Japan
Professional accounting service in Japan
There are a variety of professional fields such as tax accountant, social insurance and labor consultant as well as administrative scrivener, and thereby people must go to tax accountant office for tax, labor consulting office for social insurance and administrative scrivener for application of authorization. However, these fields are related in many aspects, and if they can be handled at one accounting office, it is convenient and comprehensive.
Starting a business in Japan will require certain professional accounting service Japan companies alone can offer. Not that the accounting principles in Japan are any different from the international standards but because of the language barrier which could make filling up legal forms impossible. At least with dependable accounting service Japan firms accustomed to working with international clients, you won’t have to experience delays or foul-ups. Most important aside from language issue is being able to find a company that can see you as separate and distinct from all other companies. In short, look for an accounting firm that sees customization as part of the job and not as an add-on service.
Accounting services for foreign companies in Japan is very important for international business. This is especially for America because Japan is the fourth largest export market of the US. Japan has also invested $230 billion in America making it the second largest investor of America next to the United Kingdom. At present, Japan Is the world’s second largest economy, with a Gross Domestic Product of around $5 trillion last 2009. This is why many foreign countries do business in Japan, making accounting services very important.
For a new business in Japan, you will need the following accounting services:
- Tax Advisory
- Business Start-up
- IPO Support
- Financial Consulting
- Payroll
- Social Insurance
- General Accounting like bookkeeping, month and year-end review reports, balance sheets and FS
- Employment Consultation including Pension and Health registration
- Loan processing and handling.
Big Banks in Japan
Japan’s traditional banking system was segmented into clearly defined components in the late 1980s: commercial banks (thirteen major and sixty-four smaller regional banks), long-term credit banks (seven), trust banks (seven), mutual loan and savings banks (sixty-nine), and various specialized financial institutions. the five largest banks in the world, measured by total assets, were Japanese banks. These banks opened branches abroad, acquired existing foreign banks, and became engaged in new activities, such as underwriting Euro-yen bond issues. The investment houses also increased overseas activities, especially participating in the United States Treasury bond market (where as much as 25 to 30 % of each new issue was purchased by Japanese investors in the late 1980s).
As of March 1989, the five largest city banks in Japan (in order of total fund volume) were Dai-Ichi Kangyo Bank, Sumitomo Bank, Fuji Bank, Mitsubishi Bank, and Sanwa Bank. A group of government financial institutions paralleled the private banking sector. The Japan Export-Import Bank, the Japan Development Bank, and a number of finance corporations, such as the Housing Loan Corporation, promoted the growth of specialized sectors of the domestic economy. The Japan Export-Import Bank (Exim Bank) is the only government institution with an international focus. The Exim Bank provides financing for trade between Japan and developing countries, performing the function of export-import banks run by governments in other countries (including the United States), although its participation is possibly greater. Japan’s securities markets has three categories of securities companies in Japan, the first consisting of the “Big Four” securities houses (among the six largest such firms in the world): Nomura, Daiwa, Nikko, and Yamaichi. The Big Four play a key role in international financial transactions and were members of the New York Stock Exchange. The second tier of securities firms contained ten medium-sized firms. The third tier consisted of all the smaller securities firms registered in Japan.
Apart from these there are Existing National Institutions, like; Development Bank of Japan or DBJ, Japan Finance Corporation or JFC Nihon , Japan Bank for International Cooperation or JICA , Okinawa Development Finance Corporation, Postal Savings Bank.
Dysfunctional National Institutions like; Agriculture Forestry and Fisheries Finance Corporation , Japan Finance Corporation for Small and Medium Enterprise, National Life Finance Corporation , Japan Post , Japan Finance Corporation for Municipal Enterprises.
The big three megabanks in Japan are; Mizuho Financial Group, Trust & Custody Services, Bank Mitsubishi UFJ Financial Group.
These are the major foreign banks, playing in Japan; Citibank, JPMorgan Chase, The Hongkong and Shanghai Banking Corporation, Standard Chartered Bank, Barclays plc, Lloyds TSB, Calyon, De Nederlandsche Bank, Korea Exchange Bank, and Bank of India.
Photo: Eastern News