Banks in Japan have strict KYC processes due to anti-money laundering requirements. We have seen countless cases where Japanese banks have rejected applications of newly established entities and branches of foreign headquartered companies. Newly established companies are more likely to be rejected because they have lower credibility.
The bank conducts a stricter assessment for new companies. Sometimes more information is required such as a business plan, financial statements, etc.
Banks generally require the company’s representative director to visit the bank window with the bank seal to open a bank account. If weConnect is helping you to open a Japanese bank account, no bank account visit is required for our recommended branches.
Companies are unable to open a corporate bank account before they are officially established with an entity in Japan. After incorporation, it can take anywhere between 3 and 9 weeks to open a bank account and another 2-4 weeks to set up internet banking. Actual timelines depend on the actual activities of the business, when operations in Japan will begin, how famous the company is, where the headquarters are located and where funds sent from abroad will originate from. This can be a big challenge if the company needs to pay employees right after establishment. We help guide our clients to the quickest set up possibly for their situation. Until our client’s have their own bank account, we provide access to use the weConnect trust account to pay salaries, insurance premiums and taxes until their own bank is established.
Our positive history with a number of Japanese mega banks ensures applications submitted by us have the shortest application timeframe in the market.
The bank account application and online banking application are in Japanese, and often the bank requires that the company’s point of contact can speak Japanese.