The Financial Services Agency on Friday said it will set up in January a hub that offers a one-stop service for foreign financiers in English.
The center, to be established at the agency, will allow overseas asset management companies, including investment funds, to carry out all necessary administrative procedures in English.
It will offer consultations to help such companies register as financial instruments business operators in Japan. It will also supervise their activities.
The move is aimed at making it easier for overseas financial service companies to establish bases in the country.
It is seen as the first step toward the realization of the government’s goal of making Tokyo an attractive international financial center.
Those eligible to use the center are foreign investment management companies and investment advisory and agency businesses planning to enter the Japanese market.
On Friday, the government unveiled a draft measure to revise Cabinet Office regulations, a move necessary for the creation of the center. The revision will be implemented in January after a public comment period.
The center will have about 10 English-speaking workers. Online consultation and application services will be made available.
At present, the FSA provides a limited consultation service and support for foreign financial institutions.
The agency is considering moving the one-stop center to a more convenient location in the future.
It also hopes to facilitate cooperation between the center and local entities including the Tokyo Metropolitan Government.
On Friday, the agency started accepting advance consultations in English.
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