Measures to Make Japan Asia s Center for Business February 2011 Ministry o f of Economy T, rade Trade and Industry
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1 Measures to Make Japan Asia s s Center for Business February 2011 Ministry of Economy, Trade and Industry
2 Overview of the Bill on Special Measures for the Promotion of Research and Development by Certified Multinational Companies - Overview of the Bill on the Promotion to make Japan Asian s Center for Business - Background > Global companies are leaving Japan one after another as emerging Asian countries achieve economic growth, making the relative size of the Japanese market smaller even as the support offered by these countries to attract foreign companies intensifies. Japan is losing its position as a key international business center in Asia. Outline > To attract global companies R&D centers and Asian headquarters to Japan, the legislation gives incentives (e.g., reduced corporate tax burdens, lower patent fees) to global companies certified by the competent minister. Steps 1. Eligible operations >Incentives are applicable to new R&D and headquarters operations* conducted in Japan by global companies certified as conforming to the basic policy defined d by the competent minister. i *Activities such as making decisions concerning the business strategy of subsidiaries 2. Incentives Preferential corporate tax: 20% deduction for 5 years (a little under 29% combined with 5% reduction of effective corporate tax rate) Preferential income tax: Same tax treatment for stock options from the foreign parent company as given to those from Japanese companies Reduced patent fees: Reduced patent fees on the results of R&D operations *only for SMEs Faster investment procedures: Shortening the inactive period from the current 30 days to 2 weeks after application under the Foreign Exchange Act Financing support: Financing support by the Small and Medium Business Investment & Consultation Co., Ltd. *In addition, foreigners expected to work for certified companies are eligible for expedited examination in immigration procedures to obtain the certificate of eligibility to visa (about 10 days, compared with the normal period of one month) *Implementation of Immigration Control Act 3. Benefits > Japan will attract global companies with the potential to produce high added value goods and services and increase employment opportunities. > Global companies will find SME partners in Japan to develop new products and technologies. Target Incentives Expected benefits R&D center To gather highlyskilled researchers indispensable for innovation Basic policy Business plan certification Asian headquarters To gather highly-skilled management professionals essential for a globalized economy & society - Tax reductions (preferential corporate tax, etc.) - Reduced patent fees for R&D centers - High-value-added operations attracted to Japan - Creation of employment opportunities - Development of new products/technologies in partnership with SMEs
3 Incentives (1) >The following incentives are to be taken under this Law. Tax incentives Corporate tax: 20% deduction for 5 years for certified companies (tax rate for certified companies to be reduced to a little under 29% combined with 5% reduction of effective corporate tax rate) *Can be lower if local government decides to apply a tax exemption. Personal income tax: Tax deferral until transfer for share warrants given to a certified company s executives from its foreign parent company by including them in the scope of stock option tax system Patent fee reduction Patent fees: Patent fees and examination request fees reduced by half for certified R&D operations Preferential treatment under Foreign Exchange Act Foreign Exchange Act: Shorter statutory inaction period (from 30 days to 2 weeks) after prior application for inward direct investment t under the Foreign Exchange Act, which h is mandatory for entities establishing a new business Exemption for the Small and Medium Business Investment & Consultation Co., Ltd. Allowing small and medium business investment & consultation firms to invest in stock companies capitalized at over 300 million (approximately 100= US$1.2) 2
4 Incentives (2) > In addition, the following measures will be taken to ensure comprehensive support. Budgetary measure Location subsidy: Initial investment support for establishment of Asian headquarters/r&d center with potential for particularly large economic benefits [Subsidy Program for Project Promoting Asian Site Location in Japan - Budget amount: 2.5 billion (FY 2010 supplementary budget & FY 2011 regular budget)] Expedited immigration procedures Visa status: Expedited visa examination for foreigners expected to work for certified companies, through supportive implementation of the system (examination in about 10 days, compared with the normal period of one month) Other measures Other measures: Applications in English accepted under this law; one-stop service provided by government offices and JETRO regarding formalities conducted by certified companies 3
