Japan Gov’t supports Fukuoka startup ecosystem!
5 min read
1. Fukuoka Selected as one of four Startup Cities
In order to create a startup city that is globally competitive, the Japanese government has selected Fukuoka city to serve as a base.
The Japanese government has decided to promote the formation of cities to produce unicorn companies that provide new value to the world.
On July 14, 2020, the Fukuoka Startup Consortium was selected as one of the four Global Hub Cities (hereinafter referred to as "Hub Cities") among a large number of candidates.
Fukuoka Startup Consortium is the only local government to be selected as a hub city!
The other three selected cities were formed by a consortium of multiple local governments, but the Fukuoka Startup Consortium is the only one that was selected by a single local government (Fukuoka City alone). Therefore, in cooperation with the consortium members and the national government, we can minimize the time it takes from decision-making to implementation, challenge the city's unique initiatives with speed and sharpness, and work toward the creation of unicorn companies that will drive the economy of Fukuoka and Japan.
Techstars and WiL have launched an acceleration program
When a city is recognized as a hub city, startups in the hub city are allowed to participate in the government's acceleration program, and there are many other benefits.
In fact, 13 startups recommended by the Fukuoka Startup Consortium took part in the first acceleration program held from February to April 2021, which was led by top accelerators Techstars and WiL. They were able to strengthen their know-how and connections that will help them develop their businesses through the pitch event, which is a place to seek funding and business partners from overseas.
The Japanese government has launched a website to disseminate information to foreign countries
The Japanese government has launched an information dissemination website to inform overseas investors, companies and startups about Japan's support for startups, and to encourage them to enter the Japanese market, collaborate and invest in Japan. (URL: https://www.j-startup-city.go.jp/city/fukuoka/)
If you have ever been interested in starting a business in Japan or want to know more about startup support in Japan, but don't know how to go about it, please visit this website where you can find information on the characteristics of the region, key persons, and startups for each consortium of hub cities.
Fukuoka City also has its own website for overseas visitors, which provides more detailed information on startups in Fukuoka. (URL: https://startup.fukuoka.jp/)
2. Support menu recommended for startups!
Free registration and license tax when establishing a company
(1) Purpose and Objectives
In order to promote the establishment of new businesses, Fukuoka City provides support and subsidies for reducing the registration and license tax when establishing a company. As a result, the registration and license tax can be waived (*conditions apply).
(2) Subsidy details
- The reduction of registration and license tax
Joint-stock company (Kabushiki Gaisha): the reduced amount is up to 75,000 yen.
Limited Liability Company (Gōdō Gaisha): the reduced amount is up to 30,000 yen.
Unlimited Partnership Company (Gōmei Gaisha) or Limited Partnership Company (Gōshi Gaisha): the reduced amount is a flat fee of 30,000 yen.
- Subsidy amount for registration and license tax *Subsidy is limited to the budget.
Subsidy for incorporation of Joint-Stock Company: a flat fee of 75,000 yen
For Limited Liability Companies, Limited Partnership Companies, and Limited Partnership Companies: a flat fee of 30,000 yen
(3) Application period From April 1, 2021 to March 31, 2022
*Please note that terms and titles used in the text above may differ in meaning across countries.
Fukuoka City will subsidize a part of the cost for digital transformation efforts to change business models and organizations (New)
(1) Purpose and Objectives By subsidizing a part of the expenses required for digital transformation (hereinafter referred to as "DX") efforts, Fukuoka City aims to promote DX among small and medium-sized enterprises in the city.
(2) Subsidy details Two-thirds of the cost of consulting, service development, system installation, and DX personnel training and education (maximum subsidy amount: 7 million yen)
(3) Application period From March 22, 2021 to March 10, 2022
Fukuoka City Supports the Use of Professional Human Resources for Startups Aiming to Go Public
(1) Purpose and Objective The purpose of this program is to support the matching of startups in Fukuoka City with professional human resources in the Tokyo metropolitan area, among others, in order to create companies with the organizational strength, profitability, and business model necessary for IPO.
(2) Details of subsidies and application period To be announced
3. Fukuoka to the World! Founders Live Fukuoka!
What is Founders Live Fukuoka, a startup pitch event?
Founders Live, which started in Seattle, is a pitch event that is currently being held in more than 30 cities around the world, mainly in North America, with the aim of promoting the growth of startups taking on global challenges and creating opportunities for business partnerships with domestic and overseas companies with the first event being held in Fukuoka in Asia.
Founders Live Fukuoka has been held 8 times so far, with 26 companies taking the stage and pitching.
The total number of views has exceeded 2,500, and after the event, viewers send messages to the companies that pitched, making the event a place where companies can connect with each other, and matching with investors is expected.
The event is scheduled to be held in even-numbered months (June 24, August 26, October 21, December 8, February 17). For more information, please visit the website here. (URL: https://growth-next.com/en)
Also, as the date of the event approaches, we will also be posting information about the event on the city's Facebook and LinkedIn accounts, including how to watch, so please follow us.