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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>As filed with the Securities and Exchange Commission
on August 17, 2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Registration No.&nbsp;333-</B></P>

<P STYLE="font: 4pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 4pt 0 0; text-align: center"><B>UNITED STATES </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549 </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>FORM S-8 </B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>REGISTRATION STATEMENT </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>UNDER </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><I>THE SECURITIES ACT OF 1933 </I></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>SYLA Technologies Co., Ltd. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Exact name of Registrant as specified in its charter)
</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 51%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 48%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Japan</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 10pt"><B>Not Applicable</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(State or other jurisdiction of</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>incorporation or organization)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(I.R.S. Employer</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><B>Identification Number)</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>Ebisu Prime
Square Tower 7F, 1-1-39</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="background-color: white"><B>Hiroo,&nbsp;Shibuya-ku,
Tokyo,&nbsp;Japan</B></FONT></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Address of Registrant&#8217;s principal executive
offices) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Employee Stock Purchase Plan </B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Full title of the plan) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>Cogency Global Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>122 East 42nd Street, 18th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, NY 10168</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Telephone: (800) 221-0102</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Name, address and telephone number of agent for
service) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B><I>With copies to: </I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 36%; padding-top: 0pt; padding-bottom: 0pt; text-align: center; line-height: 100%"><FONT STYLE="font-size: 10pt; line-height: 100%"><B>Gillian Emmett Moldowan, Esq.</B></FONT></TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 36%; padding-right: 0pt; padding-left: 0pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Masahisa Ikeda</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Toshiro Mochizuki</B></P></TD></TR>
  <TR>
    <TD STYLE="text-align: center; line-height: 100%"><FONT STYLE="font-size: 10pt; line-height: 100%"><B>Shearman &amp; Sterling LLP</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Shearman &amp; Sterling LLP</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt; text-align: center; line-height: 100%"><FONT STYLE="font-size: 10pt; line-height: 100%"><B>599 Lexington Avenue</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Fukoku Seimei Building, 9th Floor</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt; text-align: center; line-height: 100%"><FONT STYLE="font-size: 10pt; line-height: 100%"><B>New York, NY&nbsp;&nbsp;10022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>2-2-2 Uchisaiwaicho</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt; text-align: center; line-height: 100%"><FONT STYLE="font-size: 10pt; line-height: 100%"><B>(212) 848-5356</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>Chiyoda-ku, Tokyo 100-0011</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt; text-align: center; line-height: 100%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt"><B>Japan</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-top: 0pt; padding-bottom: 0pt; text-align: center; line-height: 100%">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0pt; padding-left: 0pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>+81-3-5251-1601</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of &#8220;large
accelerated filer,&#8221; &#8220;accelerated filer,&#8221; &#8220;small reporting company,&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 19%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 49%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 28%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Large&nbsp;accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Accelerated&nbsp;filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Smaller&nbsp;reporting&nbsp;company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Emerging&nbsp;growth&nbsp;company</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Segoe UI Symbol,sans-serif; font-size: 10pt">&#9746;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section&nbsp;7(a)(2)(B) of the Securities Act.&nbsp;&nbsp;<FONT STYLE="font-family: Segoe UI Symbol,sans-serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Part I </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">The information required by Item&nbsp;1 and
Item&nbsp;2 of Part I of Form S-8 is omitted from this filing in accordance with Rule 428 under the Securities Act of 1933, as amended
(the &#8220;Securities Act&#8221;) and the introductory note to Part I of Form S-8. The documents containing the information specified
in Part I will be delivered to the participants in the plan covered by this registration statement as required by Rule 428(b)(1).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B>Part II </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: center"><B>INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0"><B>Item&nbsp;3. Incorporation of Documents by Reference. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">This registration statement on Form S-8 hereby
