Once the Japanese parent's approvals are complete and the documents are notarised and apostilled, an Indian subsidiary is usually incorporated with PAN and TAN within 4 to 6 weeks, with the bank account, share issue and FC-GPR following over the next few weeks. For many Japanese groups the longest step comes before that: the internal ringi approval of the plan and documents. Avoid starting the Japanese document chain just before Golden Week, Obon or the New Year holidays. With only 3.5 hours' time difference and the same 31 March year end in both countries, coordination after approval is straightforward.
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Key facts
| Internal approval | Varies by group; often the longest phase |
|---|---|
| Japanese document chain | Certificate of registered matters, notary, Legal Affairs Bureau certification, MOFA apostille, translation |
| Incorporation | Usually 4 to 6 weeks from apostilled documents |
| Bank, capital and shares | About 1 to 2 weeks after incorporation; shares within 60 days of the money arriving |
| FC-GPR | Within 30 days of allotting shares |
| Time difference | India is 3.5 hours behind Japan |
| Holidays to avoid | Golden Week (late April to early May), Obon (mid-August), New Year (late December to early January) |
| Fiscal year | 31 March in both countries for most Japanese groups |
Three phases, end to end
| Phase | What happens | Typical duration |
|---|---|---|
| 1. Approval in Japan | Investment plan, structure and documents approved through the group's internal process | Depends on the group; plan several weeks |
| 2. Japanese documents | Certificates, resolution, notary, Legal Affairs Bureau, MOFA apostille, translation, courier | About 2 to 3 weeks |
| 3. India | SPICe+ incorporation, bank account, capital, share issue, FC-GPR | About 4 to 6 weeks to incorporation, then a few weeks more |
Indian preparation runs alongside phases 1 and 2, so the clock in India starts the day the apostilled documents arrive.
Phase 1: approval inside the Japanese parent
Japanese companies typically approve overseas investments through a formal circulation (ringi) and, for larger investments, a board resolution. Delays usually come from discovering a new requirement halfway, such as the need for a resident director or a nominee shareholder, and having to re-circulate. To avoid that, settle these points in the first proposal:
- the structure (a private limited subsidiary) and the FDI route;
- the share capital and whether a nominee shareholder holds one share;
- the directors, including a director who will be resident in India;
- the Indian registered office and the state;
- the list of documents the parent must sign and authenticate.
Phase 2: Japanese documents
- Obtain certificates of registered matters (tokibo tohon) from the Legal Affairs Bureau.
- Sign the board resolution, prepared bilingually.
- Have the documents and English translations notarised at a notary office.
- Obtain Legal Affairs Bureau certification and the MOFA apostille; in one-stop prefectures, the notary office arranges both.
- Send the originals to India by express courier.
See documents and apostille from Japan for the detail of each document.
Phase 3: incorporation and banking in India
While phase 2 runs, we obtain directors' digital signatures, reserve the name and prepare the MoA, AoA and registered office documents. On receipt of the originals, SPICe+ is filed and the certificate of incorporation, PAN and TAN follow. The bank account then opens, the parent remits the capital, shares are allotted within 60 days of receipt, and FC-GPR is filed within 30 days of allotment. See the incorporation process from Japan.
Japanese holidays and the fiscal year
| Period | Effect |
|---|---|
| Golden Week, late April to early May | Japanese offices, notaries and many banks are closed for several days |
| Obon, mid-August | Many companies close or run reduced teams |
| New Year, late December to early January | Government offices close; plan Japanese steps for completion by mid-December |
| Japanese and Indian year end, 31 March | Both sides are busy with closing; a company incorporated between January and March can take a first financial year to the following 31 March |
| Diwali, October or November | Indian banks and offices close for several days |
Many Japanese groups approve new investments in the first quarter of their fiscal year, April to June. Starting phase 2 in May, after Golden Week, usually lets the Indian company be ready well before the September half-year close.
Working across 3.5 hours
- India is 3 hours 30 minutes behind Japan, so a Japanese morning meeting at 10:00 is 6:30 in India, and the afternoons overlap fully.
- Signing sessions, digital signature video verification and bank calls fit easily into the Japanese afternoon.
- Neither country uses daylight saving, so the difference is the same all year.
Keeping to the plan
- Put the full Indian document list into the first approval.
- Book notary appointments before the approval is final.
- Avoid starting phase 2 in the two weeks before Golden Week, Obon or New Year.
- Have the capital remittance and any payment report ready when the bank account opens.
- Agree the share price before remitting, so allotment and FC-GPR are not delayed.
How AU Corporate handles this
AU Corporate prepares the Indian document list and bilingual wording for your internal approval, runs the Indian preparation in parallel with the Japanese document chain, and handles incorporation, banking, share issue and FC-GPR on a timetable built around the Japanese calendar.
Related services: India subsidiary registration and FEMA and RBI compliance.
Frequently asked questions
How long does it take a Japanese company to set up an Indian subsidiary?
After internal approval and apostilled documents, usually 4 to 6 weeks to incorporation with PAN and TAN, then a few weeks more for the bank, share issue and FC-GPR.
Why does internal approval take so long?
Investments go through formal approval circulation and sometimes a board resolution. Including the full Indian requirements in the first proposal avoids re-circulation.
Which Japanese holidays affect the timeline?
Golden Week in late April and early May, Obon in mid-August, and the New Year holidays.
What is the time difference between Japan and India?
India is 3 hours 30 minutes behind Japan all year.
Is there an advantage in sharing the 31 March year end?
Yes. Budgets, audits and transfer pricing true-ups line up in both countries.
When is FC-GPR due?
Within 30 days of allotting shares to the Japanese parent.
Related guides
Sources
Last updated 3 November 2026. General information only, not legal or tax advice. Indian rules change often; confirm current requirements before acting.