Japan is currently the UK’s 14th largest market, UK-Japan trade in 2023 was valued at £27.6 million. As the world’s fourth largest economy, Japan is an attractive market for UK businesses. The Office for National Statistics shows that trade between the UK and Japan was estimated to be worth £31.6 billion in 2019 and therefore accounts for 2.2% of total UK trade. The stability of its market and its well-established legal and regulatory framework ensures a fair trading environment, reducing business risks which makes it an excellent target market.
Giambrone & Partners has developed strategic alliances with legal offices in Tokyo and Osaka. Our aim is to expand the firm’s global footprint and strengthen our international presence to facilitate our UK and European clients’ opportunities in Japan’s large and sophisticated consumer market. Japan has several trade agreements with neighbouring countries, which can enable an easier market entry and reduced tariffs for overseas businesses operating in Japan.
Also, the UK-Japan Comprehensive Economic Partnership Agreement (CEPA), has created a strong collaborative agreement, effective from January 2021, which steadily reduces tariffs, such as beef, MFN 38.5% tariffs reducing over time to 9%, pork MFN up to 4.3% reducing over time to 0%, sweet biscuits, MFN 20.4% over time to 0% and also salmon, MFN 3.5% reducing over time to 0%. This considerably improves market access, and facilitates smoother trade between the UK and Japan. It is of particular benefit to the UK agri-food exporters.
Japan is a less crowded market and the loyalty factor that is integrated in the Japan commercial consciousness ensures that any business relationships generated will sustain.
Vincenzo Senatore, senior partner, commented “Japanese consumers value high-quality and innovative products, which aligns well with the offerings of many UK businesses. British brands often enjoy a positive reputation in Japan, associated with quality, heritage, and luxury.” Vincenzo further commented “Giambrone and Partners LLP has been recognised by the Asian Legal Business Awards (Thomson Reuters) as Japan Practice Foreign Law Firm of the Year and the firm intends to build on this prestigious honour to forge stronger connections with the Japanese business community.”
Giambrone & Partners was instrumental in an event organised in Naples, Naples-Osaka, the opportunities for businesses. The event outlined and expanded on the scope for cross-border trade, providing a comprehensive portrayal of the range of prospects available in Osaka that will drive growth and development in Campania and across the UK and Europe. Giambrone & Partners supports the initiative which opens global commercial opportunity ahead of Italy Expo 2025 Osaka and the Italian Embassy in Tokyo as the sole international law firm dealing with Italian cross-border matters. The way of doing business in Japan is different in some respects and Giambrone & Partners can offer new entries to the Japanese market a comprehensive understanding of the protocols to assist in making and developing successful business relationships. There is a high level of mutual respect in business practices between the UK and Japan, which can lead to strong, long-lasting business relationships. When it comes to doing business in Japan trust and business relationships are paramount.
In order to bring Japan in line with corporate governance, commercial legislation was amended by the Companies Act and approved by the Diet in December 2019 coming into effect on 1 March 2021. The primary focus is related to limiting abuse of process. There are a number of requirements, for example, listed companies must appoint at least one outside director and there is a limit on the number of shareholder proposals. Also, it is necessary for shareholders’ meeting to be paperless.
In keeping with the imperative to screen out and avoid improper financial dealings such as money laundering, Japan strengthened the screening for foreign direct investment (FDI) by amending the Foreign Exchange and Foreign Trade Act (FEFTA) in 2020 and tightening corporate governance. The Japanese Financial Services Agency (FSA) introduced a Japanese version of a Stewardship Code in February 2014 and the Tokyo Stock Exchange (TSE) adopted the Corporate Governance Code (Governance Code) and further revised it in June 202.
A further advantage to trading in Japan is that Japan’s location serves as an access point to other Asian markets. UK businesses that open a branch in Japan have the opportunity to expand their reach across the entire region.
Giambrone & Partners can guide, advise and execute your business transactions in Japan, helping businesses to navigate both the legal and cultural procedures.
Vincenzo Senatore, senior partner, is qualified Italian Avvocato (with Higher Rights of Audience) and English Solicitor, qualified as a solicitor in Northern Ireland and also qualified to plead before the International Criminal Court in The Hague.
Vincenzo has extensive post-qualification experience in Civil and Common law. He has exceptional experience of UK and international cross-border transactions across a many industry sectors as well as criminal law. Vincenzo is a formidable litigator delivering strategic advice to diverse clientele.
Vincenzo continued to expand his qualifications and international legal knowledge and moved to the USA to gain his Master of Laws (LLM) in International Business Transactions and Trade Law at the Catholic University of America, Columbus School of Law, Washington DC.
Vincenzo’s other professional activities include being on the scientific organiser committee for the Association Internationale des Jeunes Avocats for conferences on Anglo-American Law and as speaker in webinars, lectures and conferences organised by the British Chamber of Commerce (IT), CUA, Columbus School of Law, Washington DC (USA), Lockey Stem Cells Building Research, Stanford University (USA), SKKU School of Business (Republic of Korea), and the Naples Bar Associations, as expert in Civil and Common law arena. He is also member of the International Criminal Court Bar Association, the Law Society of England and Wales, the Naples Bar Association, and of the International Academy of Financial Consumers (Korea) where he is also editorial member.
At present he is the only Italian lawyer registered in the List of Professionals of the Italian Embassy in Tokyo and the Italian General Consulate in Osaka. Vincenzo heads the Giambrone's Japanese Desk in Italy and the firm's offices both in Tokyo and Osaka, through the Strategic Alliances with Kikkawa Law Offices and Meilin International Law Firm.
Vincenzo regularly represents large and medium size Italian and Japanese enterprises and entrepreneurs doing business globally. His expertise includes a range of cross-border transactions, including M&A, joint ventures, opening branches and subsidiaries, and setting up companies in foreign countries, assisting clients to meet their outcomes.
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