5 [Reference 1] Policies to make Japan as an Asia s center for business in the context of Cabinet decisions (excerpts) New Growth Strategy t (Cabinet decision i in June 2010) <21 National Strategic Projects for Revitalization of Japan for the 21st Century > 7. Reducing Effective Corporate Tax Rate and Promotion of Japan as an Asian Industrial Center (excerpts) In addition, with the aim of enabling Japan to revive as an Asian industrial center, we will consider an incentive system containing taxation measures to invite foreign firms to set up their Asian head offices and R&D bases in Japan, which are linked with the degree of contribution to employment of highly-skilled personnel. We will aim to put this system into operation from fiscal Comprehensive Emergency Economic Measures In Response to the Yen s Appreciation and Deflation (Cabinet decision on October 8, 2010) (3) Promotion of the Asian Economic Strategy To ensure that growth in Asia leads to growth in Japan, the government will strive to make Japan an Asian business center by attracting global companies and promote industrial i standardization di ti and EPA utilization in Asia, while accelerating the overseas marketing of Japan s infrastructure t and industrial systems. <Specific measures> > Becoming an Asian hub, promoting the smooth forging of EPAs Promote the establishment of an Asian business center in Japan by assisting efforts to motivate global companies to set up Asian headquarters and R&D centers in Japan and facilitate industrial standardization in Asia. Inward Investment Promotion Program (Established by the Inward Investment Promotion Round-Table on November 29, 2010) (2) Enhance Japan s capability as a business center i. Making Japan a central base for Asia businesses Japan is quickly losing attractiveness for international companies. Japan is even falling behind China in attractiveness as a high-value-added business base (e.g., Asia s s regional headquarters and an R&D center), an area where Japan used to be dominant. Other Asian countries engage in fierce competition to attract businesses. South Korea and Singapore, where the corporate tax rate is already low, have adopted bold incentive measures, such as reduced corporate tax for foreign companies, reduced income tax for foreign engineers, subsidies for incoming companies and granting permanent residency to superior engineers in a short period. In addition to cross-cutting measures to improve the business environment (e.g., statutory corporate tax cuts), Japan should enhance administrative approaches, including one-stop services and create incentives as bold as those implemented by foreign countries to aggressively attract high-value-added operations. FY 2011 Tax Reform (Cabinet decision on December 16, 2010) (5) Taxation system to promote a comprehensive special zone system and the establishment of an Asian business center To improve Japan s location competitiveness amid fierce international competition, Japan also needs to take tax measures that suit the characteristics of the region or the target companies, in addition to slashing the statutory corporate tax rate.. (snip) Furthermore, the government will establish tax incentives towards global companies to locate their Asian headquarters or R&D centers in Japan. 4
6 [Reference 2] Weakened Japan s location competitiveness > A survey of companies mainly operating outside Japan revealed that Japan is less competitive as an Asian business center in all aspects than it was in the same survey two years before. > Japan even lost the top position in competitiveness as a location for Asian headquarters and R&D center, which are aspects Japan has traditionally had an edge in, showing Japan s weaker presence in Asia. <Most attractive Asian country/region in each aspect> (Data only for top six countries; those ranked No. 1 and No. 2 are highlighted.) FY 2007 survey FY 2009 survey Asian headquarters 日 本 中 国 インド シンガ South Hong 韓 国 香 港 日 本 中 国 インド シンガ Hong Japan China India Singapore 韓 国 香 港 ポール Kong Japan South China India ポ ル Korea Singapore ポール Korea Kong アジア 地 域 統 括 拠 点 123% 18% 8% 16% 4% 220% Asian headquarters アジア 地 域 統 括 拠 点 10% 142% 10% 216% 2% 13% Production 製 造 拠 点 center 3% 162% 212% 2% 5% 5% 製 Production 造 拠 点 center 1% 164% 214% 2% 2% 2% R&D R&D center 拠 点 130% 225% 16% 9% 4% 6% Back バックオフィス office 215% 124% 215% 12% 5% 215% Logistics 物 流 拠 点 center 11% 141% 8% 9% 7% 213% Finance 金 融 拠 点 center Marketing 販 売 拠 点 center * Respondents chose one country/region for each function. * Percentage figures are calculated based on 209 respondents (including 51 companies already operating in Japan), excluding those having returned no reply. (78 firms in Europe, 74 in North America, 57 in Asia) R&D R&D 拠 center 点 221% 133% 20% 8% 4% 2% バックオフィス Back office 8% 139% 219% 15% 2% 9% 物 Logistics 流 拠 点 center 3% 163% 8% 211% 2% 6% 金 Finance 融 拠 点 center 10% 130% 9% 21% 4% 223% 販 Marketing 売 拠 点 center 7% 150% 7% 11% 4% 213% * Respondents chose one country/region for each function. * Percentage figures are calculated based on 180 respondents (including 30 companies already operating in Japan), excluding those having returned no reply and those having chosen no country. (60 firms in Europe, 60 in North America, 60 in Asia) Source: METI, Survey on Attitude of Western and Asian Companies toward Investment in Japan (FY 2009, FY 2007)
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