Company Formation in Mongolia
Asia-Pacific
Overview
Mongolia serves as a strategic gateway for investors looking to access the markets of China and other surrounding regions, with its economy closely linked to its large neighbor. The government has streamlined company registration and reduced the minimum capital requirement for joint-stock companies to $100,000 to foster startup development. Despite some regulatory nuances and a language barrier, Mongolia offers an attractive environment for setting up a business due to its rapidly growing economy and various permissible company types.
Our Process
Step 1: Name Approval & Reservation
Begin by submitting an application to the General Authority for State Registration (GASR) to confirm and reserve a unique company name.
Step 2: Asset Confirmation & Company Registration
Submit confirmation of assets to GASR along with other required documents. Upon successful submission, a company registration certificate is issued.
Step 3: Corporate Bank Account Opening
Open a corporate bank account with any local bank in Mongolia.
Step 4: Tax & Social Insurance Registration
Register the company with the tax authority (MTA) and the local Ministry of Finance (MOF), and apply for a Social Insurance Code and VAT number.
Step 5: Obtain NADA Approval (if applicable)
Foreign legal entities holding more than 33% of shares in a Mongolian entity must obtain permission from the National Agency for Development (NADA) if operating in specific sectors like mining, banking, or media. This process includes submitting a business plan, feasibility study, and investor details.
Key Requirements
- Minimum 1 resident director (required for Joint Stock Company and Limited Liability Company)
- Minimum initial capital of $100,000 USD for foreign-invested companies
- Approved unique company name from GASR
- Proof of assets for registration
- Business plan, feasibility study, and investor details (especially for NADA approval)