boasting over 30 years of experience and achievements in services such as incorporation, visa application for foreign nationals, and acquisition of permits and licenses.
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