Published 12:13 IST, November 6th 2020
Japan to open English-speaking support office to lure foreign professionals: Minister
Japan will open an English-speaking support office for foreign asset management firms seeking to do business in the country in January, Finance Minister said.
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Japan’s Finance Minister Taro Aso, on November 6, said that the nation will open an English-speaking support office for foreign asset management firms seeking to do business in the country in January. Japan is aiming to boost its standing as a global financial centre and the recent move comes in a bid to lure foreign professionals. The move also comes after experts have said that Tokyo needed to tackle issues such as a relatively high tax rate and a lack of English language fluency in the workplace.
After a cabinet meeting, Aso told international media reporters, that although Asian financial markets concentrate in Hong Kong, the country officials will make an effort to bring them to Japan. He added that that would lead to an increase of financial capital, which has a big meaning for the Japanese economy.
The Japanese government said that that the Financial Market Entry, which will be set up by the Financial Services Agency and the Local Finance Bureau, will provide assistance in English to foreign asset managers who plan to work in Japan while foreign businesses can apply to register their operations in the country in English. In a separate statement, the FSA, back in August, said that it was considering tax reform.
Japan can expect market revitalisation
According to reports, Japan’s 29.74 per cent corporate tax rate is far higher than Hong Kong’s 16.5 per cent rate, which is among the lowest in the region. Tokyo is also ranked fourth in Z/Yen Group and China Development Institute’s rankings of global financial centres published in September, down from third place in March, while Hong Kong rose from sixth to fifth place. Japanese PM Yoshihide Suga had said in his first policy speech to parliament in October that the government would pursue a range of initiatives to make Japan a major global financial centre in Asia and in the world.
Suga had said that his government will consider lowering tax rates and promote diversity in boardrooms to draw foreign talent. Japan can expect a market revitalisation by attracting financial personnel from oversea, Suga said in an interview with Nikkei. Further, the PM also pledged to quickly address matters including taxation, residency requirements and administrative support in English to create an environment attractive to top financial talent.
(Image: AP)
12:14 IST, November 6th 2020