Designated four 'special zones' to create international financial centers
04 Jun 2024
On 4 June 2024, the Government of Japan designated four areas as special zones to promote new entry and expansion of domestic and foreign financial and asset management businesses and attract foreign investment. The government aims to develop the special zones for asset management businesses as financial hubs with deregulation measures such as allowing businesses to complete administrative procedures solely in English and introducing tax incentives. The four areas are Sapporo (Hokkaido), Tokyo, Osaka and Fukuoka. In each area, a support office will be set up to help accept registration applications and consultations from foreign asset management firms in English. The office will also support businesses in translating commercial registrations and health insurance procedures into English and help foreign nationals open bank accounts. The four areas will adopt unique measures. The Hokkaido and Sapporo area is mulling local tax relief to participating firms. Tokyo will offer subsidies to asset management businesses as it aims to achieve a sustainable society through finance. Osaka plans to use the 2025 World Exposition, to be held in the city, as an opportunity to attract startups. Fukuoka plans to focus on fostering startups as a gateway to Asia.
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Type:
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Promotion and facilitation (Investment facilitation , Investment incentives, Special economic zones)
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Industry:
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Services (Financial and insurance activities)
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Sources:
