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The newly enacted Japan Company Act has relaxed the conditions for establishment of stock company and change the complicated to the simple procedure for the establishment of stock company
The Japan Company Act keeps up the system of subscribed establishment of stock company. Because the legislator has intended the subscriber or the foreigner investor to invest in the opportunity without the liability as promotor.
The Company Act make void the principle of minimum of capital in the stock company. Hereupon the capital-clause is rescinded.
For the simple establishment of company the act allows the forfeiture of subscriber's rights. And on the other hand the certification as to the amount of money which are in its custody on demand by a promoter or a director, is replaced to just documents stating that the custody of the subscription price has been paid.
Under the company act, the public notices by a company are no more the absolute particulars of incorporation. However, a company shall give the public notice through one any of as follows : inserting them in the Gazette or a daily newspaper in which matters relating to current events are published, or uploading them on internet.