7月, 2019年

Capital Increase of a Japanese Subsidiary of a Foreign Corporation

2019-07-17

Recently, we were asked to register a capital increase in a Japanese subsidiary of a foreign corporation by the issuance of subscription shares. The following is a brief description of the process involved.

Method of capital increase

In this case, the capital increase of the subsidiary was performed through the receipt of a capital contribution from the parent company and the issuance of new shares.

Procedures for the issuance of subscription shares (capital increase) by the subsidiary

The procedures for the issuance of subscription shares (capital increase) are as follows.

1. Decide on subscription details
First, details of the subscription must be decided by resolution of a shareholder meeting. In this instance, since the company was a 100% subsidiary of a foreign corporation, a shareholder meeting was convened through written resolution by obtaining the written consent of the sole shareholder.

2. Share subscription agreement
Next, the parent company and subsidiary must enter into a Share Subscription Agreement. Entering into the Share Subscription Agreement requires the approval by a resolution of a shareholder meeting (or the Board of Directors if the company has a Board of Directors).

3. Make capital contribution
The parent company must then pay the capital contribution amount to the subsidiary’s bank account prior to the payment deadline date.

4. Effective date of capital increase
The issuance of the subscription shares (capital increase) is effective the date of the payment. A registration application must be filed within two weeks of the effective date.

Notice to Bank of Japan Pursuant to Foreign Exchange and Foreign Trade Act (FEFTA)

Since the non-resident parent company acquiring shares in its Japanese subsidiary through the issuance of subscription shares qualifies as an act of direct inward investment, the relevant notice was filed with the Bank of Japan.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

外資系企業の日本法人(子会社)の増資

2019-07-17

先日、外資系企業の日本法人(子会社)である株式会社の募集株式の発行による増資を受託したので、事例をご紹介いたします。

外資系企業の日本法人(子会社)の増資の方法

今回、外資系企業の日本法人(子会社)が増資を行うために、親会社である外資系企業本社から出資を受け、新たに株式を発行をしました。

外資系企業の日本法人(子会社)の募集株式の発行(増資)の手続

募集株式の発行(増資)の手続きは、下記の通りです。

(1)募集事項の決定
まずは、株主総会の決議により、募集事項の決定を行う必要があります。
今回は、外資系企業の100%子会社だったので、唯一の株主である親会社の書面による同意を得て、書面決議により株主総会を開催しました。

(2)募集株式総数引受契約
次に、親会社と子会社の間で、募集株式の総数の引受けを行う契約(=総数引受契約)の締結を行います。
この総数引受契約は、株主総会決議(取締役会設置会社は取締役会決議)により承認する必要があります。

(3)出資の履行
払込期日までに、親会社から子会社名義の銀行口座に対して、出資金の払込みを行います。

(4)増資の効力発生⇒登記申請
払込期日をもって、募集株式の発行(増資)の効力発生が発生します。
効力発生日から2週間以内に登記申請をする必要があります。

日本銀行へ外為法に基づく報告

外資系企業の日本法人(子会社)である株式会社の募集株式の発行(増資)により、非居住者である親会社が日本国内の子会社の株式を取得することになり、対内直接投資に該当するため、日本銀行への報告を行いました。

 

当司法書士事務所では、外資系企業の日本法人(子会社)の募集株式の発行(増資)において、豊富な経験を有しております。

登記書類の翻訳や登記内容の通訳等、英語対応可能な司法書士が担当いたしますので、お気軽にご相談ください。

 

 

Incorporation of a Japan subsidiary of a Foreign Corporation

2019-07-16

Recently, we were asked to incorporate a Japan subsidiary of a foreign corporation. The following is a brief description of the process involved.

Joint-Stock Company (“kabushiki kaisha”, KK) or Limited Liability Company (“godo kaisha”, GK)

When a foreign corporation is to incorporate a Japan subsidiary, it must first decide on whether to incorporate a KK or GK type entity.
The KK is the most common, widely recognized entity type with a long history in the Japanese corporate scene thus carrying an aura of credibility and trust.
Compared to the KK, the GK has a relatively short history, however in recent years it has become a more well-known and trusted entity for business.
Since the initial Articles of Incorporation of a GK do not need to be notarized, compared to a KK, incorporation costs are less and the incorporation process simpler.
Furthermore, after incorporation, as there is no obligation to publicly disclose financial information or any concept of a term of office of directors, compared to a KK, maintenance is simpler and less expensive.
Giving consideration to the lower initial costs and running costs, this client decided to incorporate a GK.