incorporates by reference the contents of the following reports of the Registrant filed with the Securities and Exchange Commission (the
&#8220;Commission&#8221;) pursuant to the Securities Exchange Act of 1934, as amended (the &#8220;Exchange Act&#8221;):</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>The Registrant&#8217;s Annual Report on <A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315223012779/0001493152-23-012779-index.htm">Form 20-F</A> for the year ended December 31, 2022, filed with the Commission on April 18, 2023
(File No. 001-41662); and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>The description of the Registrant&#8217;s securities contained in the registration statement on <A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315223008753/0001493152-23-008753-index.htm">Form 8-A</A>, filed with the Commission
on March 24, 2023 (File No. 001-41662), including all other amendments and reports filed for the purpose of updating such description.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this registration statement and prior to the filing
of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof
from the date of filing of such documents. Reports on Form 6-K that the Registrant furnishes to the Commission will only be deemed incorporated
by reference into this registration statement if such report on Form 6-K so states that it is incorporated by reference herein. Any statement
in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded
to the extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed
to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed,
except as so modified or superseded, to be a part of this registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><B>Item&nbsp;4. Description of Securities. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item&nbsp;5. Interests of Named Experts and Counsel. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><B>Item&nbsp;6. Indemnification of Directors and Officers. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Article 330 of the Companies Act of Japan (the
&#8220;Companies Act&#8221;) makes the provisions of Part III, Chapter 2, Section 10 of the Civil Code of Japan (the &#8220;Civil Code&#8221;)
applicable to the relationship between the Registrant and its directors. Section 10 of the Civil Code, among other things, provides in
effect that:</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(a)</TD><TD>Any director of a company may demand advance payment of expenses considered necessary for the management of the affairs of such company
entrusted to the director;</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(b)</TD><TD>If a director of a company has defrayed any expenses considered necessary for the management of the affairs of such company entrusted
to the director, the director may demand reimbursement therefor and interest thereon after the date of payment from such company;</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(c)</TD><TD>If a director has assumed an obligation necessary for the management of the affairs of such company, the director may require such
company to perform it in the director&#8217;s place or, if it is not due, to furnish adequate security; and</TD></TR></TABLE>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">(d)</TD><TD>If a director, without any fault on the director&#8217;s part, sustains damage through the management of the affairs of such company,
the director may demand compensation therefor from such company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Pursuant to the Articles of Incorporation of
the Registrant and Article 427 of the Companies Act, the Registrant has entered into agreements with non-executive directors to limit
their liability to the Registrant with respect to loss or damage caused by their acts stipulated in Article 423 of the Companies Act.
However, the amount of such limited liability shall be the minimum liability limit stipulated by laws and regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">In addition, the Articles of Incorporation of
the Registrant include limitation of liability provisions, pursuant to which the Registrant can exempt, by resolution of its board of
directors, its non-executive directors from liabilities arising in connection with any failure to execute their respective duties in good
faith or due to simple negligence (excluding gross negligence and willful misconduct), within the limits stipulated by applicable laws
and regulations including Article 426, Paragraph 1 of the Companies Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">The Registrant maintains, at its expense, a directors&#8217;
and officers&#8217; liability insurance policy for each of its directors. The policy insures each of the Registrant&#8217;s directors
against certain liabilities that they may incur in their capacity as a director.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><B>Item&nbsp;7. Exemption from Registration Claimed. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><B>Item&nbsp;8. Exhibits. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">See the Exhibit Index attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0.25in 0 0"><B>Item&nbsp;9. Undertakings. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0; text-indent: 0.5in">(a) The undersigned Registrant hereby undertakes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(1)</TD><TD>To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(i)</TD><TD>To include any prospectus required by Section&nbsp;10(a)(3) of the Securities Act;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(ii)</TD><TD>To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this registration statement; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.5in"></TD><TD STYLE="width: 0.5in">(iii)</TD><TD>To include any material information with respect to the plan of distribution not previously disclosed in this registration statement
