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Special purpose company (Japan)

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1 Special purpose company (Japan) on Tue Nov 23, 2010 2:18 am

A special purpose company (特定目的会社 tokutei mokuteki kaisha?, abbreviated SPC or TMK) is a type of corporation which can be formed under Japanese law. SPCs were enacted by the Diet of Japan in Law No. 105 of 1998.
The main features of an SPC are:
An SPC can only be used for the fluidization (i.e. securitization) of assets (資産の流動化 shisan no ryūdōka?). It cannot manage or dispose of assets, although it can commission these activities to a third party manager.
If certain conditions are met, an SPC can write off the assets it distributes as losses for tax purposes, thus exempting those distributions from corporate taxation.
SPCs are the only corporate entity which can make tax-free distributions under Japanese tax law as of 2006, and are an attractive alternative to general partnerships, tokumei kumiai, trusts or other tax-free alternatives in a number of investment transactions.

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