Business Opportunities
Japan has the 3rd biggest economy in the world and is a consistent leader in technology and innovation, meaning Japan is no stranger to business opportunity for entrepreneurs. Some of the world’s largest and most successful household names were founded in Japan such as Toyota, Nintendo, Honda, and Canon. This list is constantly expanding, with many foreign companies joining the mix.
Japan’s economy is currently steadily growing and boasts a unemployment rate of around 3 percent. It has been a goal under Prime Minister Abe’s administration to diversify the Japanese workforce, make it easier for foreigners to travel, stay and start businesses in Japan. Not only is Japan an amazing place to start a business because of the economic opportunities and potential, it is also a great place to start a family. Japan also ranks as one of the safest nations in the world with a top notch education system.
In the past few years, Japan has created more incentives and made it easier for expats to move and start businesses in Japan. Since 2013, the government has decreased corporate tax by 7% and since 2016, the government reduced property tax by 50% for SMEs. Japan also has also developed a highly-skilled foreign worker program. In the case of professionals who like those who help start a new business, these professionals are granted five years in Japan and the government has continued to make it easier for these professionals to receive a green card and have special privileges, such as bringing a spouse with them. Since 2015, the number of these professionals have doubled.
“Since 2013, the government has decreased corporate tax by 7% and since 2016, the government reduced property tax by 50% for SMEs.”
Living in Japan
Japan is a great place to live for expats who want to start a business. This is the case for both entrepreneurs who would like to bring an existing family and for entrepreneurs who want to start a family. One of the main reasons is the dedication to safety. Japan has a low crime rate with strict gun control and rigorous health standards. In fact, the past 10 to 15 years, the crime rate in Japan has been the lowest its been since the 1940’s. Children as young as six or seven can even roam the streets without fear of danger.
Navigating Japan as a foreigner has never been easier. Although many Japanese people cannot speak English fluently, Japan has increased its bilingual support in many areas including (but not limited) to healthcare, public signs and information guides. If all else fails, there are also 24 hour hotlines available in case of emergencies.
Living expenses can be quite affordable, too. Despite being the third largest economy, Japan currently ranks 34 out of 56 countries in the Big Mac Index, meaning prices of goods are relatively cheap compared to many other nations. Also, unlike many western countries, tip is not culturally accepted. That is potentially 10% to 20% less you spent on every meal.
One of the most important things people tend to think about when moving to another country is transportation. Transportation in Japan is highly efficient. People can choose from a plethora of options, from subways, the Metro, taxis, Uber and buses. You can go from one part of the city to another part of the city for as cheap as a few hundred yen.
Japan is a land of opportunity, not only for those who want to start a business, but for those who also want to make Japan their home.