or any material change to such information in this registration statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0 0 1.5in"><I>provided</I>, <I>however</I>, that paragraphs (1)(i)&nbsp;and
(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or 15(d) of the Exchange Act
that are incorporated by reference in this registration statement;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(2)</TD><TD>That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial <I>bona fide</I> offering thereof; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.5in">(3)</TD><TD>To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant&#8217;s annual report pursuant
to Section&nbsp;13(a) or Section&nbsp;15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan&#8217;s
annual report pursuant to Section&nbsp;15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial <I>bona fide</I> offering thereof.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">(c) The undersigned Registrant further undertakes that,
insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>EXHIBIT INDEX </B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 6%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 84%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 8pt"><B>Exhibit&nbsp;No.</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 1pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Description of Document</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315223023827/ex1-1.htm">4.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315223023827/ex1-1.htm">Articles of Incorporation of the Registrant (incorporated herein by reference to Exhibit 1.1 to the report on Form 6-K furnished to the Commission on July 6, 2023 (File No. 001-41662)).</A></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex4-1.htm">4.2</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex4-1.htm">Form of Deposit Agreement among the Registrant, the Depositary, and holders and beneficial owners of the Registrant&#8217;s American Depositary Shares (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1, as amended (File No. 333-268420)).</A> </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex4-1.htm">4.3</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="https://www.sec.gov/Archives/edgar/data/1946216/000149315222032659/ex4-1.htm">Specimen American Depositary Receipt of the Registrant (incorporated herein by reference to Exhibit A in Exhibit 4.1 to the registration statement on Form F-1, as amended (File No. 333-268420)).</A>&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex107.htm">23.1*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex2301.htm">Consent of MaloneBailey, LLP.</A></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="#poa">24.1*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="#poa">Power of Attorney (included as part of the signature pages to this registration statement).</A></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex9901.htm">99.1*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex9901.htm">Articles of Association of SYLA Technologies Co., Ltd. Employee Share Holding Association (American Depositary Shares).</A> </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex9902.htm">99.2*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex9902.htm">Implementing Rules for the Articles of Association of SYLA Technologies Co., Ltd. Employee Share Holding Association (American Depositary Shares).</A></FONT>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex107.htm">107*</A></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt"><A HREF="ss2376997_ex107.htm">Filing Fee Table.</A> </FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">*</FONT></TD>
    <TD STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Filed herewith. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURES </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pursuant to the requirements of the Securities Act, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tokyo, Japan on August
17, 2023.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 88%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">SYLA Technologies Co., Ltd.</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 0.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><I>&nbsp;</I></TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid"><I>/s/
                                            Hiroyuki Sugimoto</I></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Hiroyuki Sugimoto</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center"><B><A NAME="poa"></A>POWER OF ATTORNEY </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints and hereby authorizes Hiroyuki Sugimoto and Nobuo Higuchi, and each of them,
as such person&#8217;s true and lawful attorney-in-fact, with full power of substitution or resubstitution, for such person and in such
person&#8217;s name, place and stead, in any and all capacities, to sign on such person&#8217;s behalf, individually and in each capacity
stated below, any and all amendments to this registration statement, and any subsequent registration statement filed by the registrant
pursuant to Rule 462(b) of the Securities Act, and to file or cause to be filed the same, with all exhibits thereto, and other documents
in connection therewith, with the Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as
such person might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, and each of them, or his or
her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Act, this registration statement has been signed below by the following persons in the indicated capacities effective as of August 17,