Collect information about the parent company (foreign corporation)

The parent company (foreign corporation) is registered as both the managing member and representative member of a GK. When registering the incorporation of a GK, it is necessary to create an Affidavit which summarizes the details of the parent company.
In order to draft the Affidavit, we requested various documents from the client to gather the necessary information about the parent company.

Appointment of executive manager (“shokumu shikkosha”)

When a corporate entity becomes the executive manager of a GK, since a corporation is not physically able to perform the operations of the GK, it must appoint a natural person as executive manager to perform those operations.
While there is no citizenship or residency requirement for an executive manager, this client chose to appoint one Japan resident Japanese citizen and one foreign resident non-Japanese citizen as executive managers.

Notice to Bank of Japan Pursuant to Foreign Exchange and Foreign Trade Act (FEFTA)

Since a non-resident corporation acquired equity in a Japanese company through the incorporation of the GK subsidiary qualifying as an act of direct inward investment, the relevant notice was filed with the Bank of Japan.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

 

外資系企業の日本法人(子会社)設立

2019-07-16

先日、外資系企業の日本法人(子会社)である合同会社の設立を受託したので、事例をご紹介いたします。

株式会社と合同会社の選択

外資系企業の日本法人(子会社)を設立するに際し、株式会社または合同会社にするか、会社の種類を選択する必要があります。
株式会社は、もっとも一般的な法人形態で、歴史も長く、知名度も高い為、対外的信用という面で優れています。
合同会社とは、株式会社と比較すると、歴史が浅いですが、最近では知名度も向上し、対外的信用という面でも支障はなくなっています。
また、合同会社は、設立時に定款認証が不要なため、株式会社に比べて、設立費用が安く、設立手続も容易です。
さらに、設立後も、決算公告義務や役員の任期も無い為、株式会社と比較して運営の手間とコストがかかりません。
今回は、初期コスト、ランニングコスト等を考慮し、合同会社を選択しました。

親会社である外資系企業本社の情報収集

親会社である外資系企業本社は、業務執行社員及び代表社員として、登記されることになります。
合同会社の設立登記に際しては、親会社である外資系企業本社に関する情報をまとめた宣誓供述書(Affidavit)を添付する必要があります。
宣誓供述書(Affidavit)のドラフトに際して、外資系企業本社の情報を収集するため、各種資料を依頼者に送っていただきました。

職務執行者の選任

合同会社の業務執行社員が法人である場合、その法人は合同会社の業務を行うことは物理的にできないため、実際に業務を行う職務執行者として、自然人を選任する必要があります。
職務執行者は、日本の住所の有無、国籍は問いませんが、今回は日本在住の日本人と海外在住の外国人の二名を選任しました。

日本銀行へ外為法に基づく報告

外資系企業の日本法人(子会社)設立により、非居住者である親会社が日本国内の子会社の持分を取得することになり、対内直接投資に該当するため、日本銀行への報告を行いました。

当司法書士事務所では、外資系企業の日本法人(子会社)設立において、豊富な経験を有しております。

登記書類の翻訳や登記内容の通訳等、英語対応可能な司法書士が担当いたしますので、お気軽にご相談ください。

Japan Branch of a German Entity (GmbH)

2019-07-12

Recently, we were asked to register a Japan branch of a German entity (GmbH). The following is a brief description of the process involved.

Collect information about the German entity (GmbH)

In order to collect information about the German entity (GmbH), we requested the following documents from the client.

Articles of Incorporation(Gesellschaftsvertrag)
Commercial Register Extract(Handelsregister)

Prepare Affidavit

From the documents above, we extracted the information needed for registration of a Japan branch of a foreign corporation and summarized these into an Affidavit. Standard matters registered for the Japan branch of a Foreign Corporation:

Company Name
Address
Method of Public Notice (Announcement)
Laws of Incorporation
Business Purposes
Total Number of Shares Authorized for Issue
Total Number of Issued Shares
Amount of Capital
Officers
Incorporation Date

In the case of a German entity (GmbH), since the Commercial Register Extract(Handelsregister) contains the company name, address, amount of capital etc, we could draft the Affidavit using the extract information.

Notarization of Affidavit

In this case, one of the company directors (Geschaftsfuhrer), a resident of Germany signed the Affidavit in the presence of a German Notary Public and had the Affidavit notarized.

Registration of Japan Branch

Using the above notarized Affidavit, a registration application was filed with the Legal Affairs Bureau office with jurisdiction over the location of the Japan branch.

