Becoming a Representative Director for a Foreign Company – Good idea?

A trusted acquaintance approached me recently about becoming a representative director for a foreign company aiming to do business in Japan. The basic explanation is that according to Japanese law they need one Japanese resident as a director in order to register as a company in Japan. Once they are more established as a company, they will "fire me" and my role will be over. They are offering to pay me some money for this. It is a nice amount but certainly not large or life-changing. My intention is also to declare this money as income tax. Everything seems above board but then again I know very little about this sort of thing.

For those with more knowledge than me – Is this a good idea? What kind of red flags should I look out for?

Thanks in advance for any comments and advice.