If you do some business in Japan, this is information you necessary to know.
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The following five points should be noted when an overseas borrower borrows business funds from a Japanese bank.
・Check the loan conditions carefully.
Japanese banks provide loans to individuals and corporations overseas, but loan terms and conditions may differ from those for domestic companies. It is important to carefully check the loan interest rate, required collateral/guarantor, and borrowing period.
・Opening a Japanese bank account
In order to receive a loan from a bank, you must have a bank account in Japan. If you reside overseas, you will need to open a Japanese bank account. It is important to check the documents and procedures required for opening a bank account before doing so, as some banks have different requirements.
・Check the legal procedures.
When starting a business in Japan, legal procedures are required. For example, there are company incorporation registration and alien registration. It is important to confirm these procedures in advance and prepare the necessary documents.
・Improve your Japanese language skills.
Doing business in Japan requires good communication skills in Japanese. Since many business interactions, such as bank loans and contract negotiations, are conducted in Japanese, it is important to improve your Japanese language skills.
・Find an advisor
There are many barriers to doing business in Japan, including cultural and legal differences. It is important for foreign nationals starting a business in Japan to have the support of an advisor. Advisors can provide Japanese interpretation and business advice. They may also help you apply for a loan from a bank.
These are some of the points to keep in mind when an overseas person borrows business funds from a Japanese bank. To ensure the success of your business in Japan, keep these points in mind and make thorough preparations in advance.
