Dec 09 (Japan Times) - The Justice Ministry is considering relaxing a key requirement that non-Japanese planning to start businesses here must fulfill to obtain resident status in Japan.
The ministry is poised to effectively lower the ¥5 million minimum capital requirement for companies they will found, on condition they receive support from local municipalities, informed sources said.
The ministry aims to encourage a wider range of foreign people, including those with limited financial resources, such as students, to start businesses as part of its efforts to revitalize the economy, the sources said.
The requirement for the status of residence as business manager is expected to be eased by the end of March, at the earliest. The status is granted to company owners and people in managerial posts.
Under the new rule, the amount of business-opening costs saved through cuts in office rent and other measures enabled by the municipal support will be counted as part of the initially required capital, the sources said.
As a result, the capital requirement will effectively drop below ¥5 million.
