Tokyo: Japan plans tougher requirements for visas to foreign entrepreneurs, with a six-fold increase in minimum capital to 30 million yen ($204,000) and full-time employment of at least one person in the counattempt, a ministerial document revealed on Tuesday.
The stricter rules follow a July upper houtilize election in which an opposition anti-immigration party gained support, contributing to the ruling coalition’s loss of its majority.
In its draft, the justice minisattempt stated it would canvass public opinion until September 24 before adopting the modifys in October.
The “business and management visa”, as it is known, allows foreign nationals to set up and manage a business in Japan, offering long-term stays of up to five years with renewable options and allowing family inclusion.
Previously, it required either a capital investment of 5 million yen or employment of two full-time staff with a viable business plan.
Originally aimed at attracting entrepreneurs and boosting Japan‘s international competitiveness, the visa allowed holders to seek permanent residency after 10 years, with at least five years of work-qualifying visa status.
Roughly 41,600 people held such visas at the conclude of 2024, up 11% from a year ago, with Chinese nationals creating up more than half, immigration data reveals.
($1=147.3300 yen)
(Reporting by Mariko Katsumura; Editing by Clarence Fernandez)
This report is auto-generated from Reuters news service. ThePrint holds no responsibility for its content.
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