Why Asian businesses should consider investing in Japan? and How to ?
Why Japan is worth considering and investing into?
Large, rich market, mature for tech
big breaks possible for the right technologies/services
Foreign investment friendly
large pool of money for IPOs
changing preferences post COVID
work from home, flexibility
Openness to New things
skilled managers available
limited risk
Shearwater powers your business in Asia and in Japan, through consulting and our cloud systems. We have offices across Asia: China, Japan, Singapore, Korea, Malaysia, Thailand, Vietnam, Philippines, and even Europe.
For most companies we recommend Oracle NetSuite.
NetSuite is the leading online system covering accounting, sales, purchases, inventory (ERP), projects management (PSA), as well as a powerful CRM. It allows to automate processes, digitalize the transactions, and manage all necessary business processes into one integrated cloud solution.
Contact us to know more!
In order to operate in Japan, you need to confirm and address the below:
1. There are legal and financial requirements, mostly:
Chart of Account ✔️
financial reports ✔️
Japan Consumption tax: set-up and report ✔️
Corporate number ✔️
fixed assets ✔️
Japan Consumption Tax on deferred revenues ✔️
withholding tax ✔️
invoices formats ✔️
2. There are also cultural requirements, not mandatory but business customs that local companies will mots certainly use:
consolidated invoices ✔️
bank (zengin etc) ✔️
tegata (similar to physical check ✔️
currency rates ✔️
Payroll, attendance ✔️
etax ✔️
autocash & bankfeed ✔️
With those points addressed, how to succeed in Japan?
The most important Key Success Factors are:
l References (other people use it already / social proof)
l Network (who you know)
l hire local CEO, well-known if possible
l flywheel takes time to start (no-one knows you, no one trusts you; then it comes quickly)
We have a number of case studies on the above.
How to achieve operational excellence
in Japan?
How to achieve operational excellence in Japan? A well performing system is very important, we recommend Oracle NetSuite.
We help companies with projects including the following points:
Standard Localization Project
1. NetSuite default setup including companies, subsidiaries, tax & accounting periods, users
2. CoA (set up HQ accounts to J-GAAP accounts), Journal entries
3. Japanese standard financial statements set-up
4. Japanese standard GST set-up
5. Master data templates
6. Starting balances, inventories, AP and AR
7. Forms modifications on Japanese pages
8. Printouts in Japanese
9. Other reports for Japanese users
10. Role, center, users set-up
11. Training
12. All-in-one Support
And of course we offer global consulting and project management from our different offices!
Those services are also available in other countries!