Challenges of Opening a Japanese Bank Account
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 bank account before they are officially 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.
Having a partner like weConnect can be essential to establishing a bank account as business moves into this new market. Japanese banks can historically delay applications for months, or reject the application without explanation.