The Immigration Bureau announced a proposed Ministerial Ordinance to raise the capital requirements for the residency status of ‘Business Administration Visa’ for foreign entrepreneurs starting a business in Japan to ’30 million yen or more,’ which is six times the current requirement. After public consultation, the plan is to implement this in mid-October.
Under the current system, providing ‘5 million yen or more in capital’ or having ‘two or more full-time employees’ allows for a stay of up to five years as long as a business office is secured in Japan.
The proposed ordinance’ requirements are as follows:
*30 million yen as the minimum capital.
*At least one full-time employee.
*More than three years of management or administration experience or a master’s degree equivalent in management or administration.
*Verification of business plans by certified small and medium-sized enterprise consultants.