A Partnership Between Shibuya City and Mizuho Bank Will Speed up the Opening of Corporate Accounts for Startups

The next step for a startup company that has just completed its corporate registration is to open a corporate bank account. In recent years, however, the screening process has become stricter to prevent the transfer of criminal proceeds and money laundering. It has become one of the major obstacles for startup companies, which often start their business in shared offices. Therefore, Shibuya City has teamed up with Mizuho Bank to support opening a corporate account with less time (from about three months to a minimum of two weeks).

The process is as follows:

  1. Contact Shibuya City using the “CONTACT US” form**
  2. Submit the necessary documents to Shibuya City:
    1. Copy of a registration certificate (Certificate of All Historical Matters)
    2. Business plan
    3. Personal identification documents
  3. Documents screening by Shibuya City
  4. Confirmation of screening results by Mizuho Bank
  5. Visit Mizuho Bank with the following documents and complete the procedures for opening an account:
    1. Copy of a registration certificate (Certificate of All Historical Matters)
    2. Personal identification documents
    3. Personal seal

** Please select “about opening of corporate accounts” from the “Inquiry type” on the “CONTACT US” form.

Opening a corporate account requires various examinations, including background (e.g., anti-social) checks and reviewing the business’s actual status. With the Shibuya City Office taking in some of the tasks, such as the business plan screening, which takes less than a week, Mizuho Bank can take less process time (reduced to the minimum one week), accelerating the overall process to a minimum of two weeks. This kind of support for opening a bank account for a startup company through a partnership between a local city office and a bank is a pioneering effort in Japan. We hope that this will make the first step smoother for you. It is an excellent addition to what we are starting to provide at Shibuya Startup Support, including the support for office/housing and bank loans, as well as the “Startup Welcome Service,” an aggregated support service for overseas startups.