Opening a corporate bank account in Japan can be a complex process for foreign businesses.
Japanese banks follow strict anti-money laundering rules designed to prevent financial crime, which means additional compliance checks are often part of the application process.
Depending on your business needs, a traditional Japanese corporate bank account may not always be necessary. Later in this guide, we’ll also look at alternatives, including WorldFirst’s World Account, for businesses that need to receive, hold and send JPY internationally.
Key takeaways
- Opening a corporate bank account in Japan can be challenging: Foreign companies often face strict onboarding and compliance requirements.
- Traditional banks may not be the fastest route: Some businesses may need to plan around in-person checks, Japanese-language processes and longer onboarding timelines.
- A World Account may be a suitable alternative: Eligible businesses can receive, hold and pay in JPY without opening a traditional Japanese corporate bank account.
How to open a traditional corporate bank account in Japan (and why it’s so hard)
1. Confirm your registered business presence
To apply for a standard corporate bank account, businesses generally need a legally registered presence in Japan, such as a Japanese subsidiary or registered branch. Exact requirements vary by bank and legal structure.
Banks usually ask for documents such as:
- Corporate registry documents, such as the Certificate of Registered Matters
- Articles of Incorporation
- Seal Registration Certificate
- Official company seal, or hanko
- Director and shareholder ID documents
- Proof of business address
- KYC compliance paperwork
2. If you don’t speak Japanese, you’ll likely need a Japanese-speaking representative.
Account application forms, contracts and verbal interviews are primarily in Japanese. Additionally, many banks expect applicants to have a Japanese-speaking representative, interpreter or local contact to help manage the application process.
3. You may need to show evidence of business presence in Japan
4. Prepare for a longer approval process
Corporate account applications can take several weeks with online banks, and complex applications with traditional banks may take even longer if the bank requests interviews, additional documentation or further compliance checks.
Banks may also request evidence of paid-in capital, ownership structure, source of funds and expected transaction activity before making a final decision.
Read more: Setting up a business in Japan? 5 key considerations before you get started
Popular Japanese banks for foreign-owned businesses
MUFG, SMBC and Mizuho are among Japan’s largest banking groups and offer corporate and international banking services. Eligibility, language support, application procedures and account availability vary by entity and branch, so businesses should confirm the requirements directly with each bank.
- MUFG Bank (Mitsubishi UFJ): MUFG is Japan’s largest bank, operating in 40+ countries with a full range of corporate banking services, strong domestic branch network and global reach. However, it’s generally better suited to long-term residents or established businesses that are comfortable navigating traditional branch banking in Japan.
- SMBC (Sumitomo Mitsui Banking Corporation): SMBC is one of Japan’s major banking groups and offers corporate banking services for domestic and international businesses, including companies expanding into Japan. However, foreign-owned businesses should still expect detailed onboarding, documentation and compliance checks when applying for a corporate account.
- Mizuho Bank: Mizuho has a nationwide branch network and offers a full range of corporate banking services. While it offers some foreign language support, most processes are still in Japanese, making it better suited for residents or established businesses comfortable banking locally.
Due to the challenges with traditional banks, many companies alternatively begin by exploring online options instead, such as Rakuten Bank, SBI Net Bank and PayPay Bank. They’re initially appealing because they offer a more digital, lower-cost alternative to traditional banks.
However, “online” doesn’t mean friction-free. Many of these banks may still require proof of Japanese residence or local business presence, and services may be primarily Japanese-language after application. So while they’re digital, they’re still built primarily for businesses with a local presence in Japan.
Depending on how your business operates in Japan, a traditional corporate bank account may not always be necessary. The next section compares a traditional Japanese corporate bank account with a multi-currency business payment account to help you understand the differences.
Read more: Overseas business bank accounts: 4 options compared
Do you need a traditional Japanese corporate bank account?
If your business mainly needs to receive, hold, convert and send JPY for cross-border transactions, a traditional Japanese corporate bank account may not always be necessary. WorldFirst’s World Account is a multi-currency business payment account, not a traditional bank account. Eligible businesses can use it to receive, hold and send JPY alongside 20+ other currencies through a fully online application. To apply, you will generally need to provide:
- Your mobile phone and access to your emails
- Your registered company number
- Your ID (a valid driving licence or a passport of the applying director)
- Valid ID copies for shareholders with 25% or more ownership
Traditional Japanese corporate bank account vs WorldFirst: Which option is right for your business
| Feature | Traditional Japanese corporate bank account | WorldFirst World Account |
| Receive and hold JPY | Yes | Yes |
| Pay Japanese suppliers | Yes | Yes |
| Application process | In-person application often required | Fully online application |
| Local branch visit | Often required | No branch visit required |
| Local Presence | Often required | Generally not required, subject to eligibility and verification. |
| Documentation | Certificate of Registered Matters, Articles of Incorporation, Seal Registration Certificate, KYC documentation and supporting paperwork | Company information, valid ID, mobile number, director and shareholder details |
| Typical approval time | 2-4 weeks (online banks) or 1-3 months (traditional banks); more complex applications can take 2-5 months | Most applications are reviewed within 2–5 working days. |
| Multi-currency support | Primarily focused on JPY banking | Hold, receive and pay in 20+ currencies |
| International payments | Available through the bank | Send payments in 100+ currencies to 210+ regions |
FAQs
What documents do foreign companies need to provide when applying for a Japanese business bank account?
Exact requirements vary by bank and business structure, but most financial institutions will require:
- Certificate of Registered Matters
- Articles of Incorporation
- Seal Registration Certificate
- Official company seal (hanko)
- Identification documents, such as a passport and a residence card
Banks may also request a clear business plan, details on ownership structure and an explanation of how funds will move through the banking system. Required documents can vary by institution, and additional paperwork is often requested during the review process.
Can I do business in Japan without a Japanese bank account?
How long does it take for my WorldFirst application to be approved?
Do Japanese banks offer support in other languages?
How do I prepare the necessary documents to apply for a corporate bank account in Japan?
You can work with qualified legal specialists in Japan, including:
- Attorneys-at-law
- Judicial scriveners
- Administrative scriveners (gyoseishoshi)
These professionals can prepare incorporation documents, handle company registrations, assist with changes such as capital increases or executive updates and, if needed, support visa applications. Note that filing commercial registration applications with the Legal Affairs Bureau must be done by a judicial scrivener or attorney acting as your legal representative.
Sources:
- https://www.bk.mufg.jp/global/
- https://www.smbctb.co.jp/en/
- https://www.mizuhogroup.com/bank
