Tokyo Advances Efforts to Attract Foreign Companies

Beginning in April 2017, the Tokyo Metropolitan Government (TMG) has announced that it will launch the following support measures to speed up the pace of attracting Tokyo fourth industrial revolution companies, including companies in the arenas of IoT and artificial intelligence (AI), and foreign financial corporations, such as asset management and FinTech companies, to solidify its position as the top international financial and economic city in Asia.

First, according to the announcement, the TMG will boost assistance for overseas financial companies that are advancing into the Tokyo market with the provision of free business consulting services to formulate business plans, support to match FinTech companies and financial institutions in Japan (accelerator program), and a new subsidy program. The TMG said it will launch a financial one-stop support service to provide assistance with administrative procedures and comprehensive consulting services for foreign financial companies that are considering setting up their bases in Tokyo. The Tokyo One-Stop Business Establishment Center (TOSBEC) will also install a satellite center in Shibuya to provide support in English for procedures required when starting a business in Tokyo.

Tokyo will also ease regulations on housekeeping services provided by foreign nationals to alleviate the burden of housework in the home in order to support foreign businesspersons after they have set up operations in Tokyo. By using this special provision to the Immigration Act, new companies will be able to access services for cooking, laundry, cleaning and shopping offered by foreign nationals. Tokyo is also promoting the improvement of an environment that is convenient for foreign residents to live, including the enhancement of clinical services using a special provision to bilateral agreements on foreign doctors.

The TMG is stepping up its efforts to attract the Asian regional headquarters and R&D centers of multinational companies with advanced technologies, such as IoT, Big Data and AI, in order to create even more innovation in Tokyo.