Setting up a company in Mongolia is bureaucratic and paper based although reforms designed to improve the process are planned.
- With the correct documentation it takes about four or five weeks, of which management should be in Mongolia for at least three working days. Of key importance is to deliver the right documents, to the right place, at the right time
- The process begins with the subsidiary owner resolving to incorporate and ends with the creation of the company stamp and the activation of bank accounts. Key requirements for a foreign owned company are for a capital contribution, usually USD 100,000, and the verification of shareholder individuals or entities
- If you require an investor card and visa to be set up at the same time we can help with that too. Please see the section on visa services
How we can help
We work with companies to help them plan their entrance to Mongolia efficiently. We provide insights and local knowledge to help build business plans and forecasts to before making the step to incorporate a company. Once a company decides to incorporate we can:
- prepare the necessary paperwork and resolutions
- check the availability of the company name
- help source a registered address
- open provisional bank accounts
- register at the Legal Entity Registration Office
- collect incorporation certificate and company stamp
- activate the bank accounts
The incorporation can be needlessly delayed when steps in the process are missed or when key documents are not delivered to the right place and at the right time. Using us to incorporate your company can make the process highly efficient.
Points to consider
Please note that:
- we can generally look after 90% of the incorporation process on your behalf but the Executive Director of the new company will almost always need to be present in Mongolia to visit the notary early in the process
- USD 100,000 is the standard equity contribution but the amount required depends on the number and size of each shareholder and can be higher than this
If you are expecting to incur significant costs soon after incorporation, timely VAT registration may be important to you. The registration process is not as straightforward as one might think, so please get in touch so that we can help you work out the incorporation and VAT registration timeline.