Sapporo, a financial city with a concentration of institutions
Towards Becoming a Financial Hub of Asia and the World, Leading GX Investments
Sapporo, the capital of Hokkaido, is a uniquely attractive city where urban life and nature coexist harmoniously. Leveraging its urban appeal, Sapporo serves as the economic center of Hokkaido and boasts an excellent business environment, including robust urban infrastructure and a concentration of research institutions such as universities. By attracting asset management companies and other financial institutions from both Japan and abroad, Sapporo aims to become a “financial hub of Asia and the world,” fostering the aggregation of capital, enterprises, talent, and information while maximizing Hokkaido’s renewable energy potential.
Initiatives as a “GX Financial and Asset Management Special Zone”
What is a Financial and Asset Management Special Zone?
A Financial and Asset Management Special Zone is a framework established in collaboration between the Financial Services Agency and proactive regions, in coordination with other government ministries and agencies. It aims to attract and expand domestic and international financial and asset management companies, facilitating the inflow of overseas investment funds and ensuring adequate funding for growth sectors such as startups. This initiative involves necessary support measures, such as regulatory reforms for financial, business, and living environments, and enhanced administrative services in English. The goal is to foster the concentration and expansion of financial and asset management services and drive the development of growth sectors.
Currently, only four cities in Japan, including Sapporo in Hokkaido, are designated as eligible areas for this program.
As part of this initiative, Hokkaido and Sapporo, leveraging the region’s abundant renewable energy resources, are working to attract GX investments under the designation of a “GX Financial and Asset Management Special Zone.” Efforts include regulatory special measures under the National Strategic Special Zone system, aimed at concentrating and expanding financial and asset management services, enhancing business and living environments that support GX-related industries, and driving their growth.
List of Initiatives Being Implemented or Under Consideration in the Financial and Asset Management Special Zone
Regarding the Financial and Asset Management Special Zone, following the realization plan for Japan as an asset management nation, the Financial Services Agency (FSA) is advancing specific discussions in collaboration with relevant ministries and motivated local governments. The initiatives related to Hokkaido and Sapporo are as follows:
Various Support Measures for the Establishment and Expansion of Financial, Asset Management, and FinTech Companies Domestically and Internationally
- Support desk to create an environment where overseas companies and others can operate their businesses more easily.
- Support Office for Establishing New BasesEstablish a Regional Branch Office to Provide Pre-Consultation, Registration Procedures, and Post-Registration Supervision in English for Overseas Asset Management Companies.Sapporo One-Stop Support Desk for Foreign CompaniesProvide continuous support in English for foreign companies from the initial stage of considering expansion into Sapporo to their eventual establishment and integration.Support for Opening Bank Accounts for Foreign NationalsEnglish Support for Procedures Related to Company Establishment When Entering Japan
- Health Insurance, Employee Pension Insurance, Employment Insurance, and Workers’ Compensation Insurance
- Commercial Registration, Articles of Incorporation Certification, and Certificate of Eligibility for Residence Status
Establishment of a Residence Status for Foreign Investors Investing in StartupsRelaxation of Investment Regulations by Banks for GX-Related ProjectsEstablishment of a Collateral System for Entire Business Operations (Enterprise Value Collateral Rights)Clarification of Approval Standards for Asset Disposal (Utilizing National Subsidies)Promotion of Outsourcing Middle and Back Office Operations in Asset ManagementTax Incentives (for Domestic and Foreign Financial, Asset Management, and FinTech Companies)
Various Support Measures for the Concentration and Promotion of GX Projects
- Clarification of Support Measures for Municipalities Eligible for Special Additions under the Highly Skilled Professional Points System
- Utilization of Foreign-Flagged Vessels for the Installation and Maintenance of Offshore Wind Power Facilities
- Review of Environmental Impact Assessments for Wind Power Projects
- Installation of Offshore Wind Power Facilities in the Exclusive Economic Zone (EEZ)
- Relaxation of Storage Limits for Compressed Hydrogen
- Tax Incentives (for GX-Related Businesses)
We are soliciting ideas for regulatory reforms utilizing the “National Strategic Special Zone”
Following Hokkaido’s designation as a “National Strategic Special Zone,” it has become possible to utilize regulatory reforms across a wide range of sectors, not limited to “GX” and “finance.” Hokkaido and Sapporo City are soliciting ideas for regulatory reforms from businesses and organizations to create an even more business-friendly environment.