The date of establishment of the Japan branch is not the registration application date, but rather an establishment date that was decided by the foreign corporation is registered.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

ドイツ法人(GmbH)の日本支店設置

2019-07-12

先日、ドイツ法人(GmbH)の日本支店を設置のご依頼がありましたので、事例をご紹介いたします。

ドイツ法人(GmbH)の情報取集

まず、ドイツ法人(GmbH)の情報を収集するために、依頼者に下記の資料を送っていただきました。

  • 定款(Gesellschaftsvertrag
  • 商業登記簿(Handelsregister

 

宣誓供述書(Affidavit)の作成

次に、資料から外国会社の日本支店の登記事項をピックアップし、宣誓供述書(Affidavit)を作成しました。

<外国会社の日本支店に関する一般的な登記事項>

  • 商号
  • 本店
  • 公告方法
  • 設立準拠法
  • 目的
  • 発行可能株式総数
  • 発行済株式総数
  • 資本金の額役員
  • 設立年月日

ドイツ法人(GmbH)の場合、商業登記簿(Handelsregister)に、商号、本店、資本金等の記載がありましたので、それらの情報を基に宣誓供述書(Affidavit)を作成しました。

 

宣誓供述書(Affidavit)の認証

今回、宣誓供述書(Affidavit)は、ドイツ在住のドイツ法人(GmbH)の取締役 (Geschaftsfuhrer)にドイツの公証役場において、宣誓供述の上、公証人の認証を取得していただきました。

 

日本における営業所設置登記の申請

上記のとおり認証した宣誓供述書(Affidavit)を用いて、日本における営業所の所在地を管轄する法務局に対して、登記を申請しました。

日本における営業所設置日は、登記申請日ではなく、外国会社の本社にて決定した設置日が登記されます。

 

当司法書士事務所では、外国会社の日本支店設置において、豊富な経験を有しております。

登記書類の翻訳や登記内容の通訳等、英語対応可能な司法書士が担当いたしますので、お気軽にご相談ください。

Japan Branch of a Hong Kong Entity

2019-07-12

Recently, we were asked to register a Japan branch for a Hong Kong entity. The following is a brief description of the process involved.

Collect information about the Hong Kong entity

In order to collect information about the Hong Kong entity, we requested the following documents from the client.

Articles of Association
Incorporation Form (NNC1)
Certificate of Incorporation
Business Registration Certificate

Prepare Affidavit

From the documents above, we extracted the information needed for registration of a Japan branch of a foreign corporation and summarized these into an Affidavit. Standard matters registered for the Japan branch of a Foreign Corporation:

Company Name
Address
Method of Public Notice (Announcement)
Laws of Incorporation
Business Purposes
Total Number of Shares Authorized for Issue
Total Number of Issued Shares
Amount of Capital
Officers
Incorporation Date

Comments Specific to Registration of Japan Branch of a Hong Kong Entity

Business Purposes

In Hong Kong, the business purposes are not necessarily listed in the Articles of Association, although a company may choose to list its principal business activities in its Business Registration Certificate. Therefore, often times it is not possible to determine the business purposes purely from the above documents (as was the case this time), and in such case this will need to be completed in consultation with the client.

Total Number of Shares Authorized for Issue

Hong Kong uses a system of authorized capital, however it does not use the concept of number of shares authorized for issue. Accordingly, we stated that this item is not applicable and did not register any amount.

Officers

Hong Kong entities have two types of officers, a Director and a Secretary, however since the Japanese Companies Act does not prescribe for an officer similar to a secretary, the secretary is not registered.

Notarization of Affidavit

In this case, one of the Hong Kong resident directors signed the Affidavit in the presence of a Hong Kong Notary Public and had the Affidavit notarized.

 

Registration of Japan Branch

Using the above notarized Affidavit, a registration application was filed with the Legal Affairs Bureau office with jurisdiction over the location of the Japan branch.

The date of establishment of the Japan branch is not the registration application date, but rather an establishment date that was decided by the foreign corporation is registered.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

Purchase and Sale of Property in Japan involving BVI Entity

2019-07-12

The other day, we received a request to register the ownership transfer of a piece of property in Japan where the seller was a Malaysian individual residing in Singapore and the buyer was a BVI entity. The following is a brief description of the process involved.

Seller’s Signature Certificate

When the seller is Japanese, a copy of that person’s personal seal certificate (inkan shomeisho) is attached to the registration application, however in this case since the seller is a non-Japan resident foreign national, a seal certificate could not be obtained.  In such situations, a Signature Certificate notarized in the country of the seller’s citizenship is attached in lieu of a seal certificate. Therefore, the seller arranged to have his Signature Certificate notarized by the Malaysian consulate office in Singapore.

BVI Entity Certificate

When the buyer is a Japanese entity, a copy of that entity’s corporate registration certificate is attached to certify its address and legal representative. In the case of foreign entity, it is necessary to attach either (1) a certificate issued by a government body in the country where the company was incorporated certifying the above, or (2) if no such certificate is issued, prepare and have an Affidavit notarized that certifies the foreign corporation’s name, address and legal representative.

