Japan Foreign Investment Review (FEFTA Prior-Notification Procedures)

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English: Japan Foreign Investment Review (FEFTA Prior-Notification Procedures)
Japanese: 日本における外国からの投資審査（外為法による事前申告の手続き）

Multi-Agency Review under FEFTA Prior Notification

• English:
  • Submission Window:
    Foreign investors (or their Japan-based agent) must submit to one window: the Bank of Japan (BoJ).
  • BOJ’s Role:
    BoJ stamps submissions with receipt date and forwards copies to the Ministry of Finance (MOF) and relevant ministries (e.g. MLIT for aviation, METI for industrial security). BoJ does not conduct substantive review; it functions as the administrative hub.
  • Joint Review:
    Legally, the Finance Minister and the minister in charge of the relevant sector jointly hold review authority. In practice, MOF coordinates internal consultations; if no issues, MOF notifies BoJ to shorten the waiting period. If concerns emerge, MOF and ministries issue recommendations or orders after cross-ministry consultation, potentially involving national security bodies or FEFTA Council.
  • Implementation:
    Though investors submit only to BoJ, MOF and relevant ministries review behind the scenes. Final approval, waiting-period adjustments, or orders are issued by MOF (and sector ministries) via BoJ.
• Japanese:
  • 申告窓口:
    外国投資家（または日本在住の代理人）は、ひとつの窓口（日本銀行）にのみ提出します。
  • 日本銀行の役割:
    日本銀行は提出書類に受理日と番号を押印し、財務省および関係省庁（航空業務では国土交通省、産業安全関係では経済産業省）に転送します。日本銀行自体は実質審査を行わず、行政の中心的役割を担います。
  • 共同審査:
    法的には財務大臣と所管大臣が審査権を共同で持ちます。実務では財務省が調整役となり、問題なければ待機期間の短縮を日本銀行に通知します。懸念がある場合は、省庁横断で協議し、必要に応じて外為法審議会や国安関連機関も参加します。判断一致後は、変更勧告や命令を発出します。
  • 実行方式:
    投資家には見えるのは「日本銀行へ提出」のみですが、背後では財務省および関係省庁が審査しています。最終承認・待機期間の調整・命令は、財務省（と所管省庁）が日本銀行を通じて通知します。

Is Company Registration Allowed Only After BOJ Review?

• English:
  • Yes.
    Under FEFTA, a prior notification must be submitted and the waiting period must expire or approval obtained before any company registration or execution of investment (such as branch establishment).
  • Legal Logic:
    Article 27 of FEFTA mandates prior notification for designated industries.
    The waiting period is 30 days (usually shortened to ~2 weeks).
    Execution of investment includes company establishment, capital injection, share transfer, board appointments, etc., all prohibited before approval.
• Japanese:
  • その通りです。
    外為法の枠組みでは、事前申告の受理および待機期間の経過、または当局の許可が得られるまでは、会社登記や実質的な投資行為（支店設立含む）は禁止されています。
  • 法律的論理:
    外為法第27条により、指定業種への事前申告が義務付けられています。
    待機期間は30日（通常は約2週間に短縮）。
    投資の「実行」には、登記・資本注入・議派・代表者登記などが含まれ、承認前の実施は禁止されています。

Do You Need to Attach Documents for METI/MLIT When Submitting to BOJ?

• English:
  • All prior notification submissions are made solely to BoJ. The investor does not need to separately provide METI or MLIT with documents.
  • BoJ will forward the submission to MOF and relevant ministries automatically (e.g., MLIT and METI for aviation-related investment).
• Japanese:
  • 事前申告は日本銀行宛にのみ提出し、METIやMLITへ個別に送付する必要はありません。
  • 日本銀行が財務省および関係省庁（航空案件では国土交通省や経済産業省）に自動的に転送します。

Example Process: Foreign Air Freight Company Establishing a Branch in Japan

• English:
  • FEFTA Prior Notification:
    Submit to BoJ → MOF, MLIT (and possibly METI) review national security/public order. BoJ sends approval notice.
  • Branch Registration (Legal Affairs Bureau):
    Must await FEFTA approval first; otherwise, illegal premature investment.
  • Aviation Transport Permit (MLIT):
    After branch is registered, apply for MLIT permissions (safety plan, maintenance, CO₂ emissions). Applications often prepared in parallel but only submitted after registration.
  • Timeline Summary:
    1) FEFTA notification → approval via BoJ;
    2) Branch registration;
    3) MLIT aviation permit application.
• Japanese:
  • FEFTA 事前申告（外為法）:
    日本銀行に提出 → 財務省、国土交通省（および必要に応じて経済産業省）が国安／公秩序の観点で審査し、日本銀行から「実行可能」通知が届く。
  • 支店設立登記（法務局）:
    FEFTA審査の承認後にのみ手続き可能。承認前に登記すると違法な投資とみなされます。
  • 航空運輸許可（MLIT）:
    登記完了後に、安全管理計画、整備計画、CO₂排出計測書類とともに許可を申請。
    実務上は登記と並行して準備されることが多いですが、申請は登記後のみ可能です。
  • 時系列まとめ:
    1) FEFTA事前申告 → 日本銀行より承認通知；
    2) 支店登記；
    3) MLITによる航空許可申請。

Final Summary Note

• English:
  In short:
  FEFTA prior notification is the first gate (can you invest/establish?), company registration is second (making the branch legally exist), and aviation permit is third (allowing actual operations).
• Japanese:
  要点まとめ：
  外為法による事前申告が第一の関門（投資／設立可否判断）、会社登記が第二（法的実体の確立）、航空法による許可が第三（実業務の許可）。

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(version: 2024/07)

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