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Establishment of Limited Liability Company or Joint-Stock Company with a Foreign Investment
Key Steps of Incorporation a New Company in Mongolia
Below are key steps of incorporation a new company in Mongolia:
1. Check availability and register the company name at Legal Entities Registration Office, General Authority for State Registration
A legal representative that has the right to register company under a certain name can submit either in person or online. The company must be formally registered within 30 days after obtaining its name. The following relevant documentation must be submitted:
- The original ID of the founder (original passport if the founder is a foreign citizen) .
- Certification of incorporation via Power of Attorney
- Document processing fee of MNT500 ($0.14) needs to be remitted to a local bank account
Duration: Please allow one business day to processing documentation.
Cost: A fee of MNT 500 ($0.14) is applicable.
2. Opening a bank account in Mongolia
A bank account is mandatory for registering a company. Accounts of any commercial banks are applicable.
Required time: please allow one business day for processing.
Cost: Free of charge
Required materials: This varies depending on the bank in question, but expect to have the following documents prepared, either in original copy or notarized copy:
- A formal written request must be made to open a bank account.
- The company’s certificate of incorporation. This can either be an original copy or a notarized copy, depending on the bank.
- A certification of the state registration (an original copy or a notarized copy);
- A formal written request to open an account at the Mongolian Central Securities Depository and Bank (applicable for joint-stock companies only).
- Signature and a company seal.
- ID or passport of shareholders
- ID or passport of the Executive Director
- 2 copies of board decision on permitting the possession of a bank account
- A minimum deposit
3. Registering a company with foreign investment:
Service fee:
- Name verification - MNT 10,000 ($2.9)
- Stamp duty - MNT 750,000 ($217.20)
- Fee for - MNT 10,000 ($2.9)
- A receipt confirming payment of state stamp duty (a MNT 750,000 ($217.20) is applicable, payable to account number 14 01 00 26 49 at Golomt Bank).
A company must be registered to the registration office within 30 days of name confirmation. The following documents are required for registration:
- Written confirmation of the founders’ decision
- If the company has a board of directors, each of the member’s registration number, first and last name are required.
- Two copies of the company’s charter
- Passport copies of the founders, executive directors, and board members.
- Copies of the certificates of properties and lease agreements
- Minimum amount of investment from foreigners shall be no less than $100,000
- A bank statement, account statement and customs declaration confirming the transfer of funds from foreign investors.
- Proof of payment for services related to registration of legal entity.
4. The following documents are required to extend the duration of operations of a company with foreign investment.
- UB-03 form (Use the following link to download the
- Receipt of stamp duty payment:
- Service fee - MNT750,000 ($217.20)
- Renewal of the certificate of incorporation - MNT 88,000 ($25.50)
Additionally, the establishment of companies is available online. Log in to the “e-Mongolia” system, go to the “ESTABLISHMENT OF A LEGAL ENTITY” section from the “HELP TO CREATE A BUSINESS” menu, and get a set of services and information on the establishment of a legal entity. These include:
- Verification of the name assigned by the legal entity
- Establishment of a new limited liability company
- Establishment of a new joint venture
- Establishment of a new association
- Application for change in executive director of the legal entity
- Application for changing the address of the legal entity
- Application for changing the operational field of the legal entity
- Application for changing the name of the legal entity
- Reissuance of state registration certificate of legal entity
- Electronic certificate of state registration of legal entity
If you seek to start a company in Mongolia, please refer to the following link for more information.
https://shorturl.at/jAGIN
Please refer to the following link for video instructions.
https://youtu.be/jkohImg7w8U