Tokyo: Japan’s Immigration Services Agency is considering easing requirements for foreign entrepreneurs to obtain residency status in the country, government sources said Monday.
The move is aimed at revitalizing the domestic economy by making it easier for foreigners to set up businesses in Japan.
Specifically, the agency plans to allow foreigners to stay in Japan for two years as a preparation period for starting a business if they have certified business plans and meet other conditions, even if they do not have a place of business or capital funds, according to the sources.
Currently, if foreigners hope to obtain residency status for starting a business, they must secure a place of business and have two or more full-time employees or a capital fund of at least 5 million yen. These requirements are considered difficult for foreigners without financial strength to meet.
In 2015, the government introduced a six-month residency program for foreigners preparing to start a business, but it was limited to national strategic special zones such as Tokyo and the southwestern city of Fukuoka.
In 2018, another program was launched to allow foreigners to stay for up to one year with the support of local governments certified by the industry ministry. The program has been implemented in the northernmost prefecture of Hokkaido, the northeastern city of Sendai, the central prefecture of Aichi, the western prefecture of Hyogo and elsewhere.
The Immigration Services Agency hopes to integrate these programs and expand their coverage nationwide. Aiming to revise related ministerial ordinances by the end of fiscal 2024, it will coordinate with related ministries and other agencies.
According to the agency, the number of foreigners staying in Japan with residency status to engage in business management totaled some 35,000 as of June this year, up by some 7,800 from the level at the end of 2019, before the COVID-19 pandemic.
JIJI Press
