Registration of companies in Mongolia
MAIN LAWS ON COMPANY REGISTRATION IN MONGOLIA:
Civil Code of the Republic of Mongolia (January 10, 2002), the Law of Mongolia “On Companies” (October 6, 2011).
MAIN BUSINESS LEGAL STRUCTURES IN MONGOLIA:
- Limited Liability Company (LLC).
- Representative Office or Branch.
To choose which legal structure of business in is best for you to start a business in Mongolia, you can order us to make a legal research, in which we compare pros and cons, as well as tax burden of a certain legal structure.
NAME OFAN LLC IN MONGOLIA:
After choosing the desired form of business, you have to select several variants of a name. It is better not to use the words “Mongolia” and “Ulan-Bator” in the names of the newly created or renamed companies. A name for a new company in Mongolia must not only be checked and reserved, but the reservation must be paid for and the relevant check certificate must be obtained.
MINIMUM AUTHORIZED CAPITAL OF AN LLC IN MONGOLIA:
Minimum authorized capital is 100,000 USD. The certificates of registration must be extended every year. There are certain variants of payment of the authorized capital.
MAIN SERVICES OF REGISTRATION OF A COMPANY IN ESTONIA:
- Preparation of constituent documents of an LLC;
- Registration of an LLC in tax authorities;
- Ordering and receiving of a seal of an LLC;
- Registration of data of an LLC in extra-budgetary funds;
- Opening of current accounts for an LLC in Mongolia and abroad.
BACKGROUND DATA REQUIRED FOR REGISTRATION OF AN LLC IN MONGOLIA*:
- Company name;
- Registered address (can be provided by us);
- Participant’s data (name, citizenship, passport/company’s constituent documents);
- Amount of the authorized capital;
- Kinds of activities;
- Chosen bank in Mongolia and kinds of accounts to be opened therewith;
- Choice of the taxation system;
- Other documents and data at the request of the experts of ALPS & CHASE.*
*All of the documents must be provided in advance, so we have time to translate them into Mongolian.
All provided documents must be notarized and legalized in Mongolian Embassy of a participant’s (shareholder’s) country or apostilled according to Hague Convention of 1961 by the relevant authorities after notarization.
PRESENCE OF THE PARTICIPANTS DURING REGISTRATION OF A COMPANY:
We can perform the registration of a company in Mongolia without the presence of the founders (under a power of attorney). Presence of a Director General will be needed to open accounts with the banks.
TERM OF REGISTRATION OF AN LLC IN MONGOLIA:
Registration of an LLC (as well as representative offices and branches) in Mongolia takes around 1 month.
APPOINTMENT OF A DIRECTOR GENERAL IN MONGOLIA:
You can appoint either a Mongolian citizen or a foreign citizen to a position of a Director General.
In case of the first registration, a foreigner must have a residence permit, otherwise their appointments will be illegal and a resident of the Republic of Mongolia will have to be appointed.
For those and other reasons (for instance, presence of a Director General in Mongolia is often needed to sign the documents, interact with the tax and customs bodies), our company renders a service of temporary directors.
Such directors are capable of performing various administrative tasks.
The main requirement to use this service is a complete legality of a client’s business.
OTHER SERVICES IN THE AREA OF REGISTRATION OF A BUSINESS PRESENCE IN MONGOLIA:
Registration of a representative office or a branch in Mongolia