1 yen Yugen Gaisha? hmnn... anyone tried yet?

[Skankster]

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I was wondering if anyone at this site has used this new law to start their own company (even if just on paper at this point).
Does anybody have info on this?

[Captain Japan]

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I was wondering if anyone at this site has used this new law to start their own company (even if just on paper at this point).
Does anybody have info on this?

One guy I know is going to pay a lawyer around 250k to take care of it. This includes the paperwork and hankos needed. Another guy paid 450k. He as well went to a lawyer.

Anyone done this alone (i.e. without legal advice)? Anyone have any advice on swinging a visa (aside from entering into a marriage of convenience) thereafter?

[FG Lurker]

I haven't looked recently, but I know there used to be books to step you through the process of setting up a business in Japan. Japanese books, not English ones. I would imagine there will be ones for the new 1yen companies too.

There is still a catch with these companies -- you have to come up with the capital after a certain number of years! There are plans to remove this, but as far as I know the law has not gone through yet.

As for visas... I have my doubts that immigration will issue visas to companies with no capital. The company is your sponsor, so there has to be enough capital that immigration is comfortable that the company can cover your ass in case of trouble.

There is no doubt at all that "I am not a lawyer" though... Talking to a good lawyer would be a very good first step!

[Taro Toporific]

Anyone done this alone (i.e. without legal advice)? Anyone have any advice on swinging a visa (aside from entering into a marriage of convenience) thereafter?

The retards at JETRO try to force everyone to get a laywer for any Japanese incorporation. However, I bet if you screamed enough at the JETRO slackers, they could walk you through a 1 yen Yugen Gaisha.

I have a friend, Bob Licearradi who owns his own fake company..he has a business visa issued to him EVEN THOUGH his "company" has been losing money evey year since he founded it 15-20 years ago.

[FG Lurker]

I have a friend, Bob Licearradi who owns his own fake company..he has a business visa issued to him EVEN THOUGH his "company" has been losing money evey year since he founded it 15-20 years ago.

Most small companies in Japan "lose" money though...

I wouldn't be surprised if immigration refuses to give visas to people running 1-yen capital companies. If they gave visas for that then literally *anyone* could get a visa to stay in Japan. If that loophole exists now I expect it will be plugged pronto.

[Skankster]

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Most small companies in Japan "lose" money though...

I wouldn't be surprised if immigration refuses to give visas to people running 1-yen capital companies.

Losing money on the draw may actually make money.

[Captain Japan]

I have a friend, Bob Licearradi who owns his own fake company..he has a business visa issued to him EVEN THOUGH his "company" has been losing money evey year since he founded it 15-20 years ago.

Most small companies in Japan "lose" money though...

I wouldn't be surprised if immigration refuses to give visas to people running 1-yen capital companies. If they gave visas for that then literally *anyone* could get a visa to stay in Japan. If that loophole exists now I expect it will be plugged pronto.

One guy told me he had been a resident for 9 years or something and he got permanent residency at about the time he started his yugen gaisha (which at the time required more than 1 yen). I've got a ways to go before I could apply for something like that.

Ok, any tips on entering into a marriage of convenience?

[kamome]

You need a lawyer to set up a YK or KK to ensure compliance with the law at the time of formation and to ensure continuing compliance with the law on an annual basis (a.k.a. corporate maintenance). Note that there are annual filings and capitalization requirements that differ depending on the type of business vehicle that you choose and the prevailing law at a particular time. Although there are other companies that employ non-lawyers that handle corporate formation maintenance duties, in my experience they are not as thorough and tend to miss critical filings and the like. Better to pay a little more if you want to get better quality service.

Also, law firms in Japan will often hand off the corporate maintenance duties to paralegals in an effort to reduce legal fees. You can also negotiate for a cap on legal fees each year that you engage a particular law firm so that you can forecast your legal bills accurately.