24th September – Tokyo Launches ‘Special Zone’ for Foreign Businesses
Tokyo’s Metropolitan Government has launched the ‘Special Zone for Asian Headquarters Project’ in an attempt to attract foreign companies to Tokyo. Amidst fears that Tokyo is being left behind in comparison to financial powerhouses such as Singapore and Hong Kong, Japan’s capital has embarked upon an extensive scheme to boost their economic profile.
The aim is to attract over 500 foreign companies (by 2016) to join the dedicated zone; an area consisting of five Tokyo neighbourhoods including the city centre, finance and business district and a vacant site formerly used by Haneda airport. The Metropolitan Government hope that through the process Tokyo will become a regional headquarters or R & D centre for many of the companies involved.
Those foreign companies taking part in the project will benefit from numerous advantages, most notably low interest loans and exemption from metropolitan corporate enterprise tax. Additionally, businesses within the zone can also receive subsidies of up to 50% of the expenses incurred in setting up their Tokyo operations. Businesses from all industries are encouraged to apply.
This scheme presents an extremely attractive opportunity for foreign companies to expand into a city which already hosts the most Fortune Global 500 company headquarters in the world. Tokyo is a continually expanding market, with the 2020 Olympics expected to open up even more opportunities for foreign companies.
If you’re interested in taking advantage of this opportunity or want to discuss more about the potential for your company in other parts of Japan then contact us at info@businesslinkjapan.com
To read more about the zone – click here.
