Press Release

ANZCCJ

報道参考資料For immediate release

ACCJ, EBC and ANZCCJ Welcome Futai Ketsugi as Step Toward
Necessary Revision of Company Law Article 821
June 28, 2005 (Tokyo) – The American Chamber of Commerce in Japan (ACCJ),
European Business Council in Japan (EBC) and Australia/New Zealand Chamber ofCommerce in Japan (ANZCCJ) announced today that they strongly welcome theconstructive measures taken by the Diet and the Government of Japan to clarify theirinterpretation regarding issues arising from Article 821 of the new Company Law bill.
The Company Law bill passed the Judicial Affairs Committee of the House ofCouncilors today introducing a broad modernization of Japanese corporate laws.
However, Article 821 thereof in particular raised major potential problems for foreigncompanies. The Diet and the Government of Japan worked closely with the ACCJ, EBCand ANZCCJ regarding various concerns that Article 821 raised among foreigncompanies.
Foreign companies’ concerns regarding Article 821 are that it could require numerous
foreign companies, which have been contributing to the Japanese economy andoperating for many decades in the form of a duly registered foreign company branch,many with licenses and approvals from various government agencies as required,rather than in the form of a subsidiary company incorporated in Japan, to immediatelychange their existing structures and reincorporate as a Japanese company. In suchcase, Article 821 would require many foreign companies to reapply for licenses andapprovals from various government agencies; transfer employees to the newcorporate entity; bear various substantial taxes and other significant costs; and risk
the voiding of various contracts and labor collective bargaining agreements.
The above mentioned foreign-affiliated economic organizations are comprised ofmember corporations which employ thousands of Japanese employees and pay
substantial taxes to the Japanese government. These organizations have worked
diligently with the Diet, Ministry of Justice and Financial Services Agency (FSA) toconfirm that Article 821 of the Company Law bill would not apply to good corporate
citizens such as those who are their members. The ACCJ, EBC, and ANZCCJ welcome
the Diet questions and answers and Supplemental Resolution acknowledging thatArticle 821 should not apply to the vast majority of foreign companies. They note,however, that it will be essential going forward that all related circulars, manuals,guidelines, etc. should be promulgated in consultation with foreign economicorganizations to further allay concerns regarding Article 821. These organizations lookforward to continuing to work with the Government of Japan to accomplish thisPress Release

ANZCCJ

報道参考資料

objective. Moreover, as an immediate next step separate from such work on related
circulars, etc., the three organizations look forward to working with the Diet and theGovernment of Japan “in view of the effect, etc., that Article 821 of the Company Law
has on foreign companies…[to] consider revising it as necessary,” in accordance withthe public commitments made in the Supplemental Resolution enacted today. TheACCJ, EBC and ANZCCJ value their cooperative relationship with the Government ofJapan and the Diet and believe that this relationship will have a positive impact onpreserving existing foreign investment in Japan, as well as promoting new foreign
direct investment into Japan, which is an important objective of the Government ofJapan.
About the ACCJ
Established in 1948, the American Chamber of Commerce in Japan (ACCJ) has grown into
Japan’s most influential organization representing the interests of international businesses inJapan, with close to 3,000 individual members representing more than 40 countries and 1,400
companies. The ACCJ promotes commerce between the United States and Japan, supports
measures to benefit and protect the interests of U.S. companies, and presents a variety ofprograms that keep Chamber members abreast of current business practices and trends. For
further information, visit the ACCJ public website, http://www.accj.or.jp.
About the EBC
The European Business Community (EBC) is the trade policy arm of the 18 European nationalchambers of commerce and business associations in Japan. Established in 1972, the EBC works
to improve the trade and investment environment for European companies in Japan. The EBC
currently represents more than 3,000 local European companies and individuals who aremembers of their national chambers of commerce. Some 400 of these companies participate
directly in the EBC’s 28 sector-based committees.
About the ANZCCJThe Australian and New Zealand Chamber of Commerce in Japan (ANZCCJ) was established in1991 when the Australian Chamber of Commerce (which had existed since the 1970s) agreed
with New Zealand's Embassy in Japan that a joint business organisation in Japan would be ofbenefit to both countries. The ANZCCJ is comprised of companies, organisations andindividuals from Japan, Australia, New Zealand and a range of other countries and has over
400 members, making it one of the larger foreign business chambers in Japan. The ANZCCJ'sobjective is to promote and strengthen the business and cultural ties between Japan, Australia
and New Zealand. Further information is available on the ANZCCJ website,
http://www.anzccj.jp.
PRESS CONTACT: ACCJ Media Relations Officer Mina Takahashi (tel: 3433-7358/6542; email:mtakahashi@accj.or.jp) , EBC Policy Director Jakob Edberg (tel: 3263-6224; e-mail: 0906544-6822; email: edberg@ebc-jp.com), ANZCCJ Secretariat Manager Katherine Dicker (tel:5157-5615; email: manager@anzccj.jp)