An amendment to the Joint Enterprise Act1, which was enacted on June 17, 2013, has taken effect as from December 20, 2013. Under the amendment, if a special purpose company meets certain conditions as a business operator, it may readily conduct business by giving notification to the Ministry of Land, Infrastructure, Transport, and Tourism. One of the most important requirements to utilize the new scheme under the amendment is that the investors must be "Special Investors." According to the recently published regulations, all foreign corporations fall under the category of "Special Investor," and thus overseas investors are likely interested in knowing how they may utilize the new scheme under the amendment. This Commentary has been prepared in response to such interest of overseas investors.
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