2023.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 52%; border: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 47%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt"><FONT STYLE="font-size: 8pt"><B>Signature</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Capacity</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><I>/s/</I> <I>Hiroyuki Sugimoto</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Hiroyuki Sugimoto</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Executive Officer, Co-President and Director (principal executive officer)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><I>/s/</I> <I>Nobuo Higuchi</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Nobuo Higuchi</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 1pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Financial Officer (principal financial officer and principal accounting officer)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><I>/s/</I> <I>Yoshiyuki Yuto</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Yoshiyuki Yuto</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt 0.25pt 1pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chairman of the Board of Directors, Chief Operating Officer, Co-President and Director</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><I>/s/</I> <I>Takahide Watanabe</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Takahide Watanabe</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Chief Strategy Officer and Director </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><I>/s/</I> <I>Takeshi Fuchiwaki</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Takeshi Fuchiwaki</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Tomoyoshi Uranishi</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Ferdinand Groenewald</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Stuart Gibson</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"><I>/s/</I> <I>Yozo Tachibana</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Yozo Tachibana</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: black 0.75pt solid"></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt">Keiji Torii</P></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding: 0.25pt; border-right: Black 1pt solid"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B></B></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED
STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 12pt 0 0">Pursuant to the Securities Act of 1933, the undersigned, the duly
authorized representative in the United States of SYLA Technologies Co., Ltd. has signed this registration statement or amendment thereto
in New York, New York on August 17, 2023.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 9%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding: 0.25pt">&nbsp;</TD>
    <TD STYLE="width: 35%; padding: 0.25pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Authorized U.S. Representative</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Cogency Global Inc.</P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="padding: 0pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 0pt">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 1pt; border-bottom: black 0.75pt solid"><I>/s/ Collen A. De Vries</I></P></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Collen A. De Vries</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding: 0.25pt; font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Senior Vice President </FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 24pt 0 0; text-align: center; background-color: white"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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{"company-data": {"conformed-name": "SYLA Technologies Co., Ltd.", "cik": "0001946216", "assigned-sic": "6500", "irs-number": "000000000", "state-of-incorporation": "M0", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-274037", "film-number": "231180210"}, "business-address": {"street1": "EBISU PRIME SQUARE 7F HIRAO SHIBUYA-KU", "city": "TOKYO", "state": "M0", "zip": "150-0012", "phone": "813-4560-0650"}, "mail-address": {"street1": "EBISU PRIME SQUARE 7F HIRAO SHIBUYA-KU", "city": "TOKYO", "state": "M0", "zip": "150-0012"}}
As filed with the Securities and Exchange Commission
on August 17, 2023
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SYLA Technologies Co., Ltd.
(Exact name of Registrant as specified in its charter)
Japan
Not Applicable
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
Ebisu Prime
Square Tower 7F, 1-1-39
Hiroo, Shibuya-ku,
Tokyo, Japan
(Address of Registrant's principal executive
offices)
Employee Stock Purchase Plan
(Full title of the plan)
Cogency Global Inc.
122 East 42nd Street, 18th Floor
New York, NY 10168
Telephone: (800) 221-0102
(Name, address and telephone number of agent for
service)
With copies to:
Gillian Emmett Moldowan, Esq.
Masahisa Ikeda
Toshiro Mochizuki
Shearman & Sterling LLP
Shearman & Sterling LLP
599 Lexington Avenue
Fukoku Seimei Building, 9th Floor
New York, NY  10022
2-2-2 Uchisaiwaicho
(212) 848-5356
Chiyoda-ku, Tokyo 100-0011
Japan
+81-3-5251-1601
Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large
accelerated filer," "accelerated filer," "small reporting company," and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☐
Accelerated filer
☐
Non-accelerated filer
☒
Smaller reporting company
☐
Emerging growth company
☒
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 7(a)(2)(B) of the Securities Act.
☐
Part I
INFORMATION REQUIRED IN THE SECTION 10(a)
PROSPECTUS
The information required by Item 1 and
Item 2 of Part I of Form S-8 is omitted from this filing in accordance with Rule 428 under the Securities Act of 1933, as amended
(the "Securities Act") and the introductory note to Part I of Form S-8. The documents containing the information specified
in Part I will be delivered to the participants in the plan covered by this registration statement as required by Rule 428(b)(1).
Part II
INFORMATION REQUIRED IN THE REGISTRATION
STATEMENT
Item 3. Incorporation of Documents by Reference.
