Top 3 Japanese Banks for Opening Business Accounts as a Foreign Company

For foreign companies considering business expansion in Japan, opening a local bank account is a crucial step in the process. However, Japanese banks generally have strict screening standards, and many foreign companies find the procedures and required documents to be a high hurdle. On the other hand, some banks actively accept overseas companies, and under certain conditions, it is relatively smooth to open a business account. In this article, we carefully select and introduce the major banks that foreign companies should consider when opening a business account in Japan. We compare their approach, requirements, and support systems, and highlight the most convenient options for foreign corporations.

Ranking of Best Japanese Banks for Foreign Companies

1. Mizuho Bank
2. Sumitomo Mitsui Banking Corporation (SMBC)
3. MUFG Bank

1. Mizuho Bank

Source: Mizuho Bank Official Website

Mizuho Bank is one of Japan’s three major banks and has earned a strong reputation for trust from both domestic and international corporate clients over many years. Foreign companies can open business accounts if certain conditions are met. Companies with locally registered entities or branches in Japan can expect a relatively smooth process.

Required documents include the certificate of registered matters, company business information, and documents clarifying the purpose of transactions and the flow of funds. Mizuho Bank offers English-language support at select branches and maintains an international division that provides assistance not only to large corporations but also to small and medium-sized foreign businesses.

With comprehensive services such as international remittances and foreign currency accounts, Mizuho Bank is a reliable partner for companies seeking to expand fully in the Japanese market.

2. Sumitomo Mitsui Banking Corporation (SMBC)

Source: SMBC Official Website

SMBC is one of Japan’s leading megabanks, recognized for its extensive global network and strong corporate backing. It allows foreign companies to open business accounts, especially for those with a registered local entity or branch in Japan, subject to thorough screening.

Account opening requires documents such as the certificate of registered matters, seal registration, representative’s identification, and detailed materials on business operations and financial flows. SMBC offers robust corporate support services, and some branches and staff can assist in English.

Additionally, services such as foreign currency accounts, international remittances, and various cash management solutions are well established, making SMBC a trusted financial partner for many foreign companies operating in Japan.

3. MUFG Bank

Source: MUFG Bank Official Website

MUFG Bank is Japan’s largest financial group, offering a global network and advanced financial services. For foreign companies opening business accounts in Japan, its reliability and responsiveness make it a strong choice.

Companies with registered local entities or representative offices in Japan can open accounts if they provide the necessary documentation and clearly explain their business activities. Required documents include the certificate of registered matters, company profile, business activity materials, and identification for representatives or ultimate beneficial owners.

MUFG offers English-speaking staff and specialists familiar with international business, ensuring professional and attentive service to foreign clients. With services such as foreign currency accounts, international remittances, and support for overseas office collaboration, MUFG is highly trusted as a long-term business partner for global expansion in Japan.

Conclusion

Opening a bank account is a vital first step in doing business in Japan, though for foreign companies, the process can be complex and time-consuming. That said, Japanese banks are increasingly developing systems and services to accommodate foreign corporations. By clearly demonstrating business activities and operational structures, companies can build trust and open accounts smoothly.

The banks introduced in this article each have distinct strengths and can be suitable choices depending on a company’s size, industry, and expansion strategy. When considering account opening, it is advisable to review the required documents and conditions in advance and to maintain thorough communication with bank representatives. With the proper preparation, foreign companies can successfully establish accounts and build a solid foundation for their business in the Japanese market.