- Dharmacapital moved all staff to Singapore in early August 2026, ending Tokyo-based operations.
- The relocation leaves Tokyo without Japan’s only registered high-speed trader in the field.
- CEO Akiyoshi Shiotani said the move was for better access to global markets, not a Japan exit.
Dharmacapital moved all of its staff to Singapore in early August 2026, ending the Tokyo-based operations of Japan’s only registered high-speed trading firm. The relocation was complete by August 2026.
The move leaves Tokyo without a registered firm in that field. Reports covering the relocation were published on August 25, 2026.
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Akiyoshi Shiotani, the company’s CEO, said the main reason was market access rather than a withdrawal from Japan.
“The major reason of relocation is to get better access to global markets.”
Shiotani also said Japan would remain the firm’s most important market. The company plans to continue supplying liquidity and supporting efficient trading.
“Japan still remains our most important market, and we’ll continue to provide liquidity and contribute to efficient trading.”
The entire team now works from the city-state. The change gives the company a new base while preserving its stated focus on Japanese markets.
The move leaves Tokyo without its only registered firm in the field
The firm was described in the reporting as Japan’s only registered high-speed trader. Its departure effectively ends Tokyo’s status as a home base for such operations.
That makes the relocation more than an office transfer. The company has moved all employees, and its Tokyo-based presence has ended. Its Japanese market activity, however, is set to continue under Shiotani’s stated plan.
The timing was concentrated in early August. By the time the reports appeared on August 25, the relocation had already been completed.
A source familiar with the matter said Japan’s tax rate, compared with other Asian financial hubs, helped drive the decision. The comparison included Singapore and Hong Kong.
Tax differences helped push the firm toward a regional financial hub
The city-state’s tax structure offers several features that can appeal to a financial firm assessing where to base its operations. Its corporate income tax rate is 17%.
It also does not levy capital gains tax on investments or property flips under normal circumstances. The treatment differs by taxpayer category for individuals.
| Tax category | Treatment described in the research |
|---|---|
| Corporate income tax | 17% |
| Capital gains | No capital gains tax on investments or property flips under normal circumstances |
| Resident individual income | Progressive rates up to 24% on income above S$1,000,000 |
| Non-resident employment income | Generally flat treatment |
The figures describe the tax environment that accompanied the relocation. They do not establish the firm’s own final tax bill or explain how every transaction will be treated.
The reported comparison focused on Japan’s higher tax rate relative to regional alternatives. It did not provide a Japanese rate or a transaction-by-transaction calculation.
The company says Japan will remain its most important market
Shiotani’s comments draw a line between the firm’s base and its customers or trading activity. Moving employees abroad does not, in his account, mean abandoning Japan.
The firm says it will continue to provide liquidity and contribute to efficient trading in its most important market. Its new location is presented as a way to reach global markets more effectively.
That combination gives the move two distinct elements. Operations have shifted away from Tokyo, while the company’s stated Japanese-market commitment remains in place.
The relocation also places the firm in a regional financial center alongside the tax considerations cited in the reporting. Access to global markets was the reason Shiotani identified directly.
The company completed the staff transfer in August 2026. Reports published on August 25 recorded the change after the entire team had moved.