This registration statement on Form S-8 hereby
incorporates by reference the contents of the following reports of the Registrant filed with the Securities and Exchange Commission (the
"Commission") pursuant to the Securities Exchange Act of 1934, as amended (the "Exchange Act"):
(a)
The Registrant's Annual Report on
Form 20-F
for the year ended December 31, 2022, filed with the Commission on April 18, 2023
(File No. 001-41662); and
(b)
The description of the Registrant's securities contained in the registration statement on
Form 8-A
, filed with the Commission
on March 24, 2023 (File No. 001-41662), including all other amendments and reports filed for the purpose of updating such description.
All documents subsequently filed by the Registrant
pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this registration statement and prior to the filing
of a post-effective amendment to this registration statement which indicates that all securities offered have been sold or which deregisters
all securities then remaining unsold, shall be deemed to be incorporated by reference in this registration statement and to be part hereof
from the date of filing of such documents. Reports on Form 6-K that the Registrant furnishes to the Commission will only be deemed incorporated
by reference into this registration statement if such report on Form 6-K so states that it is incorporated by reference herein. Any statement
in a document incorporated or deemed to be incorporated by reference in this registration statement will be deemed to be modified or superseded
to the extent that a statement contained in this registration statement or in any other later filed document that also is or is deemed
to be incorporated by reference modifies or supersedes such statement. Any such statement so modified or superseded will not be deemed,
except as so modified or superseded, to be a part of this registration statement.
Item 4. Description of Securities.
Not applicable.
Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
Article 330 of the Companies Act of Japan (the
"Companies Act") makes the provisions of Part III, Chapter 2, Section 10 of the Civil Code of Japan (the "Civil Code")
applicable to the relationship between the Registrant and its directors. Section 10 of the Civil Code, among other things, provides in
effect that:
(a)
Any director of a company may demand advance payment of expenses considered necessary for the management of the affairs of such company
entrusted to the director;
(b)
If a director of a company has defrayed any expenses considered necessary for the management of the affairs of such company entrusted
to the director, the director may demand reimbursement therefor and interest thereon after the date of payment from such company;
(c)
If a director has assumed an obligation necessary for the management of the affairs of such company, the director may require such
company to perform it in the director's place or, if it is not due, to furnish adequate security; and
(d)
If a director, without any fault on the director's part, sustains damage through the management of the affairs of such company,
the director may demand compensation therefor from such company.
Pursuant to the Articles of Incorporation of
the Registrant and Article 427 of the Companies Act, the Registrant has entered into agreements with non-executive directors to limit
their liability to the Registrant with respect to loss or damage caused by their acts stipulated in Article 423 of the Companies Act.
However, the amount of such limited liability shall be the minimum liability limit stipulated by laws and regulations.
In addition, the Articles of Incorporation of
the Registrant include limitation of liability provisions, pursuant to which the Registrant can exempt, by resolution of its board of
directors, its non-executive directors from liabilities arising in connection with any failure to execute their respective duties in good
faith or due to simple negligence (excluding gross negligence and willful misconduct), within the limits stipulated by applicable laws
and regulations including Article 426, Paragraph 1 of the Companies Act.
The Registrant maintains, at its expense, a directors'
and officers' liability insurance policy for each of its directors. The policy insures each of the Registrant's directors
against certain liabilities that they may incur in their capacity as a director.
Item 7. Exemption from Registration Claimed.
Not applicable.
Item 8. Exhibits.
See the Exhibit Index attached hereto.
Item 9. Undertakings.
(a) The undersigned Registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being made, a post-effective amendment to this registration statement:
(i)
To include any prospectus required by Section 10(a)(3) of the Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after the effective date of this registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in this registration statement; and
(iii)
To include any material information with respect to the plan of distribution not previously disclosed in this registration statement
or any material change to such information in this registration statement;
provided
,
however
, that paragraphs (1)(i) and
(1)(ii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in
periodic reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or 15(d) of the Exchange Act
that are incorporated by reference in this registration statement;
(2)
That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to
be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be
deemed to be the initial
bona fide
offering thereof; and
(3)
To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b) The undersigned Registrant hereby undertakes
that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan's
annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this registration statement shall
be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time
shall be deemed to be the initial
bona fide
offering thereof.
