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Updates on Japanse Company Law

Here are recent updates on Japanese Company Law.

Obligation to establish a branch for foreign companies doing business in Japan was abolished (since April 1, 2003).

Formerly, a foreign company doing business in Japan is required to have a branch in Japan. By the amendment to the Commercial Code, obligation to have a branch was abolished. Please note the registration of representative in Japan is still necessary.

Yugen Kaisha (YK) is easily converted to Kabushiki Kaisha (KK)(May 2006~)

There will be a significant amendment to the Commercial Code of Japan scheduled in May 2006. Yugen Kaisha Law will be abolished, and the provisions of the Commercial Code dealing with corporations (Kabushiki Kaisha, Gomei Kaisha, Goshi Kaisha) will be reorganized into the New Company Law.

Under the New Company Law, Yugen Kaisha will be converted to Kabushiki Kaisha more easily than the current conversion process from YK to KK.

Flow of procedures for converting YK to KK under the New Company Law

Changing the company name by a general meeting of shareholders (from AAA Yugen Kaisha to AAA Kabushiki Kaisha)

Lodging the application with the Legal Affairs Bureau for registration of the new name; registration of company seal with the Legal Affairs Bureau

Completion of registration; acquisition of certificate of registration (and certificate of company seal, if necessary)

Time required: about two weeks after determination to convert YK to KK.

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