INITIAL FORMATION AND INCORPORATION SERVICES
Company FormationTo establish a Japanese corporation, called a Kabushiki Kaisha, the following procedures are necessary:
- Preparing Memorandum of Promoter(s), Articles of Incorporation, Minutes of Election of Representative Director, and other meeting minutes
- Capital contribution and incorporation
- Company registration, including the corporate seal
- Notification of inward investment from foreign investors to the Bank of Japan
SETTING-UP SERVICES
1. Accounting and Payment Setup- Registration with National Tax Office and Local Tax Office
- Open a payment bank account and setup an internet banking system
- Determine the effective and minimum control procedures for sales and collection, purchases and payments and cash
- Understand in use accounting software
- Set up Master Files for bookkeeping in accounting software
- Develop a chart of accounts and mapping
- Develop monthly management reporting packages in accordance with the corporate instructions
2. Payroll and Social Insurance Setup
- Registration with Labor Insurance Bureau and Social Insurance Bureau
- Report of payroll information to Social Insurance Bureau
- Setup master file in payroll computer software system
- Additional services will be billed separately
・Advise on additional insurance coverage for employees
・Advise on applicable governmental employment subsidies.
MONTHLY SERVICES
1. Accounting (bookkeeping and reporting)- Make journal entries into the accounting system
- Review journal entries
- Review employee expense reports
- Review sales invoice file and collections
- Review purchase invoice file and payments
- Review petty cash payments and reimbursements
- Make monthly closing entries as necessary
- Prepare the general ledger and monthly trial balance
- Prepare monthly financial statements (B/S, P/L)
2. Payroll and Social Insurance Services
- Make payroll calculations
- Calculate employer and employee share of social insurance premium
- Prepare monthly payroll statements for each employee
- Register the hiring and dismissing of employees with the Social Insurance Bureau and Labor Insurance Bureau
- Application for social insurance benefit
3. Payment Services
- List invoices by vendors
- Forecast cash flow and make a fund request if necessary
- Process approvals on invoices
- Execute payments of approved invoices once a month
- Execute payroll payments and reimbursements of approved employee expense reports
- Execute payments of corporate tax, withholding tax, and social insurance premiums
ANNUAL SERVICES
1. Book-closing and Tax Compliance- Make adjustments in settling accounts and closing the books
- Prepare the statutory financial statements and English translation
- Prepare Corporate Tax Returns
- Prepare annual Consumption Tax Return
- Provide tax advice
2. Employee Income Tax Adjustments
- Provide necessary information and instruction for year-end income tax adjustment
- Make year-end income tax adjustments for each employee
3. Annual Labor Insurance and Social Insurance Reports
- Prepare the annual report of contributions to the Labor Insurance Bureau and true up the actual Labor Insurance premiums in May
- Prepare standard salary reports for each employee for the Social Insurance Bureau in July
4. Annual Withholding Tax Report
- Prepare annual salary statements (Japanese W-2) for each employee and file them with the municipalities.
- Prepare annual withholding tax reports for each individuals
- Prepare an annual withholding summary report
- File them together with other information required by the national tax offices
5. Tangible Fixed Asset Tax Return
- Take inventory of tangible fixed assets
- Input all tangible fixed assets data as of January 1st of every year
- Prepare tangible fixed assets tax return
Inbound and Outbound Services
Taking the first steps towards globalization is often a risky undertaking, even for companies that are financially sound locally and that may have goods or services that possess international competitive advantages. Although Japanese people study English in school for many years, language is hardly the only barrier that foreign enterprises are likely to encounter when expanding their business into Japan. Our company will assist you in determining whether your goods or services are likely to be successful in the Japanese market without the need of engaging expensive market research companies, and when you are ready to come to Japan we will assist you to globalize your business via the Internet and will support all your strategies at every stage of the business. Through our company network, the following necessary business resources can be efficiently arranged:- Homepage creation, maintenance, and analysis in Japanese language
- Registration in Japanese language search engines
- E-mail translation
- Customer support and management
- Introduction of the lawyer, accountant, and other necessary professional
