Business Banking Rules and Their Impact on Visa Status

Changing a company's beneficial owner requires notifying the bank; when opening a corporate account, banks typically require disclosure of beneficial owners holding 25% or more of the company. Having a foreign (non-resident) co-owner or shareholder with a large stake is a red flag for Japanese banks when opening an account — even a Japanese citizen with a foreign business partner has been refused on this basis. Non-resident co-owners on a Business Manager (BM) visa application are undesirable from a banking standpoint; banks may decline to open an account even after the visa itself has been approved. It is advisable for the visa holder to own the majority of the company (from around $100,000+ in investment, or 51%+ of shares). Technically, a representative director (代表取締役) can hold the position without any visa or residence status in Japan at all, but banks dislike this arrangement and may close the account when they next update residency information on the representative. Banks also apply a so-called '6-month rule' for non-residents: if less than 6 months have passed since the zairyu (residence) card was issued, the bank requires proof of employment in Japan under the Foreign Exchange and Foreign Trade Act; it is also advisable that at least 3-4 months remain before the zairyu card's expiry at the time of applying. This 6-month rule is not actual law but internal policy at individual banks — holders of work visas can often open an account immediately. Banks historically known to be more lenient include JP Bank (Yucho), Shinsei (up to 2019), JapanNetBank/PayPay Bank, and 7Bank; MUFG and SMBC typically require an in-person visit conducted in Japanese without an interpreter and often refuse new customers, particularly MUFG since the COVID period. If a Business Manager visa lapses through bankruptcy or non-renewal, both the company account and the holder's personal account can be frozen once the zairyu card expires. Banks such as Mizuho and MUFG refuse to lift such a freeze without the account holder's in-person presence, even when a power of attorney is provided; if the account is not yet fully frozen, withdrawals through an ATM are usually capped at 30,000 yen (3 man) per day.