(c) The undersigned Registrant further undertakes that,
insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission
such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a
claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director,
officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director,
officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification
by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.
EXHIBIT INDEX
Exhibit No.
Description of Document
4.1
Articles of Incorporation of the Registrant (incorporated herein by reference to Exhibit 1.1 to the report on Form 6-K furnished to the Commission on July 6, 2023 (File No. 001-41662)).
4.2
Form of Deposit Agreement among the Registrant, the Depositary, and holders and beneficial owners of the Registrant's American Depositary Shares (incorporated herein by reference to Exhibit 4.1 to the registration statement on Form F-1, as amended (File No. 333-268420)).
4.3
Specimen American Depositary Receipt of the Registrant (incorporated herein by reference to Exhibit A in Exhibit 4.1 to the registration statement on Form F-1, as amended (File No. 333-268420)).
23.1*
Consent of MaloneBailey, LLP.
24.1*
Power of Attorney (included as part of the signature pages to this registration statement).
99.1*
Articles of Association of SYLA Technologies Co., Ltd. Employee Share Holding Association (American Depositary Shares).
99.2*
Implementing Rules for the Articles of Association of SYLA Technologies Co., Ltd. Employee Share Holding Association (American Depositary Shares).
107*
Filing Fee Table.
*
Filed herewith.
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this
registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Tokyo, Japan on August
17, 2023.
SYLA Technologies Co., Ltd.
By:
/s/
                                            Hiroyuki Sugimoto
Name:
Hiroyuki Sugimoto
Title:
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each
person whose signature appears below constitutes and appoints and hereby authorizes Hiroyuki Sugimoto and Nobuo Higuchi, and each of them,
as such person's true and lawful attorney-in-fact, with full power of substitution or resubstitution, for such person and in such
person's name, place and stead, in any and all capacities, to sign on such person's behalf, individually and in each capacity
stated below, any and all amendments to this registration statement, and any subsequent registration statement filed by the registrant
pursuant to Rule 462(b) of the Securities Act, and to file or cause to be filed the same, with all exhibits thereto, and other documents
in connection therewith, with the Commission, granting unto said attorneys-in-fact, and each of them, full power and authority to do and
perform each and every act and thing requisite or necessary to be done in connection therewith, as fully to all intents and purposes as
such person might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact, and each of them, or his or
her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act, this registration statement has been signed below by the following persons in the indicated capacities effective as of August 17,
2023.
Signature
Capacity
/s/
Hiroyuki Sugimoto
Hiroyuki Sugimoto
Chief Executive Officer, Co-President and Director (principal executive officer)
/s/
Nobuo Higuchi
Nobuo Higuchi
Chief Financial Officer (principal financial officer and principal accounting officer)
/s/
Yoshiyuki Yuto
Yoshiyuki Yuto
Chairman of the Board of Directors, Chief Operating Officer, Co-President and Director
/s/
Takahide Watanabe
Takahide Watanabe
Chief Strategy Officer and Director
/s/
Takeshi Fuchiwaki
Takeshi Fuchiwaki
Director
Tomoyoshi Uranishi
Director
Ferdinand Groenewald
Director
Stuart Gibson
Director
/s/
Yozo Tachibana
Yozo Tachibana
Director
Keiji Torii
Director
SIGNATURE OF AUTHORIZED REPRESENTATIVE IN THE UNITED
STATES
Pursuant to the Securities Act of 1933, the undersigned, the duly
authorized representative in the United States of SYLA Technologies Co., Ltd. has signed this registration statement or amendment thereto
in New York, New York on August 17, 2023.
Authorized U.S. Representative
Cogency Global Inc.
By:
/s/ Collen A. De Vries
Name:
Collen A. De Vries
Title:
Senior Vice President