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Accountant in Japan

Updated on Friday 25th September 2020

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Working with a certified accountant in Japan is important for all business owners as it ensures the quality of the services and the company’s compliance with the latest legal tax changes. Investors can choose to request the services offered by a specialized firm once they open a company in Japan as well as beforehand, should they need guidance or counsel on the applicable tax laws.  
 

Types of accounting services in Japan

 
Companies looking to outsource the accounting process will generally seek several standard types of services. These have to do with ensuring the ongoing compliance with the reporting for the company and also with the reporting for their employees. Some of the services offered by our team of accountants are the following:
 
  1. Bookkeeping services: the preparation of the income statement, the balances, the general and the sub-ledger;
  2. Annual tax submissions: drafting and preparing the annual financial services for the company in Japan and observing the deadlines imposed by the authorities;
  3. Consumption tax observance: assistance for all matters concerning the consumption tax - the Japanese value-added tax; includes filing the consumption tax return as needed;
  4. Payroll: the management of the payments made to the company employees, the allocation of the bonuses as well as submitting the social security contributions and all relevant payments.
An accountant in Japan is able to provide all of these services as well as others, focusing on the accuracy of the reports and the general compliance requirements.

Requirements for a professional accountant in Japan

 
An accountant in Japan needs to pass a special examination and have a minimum period of experience, before or after the said examination. A three-year professional educational program is then followed once the individual has successfully passed the examination. 
 
In order to become a certified accountant, an individual is required to meet special requirements for qualification and go through all of the steps in the Certified Public Accountants Act -  the main legal resource on the examination, registration, obligations and the responsibilities of an accountant in Japan
 
The steps are the following:
 
  1. Examination: pass the examination with the Certified Public Accountants and Auditing Oversight Board; multiple choice tests and essays are required;
  2. Practical experience: the future accountant in Japan is required to acquire relevant practical experience in the field for at least two years;
  3. Educational program: those who pass the examination are required to move on with a three-year professional accountancy program with the Japan Foundation for Accounting Education and Learning;
  4. Assessment: after the completion of the program, the individual can take a final assessment in a chosen specialization (accounting, auditing, taxation, etc.);
  5. Registration: after passing the final assessments, an accountant in Japan is required to register with the Japanese Institute of Certified Public Accountants.
Our team of certified professional accountants in Japan includes experts who have followed all of these steps and have relevant experience in the field. Moreover, our team observes the ethical code of conduct for an accountant, which includes issues like professional responsibility, listed below.
 
Investors who are interested in company formation in Japan should choose to work with an expert, such as those from our team, who follow these general provisions:
 
  • - Mission: to ensure that they provide reliable financial documents and all other financial data in order to ensure the fair functioning of companies in Japan and the protection of investors and creditors;
  • - Professional responsibility: a certified public accountant in Japan shall commit to provide fair services, from an independent position;
  • - Services: a certified public accountant in Japan shall provide services related to auditing or attesting financial documents, preparing such documents as needed and providing consultancy on financial matters; the fees for these services are established by the accountant;
  • - Registration: individuals who provide accounting services in Japan shall register with the Japanese Institute of Certified Public Accountants (JICPA).
 

Company formation in Japan

 
The steps for company formation in Japan include several key issues that need to be handled by investors, such as deciding on the type of business. Our team of accountants can provide pre and post-registration assistance so that investors may know the exact tax and reporting requirements for the legal entity they have chosen. 
 
The following procedures for incorporation are required:
 
  • - Decide on the business form: there are several types of companies in Japan, each with its own particularities and level of liability for the founders; some are more suited to small and medium businesses than others; 
  • - Draw up the documents: the Articles of Association include essential information on the business, its scope, founders and many other details; 
  • - Registration: the corporation needs to be registered as per the Companies Act; our team can provide more details on these registration requirements;
  • Other steps: a company that has employees must enroll with the social insurance system and notify the National Tax Agency that the corporation was established;
 
Our team can help entrepreneurs with company registration in Japan.
 
The number of certified accounting professionals in the country highlights the fact that these types of services are in demand. According to JICPA, the numbers are rising steadily:
 
  • - there were 31,426 certified public accountants an the end of March 2019;
  • - 14% of the total number of professionals in Japan are women;
  • - in 2018 there were 31,212 certified public accountants (26,806 men and 4,406 women).
 
For more information on working with a certified public accountant and the importance of such services for company formation in Japan, please contact our experts
 

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