A corporation that does not fall into any of the following categories is considered a “Specified Corporation” (Tokutei Hojin).
Corporations that are not considered Specified Corporations:
Listed companies
Affiliates or subsidiaries of listed companies (companies directly or indirectly controlled by, or controlling, a listed company)
National or local governments, central banks, and international organizations
Companies wholly owned by any of the above entities
Non-profit corporations (e.g., educational or public interest organizations)
Financial institutions such as banks or securities companies
Corporations established under foreign laws equivalent to those above
Companies mainly engaged in holding shares or providing loans to subsidiaries
Companies providing financial services only to their group companies
Companies whose investment-related income accounts for less than 50% of their total revenue in the previous fiscal year
Companies established within the past two years that have not yet started business operations