Official Name: Mongolia
Ulaanbaatar
Mongolian
Mongolian Tögrög
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Mongolia
Mongolia is bordered by Russia to the north and China to the south. The capital of Mongolia is Ulaanbaatar, which is on the list of coldest cities. More than 38% of the Mongolian population lives in this city. Mongolia has an area of 1,566 square kilometers. The climate of this country is cold and dry and its altitude is high above the water level.
The country has a population of more than 3 million, 95% of whom are Mongols and about 4% of whom are Cossacks. About 53% of Mongolians are Buddhists, 38% are non-believers and 3% are Muslims.
General Questions
Can a child born in Mongolia become a citizen of Mongolia?
No. Mongolia operates on the basis of the blood system. One of the parents must be a Mongolian citizen.
What visas can be used to enter Mongolia?
It is possible to enter Mongolia with different visas. Tourist visa, visit visa, visit to art and sports events, treatment visa, short-term business visa, work visa, student visa, marriage visa, investment visa and etc.
What are the advantages of having a Mongolian passport for traveling with other countries?
With a Mongolian passport, you can travel to 72 countries without a visa
What is the minimum capital required to register a company?
The minimum capital required to establish a foreign company is USD 100,000 dollars that you must have at the time of registration of the company. After completing the registration process, you can transfer your capital abroad.
Is it possible to register a company in Mongolia with 100% foreign shareholder?
Yes. In Mongolia, it is possible to register a company without the need for local people.
How to register a branch of a foreign company in Mongolia?
Registering a branch in Mongolia is possible after registering a limited liability company.
Is it possible to do business by registering a foreign branch?
No. Representative offices of foreign companies are intended only for non-profit or non-governmental organizations and do not have the right to start a business.
What products make up Mongolia’s largest exports?
Coal, gold, copper, silver, uranium, wool and mutton
The benefits of company registration in
Mongolia
- A company in Mongolia can be registered with one shareholder and one manager, and both can be foreign.
- Government incentives to participate in free zones include tax cuts, VAT exemptions and customs exemptions.
- Mongolian bank accounts can be opened with most currencies.
- The cost of living in Mongolia is much cheaper than in European countries. Food, rent, personnel rights, energy, transportation
- Close to the two largest markets in the world, China and Russia
The disadvantage of company registration in
Mongolia
- Each foreign shareholder must have a capital of USD 100,000 dollars to register a limited liability company. If you want to register with 3 shareholders, you must have $ 300,000 USD in company capital.
- Mongolia ranks 93rd in the world for administrative and judicial transparency. You have to pay a bribe if you want your work done sooner.
- All company documents must be translated and certified in Mongolian and English.
- Few people speak English, which makes it difficult for a foreign investor to communicate with the public and government officials.
- Mongolia is surrounded by China and Russia. That is why the country’s trade laws are influenced by these two large markets.
- Mongolia is surrounded by China and Russia. That is why the country’s trade laws are influenced by these two large markets.
Type of company registration
- limited liability companies (LLCs)
- Non-governmental organizations (NGOs)
- Joint – Venture companies (JVC)
- Foreign Branches offices
The company registration process
- Company registration application
- Designation of a unique name and approval from the Legal Entities Registration Office (LERO)
- Preparation and regulation of the company’s articles of association
- Opening a bank account and transferring the initial capital of the company
- Registration in the Companies Registration Office
- Payment of all administrative costs of company registration
- Register the company in the tax office and obtain a tax code for the company
- Forming a file in the insurance office and receiving the social security code for the company’s personnel
- Making a company seal