In the BVI, a Certificate of Incumbency which states the entity’s name, address and legal representative can be issued by its Registered Agent, however since a Registered Agent is not a public authority, the certificate must in addition be notarized by a BVI Notary Public.

 

Conflict of Interest

Furthermore, since the seller himself was appointed as a director of the BVI entity, we also had to consider the issue of a conflict of interest with respect to this transaction.

In the case of a Japanese entity, the purchase and sale of property between a director and the company is considered a conflict of interest and accordingly must receive approval of either a shareholder meeting or the Board of Directors.  In addition, since the shareholder meeting (or Board of Director meeting) minutes stating the approval of the transaction, is considered as a “Document certifying third party approval” under the Ordinance for Real Estate Registration, it must be attached to the registration application.

Provisions related to conflict of interest transactions can be found in Articles 124 and 125 of the BVI Companies Act. According to these provisions, while disclosure to the Board is required, since approval is not necessary, we believe it is possible to interpret this to mean that a “Document certifying third party approval” under the Ordinance for Real Estate Registration is not needed.

 

Notice to Bank of Japan Pursuant to Foreign Exchange and Foreign Trade Act (FEFTA)

When a non-resident buyer acquires domestic real estate, in principle, a notice must be submitted to the Bank of Japan under the FEFTA. However, since the seller is also a non-resident, in this case the filing of such notice is unnecessary and accordingly a notice was not filed.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

Property Purchase and Sale in Japan involving a Hong Kong Entity

2019-07-12

Recently we were requested to register the ownership transfer of a piece of property in Japan where the seller was a Japan resident Japanese individual and the buyer was a Hong Kong entity. Real estate registrations that involve a foreign entity require some specific documents and procedures as follows.

Hong Kong Entity Certificate

When the buyer is a Japanese entity, a copy of that entity’s corporate registration certificate is attached to certify its address and legal representative. In the case of foreign entity, it is necessary to attach either (1) a certificate issued by a government body in the country where the company was incorporated certifying the above, or (2) if no such certificate is issued, prepare and have an Affidavit notarized that certifies the foreign corporation’s name, address and legal representative.

In Hong Kong, the Annual Return issued by the Companies Registry (a government body) states the entity’s name, address and legal representative, and as such we obtained this document for purposes of this registration.

Notice to Bank of Japan Pursuant to Foreign Exchange and Foreign Trade Act (FEFTA)

When a non-resident buyer acquires domestic real estate, in principle, a notice must be submitted to the Bank of Japan under the FEFTA.  In this case since the buyer was a non-resident Hong Kong entity and no special exceptions were applicable and accordingly the relevant notice was filed to the Bank of Japan.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

Japan Branch of a Singapore Entity

2019-07-12

Recently, we were asked to register a Japan branch for a Singapore entity. The following is a brief description of the process involved.

Collect information about the Singapore entity

In order to collect information about the Singapore entity, we requested the following documents from the client.

Bizfile
Constitution

Prepare Affidavit

From the documents above, we extracted the information needed for registration of a Japan branch of a foreign corporation and summarized these into an Affidavit. Standard matters registered for the Japan branch of a Foreign Corporation:

Company Name
Address
Method of Public Notice (Announcement)
Laws of Incorporation
Business Purposes
Total Number of Shares Authorized for Issue
Total Number of Issued Shares
Amount of Capital
Officers
Incorporation Date

 

Comments Specific to Registration of Japan Branch of a Singapore Entity

Business Purposes

In Singapore, the business purposes are not necessarily prescribed in the company Constitution, however up to two Principal Activities can be registered in its Bizfile. Therefore, some times it is not possible to determine the business purposes purely from the above documents, and in such case this will need to be completed in consultation with the client.

Total Number of Shares Authorized for Issue

Singapore does not employ a concept of number of shares authorized for issue. Accordingly, we stated that this item is not applicable and did not register any amount.

Officers

Singapore entities have two types of officers, a Director and a Secretary, however since the Japanese Companies Act does not prescribe for an officer similar to a secretary, the secretary is not registered.

Notarization of Affidavit

In this case, one of the Singapore resident Singaporean directors signed the Affidavit in the presence of a Singapore Notary Public and had the Affidavit notarized.

Registration of Japan Branch

Using the above notarized Affidavit, a registration application was filed with the Legal Affairs Bureau office with jurisdiction over the location of the Japan branch.

The date of establishment of the Japan branch is not the registration application date, but rather an establishment date that was decided by the foreign corporation is registered.

 

For more information, please inquire at https://shimax-legal.com/english/contact/

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