ESTABLISHMENT PROCEDURE OF A NEW BUSINESS ENTITY WITH FOREIGN INVESTMENT
The incorporate of new business entity with foreign investment (BEFI) in Mongolia takes place at the General Authority for State Regis- tration of Mongolia (GASR). Below are key steps of incorporation a new company in Mongolia:
LIST OF DOCUMENTS TO INCORPORATE A COMPANY
Check availability and register the company name /GASR/
- Original ID of the founder (original passport if founder is for- eign citizen)
- Incorporation via Power of Attorney /Original copy of letter of Attorney, original ID or passport/
- Document processing fee 500 MNT needs to be remitted to GolomtBank-1401001101
Open an account /any preferred commercial banks/
Make sure to bring the verification sheet of company`s name when fill out UB-10 bank account opening form. Banks might request addi- tional documents.
Apply for certificate of incorporation at General Authority of State Registration.
List of documents to incorporate a Business entity with Foreign Investment:
- Application forms (UB 03-II) (fill 2 copies) /please download: www.burtgel.mn
- Verification sheet on company name /acquirable at the Registration of Legal Entity division/
- Notification of Bank account opening
- Memorandum of Association (Original Decision)for incorporation of a foreign invested company /with certified translation/
- A Foreign state owned entity (FSOE) shall obtain approval permission from the respective authority in charge of Investment in case it (FSOE) owns 33% or more of total shares in Mongolian company that operates in strategic sector. /original copy/
- Statute and agreement of company (If a company consists of one investor, only the statute is needed, if a company consists of two or more investors, both statute and memorandum of association (notarized copies needed). Samples are available at www.burtgel.mn/)
- Individual investor asked to bring a passport copy and fill the Investor registration form
- Legal entity asked to bring the copy of Certification of Incorporation and company introduction
- Investment confirmation /according to the 172.6 Law on State Registration of Legal Entities, initial threshold is 100`000 USD for each investor
- Official company address /2 copies/
- Beginning balance sheet /2 copies/
- State stamp duty /750.000 MNT to be remitted to Golomt- Bank-1401002649, KhasBank 5001122211/
- Power of attorney /if a company is administrative, Power of attorney is not needed/
All information related to the registration of the company provided on the website of the State Office in Mongolia: www.burtgel.gov.mn
OTHER INFORMATION:
The estimate time period of preparing registration documents, obtaining a company name, opening a bank account, translation of documents and possible agency delays of registering a new BEFI is approximately 2 weeks.
According to the laws of Mongolia, please note a BEFI must ap- ply for a separate registration of social security with the Social Insurance Department of Mongolia as well as submit tax reports to the tax authorities within the prescribed time limit.
If future business activities of a BEFI require a special permit (license), the BEFI must first be registered with the GASR and update registration information upon applying for and obtaining the permit (license) from respective authorities such as:
- Ministry of Health and Sport
- Ministry of Environment and Tourism
- Ministry of Construction and Urban development
- Ministry of Education, Culture and Science
- Ministry of Road and Transportation
- Information, Communications Technology and Post Authority Mineral Resource Authority
- Civil Aviation Authority etc.
If a foreign government owned legal entity holds more than 33 percent of the total shares in a legal entity of Mongolia with prin- cipal activities in the following sectors, such foreign government owned entity shall apply for and obtain permission from Respec- tive Authority in Charge of Investment:
- Mining
- Bank and finance
- Media and communication
ESTABLISHMENT PROCEDURE OF A REPRESENTATIVE OFFICE OF A FOREIGN LEGAL ENTITY
The incorporation of a new representative office of a foreign legal entity in Mongolia takes place at the General Authority for State Regis- tration (GASR).
List of documents needed for setting up a representative office of a foreign legal entity in Mongolia: /GASR/
- Application (UB 03-III) /please download from www.burtgel.mn/
- Introduction and copy of the statute of a foreign legal entity
- Copy of the incorporation certificate of foreign legal entity
- Decision of supreme authority of company assignment to a position /with official translation/
- Statutes of representative office /2 copies and 1 copy of official translation/
- Official address of representative office
- State stamp duty /1.100.000 MNT to be remitted to Golomt Bank-1401002649, Khas Bank-5001122211/
- Power of attorney /If a company is administrative, Power of attorney is not needed/
OTHER INFORMATION:
A foreign investor may establish its representative office in Mon- golia for the purposes legal representation of their parent foreign entity, such as protecting legal interests of the parent and conclud- ing transactions on behalf of the parent;
A representative office shall not be deemed a legal entity. It is prohibited for a representative office to carry out any commercial activities for the profit earning purposes within the territory of Mongolia;
Upon obtaining the certificate of representative office from the GASR, the representative office must get a permission to open a bank account from the Tax office of Ulaanbaatar City.
The Information and related materials with the registration of the new representative office may be subject to change, therefore, please refer to the following website of the GASR www.burtgel.gov.mn
CONTACT INFORMATION:
The General Authority for State Registration (a Government imple- menting agency) Police Street Sukhbaatar district Ulaanbaatar-14171
Phone : +976 -7011-3580, +976-1890,
Fax : +976-11-320083
E-mail: contact@registrationmongolia.com
Website: https://burtgel.gov.mn | www.burtgel.mn
ESTABLISHMENT PROCEDURE OF A NEW BUSINESS ENTITY WITH FOREIGN INVESTMENT
The incorporate of new business entity with foreign investment (BEFI) in Mongolia takes place at the General Authority for State Regis- tration of Mongolia (GASR). Below are key steps of incorporation a new company in Mongolia:
LIST OF DOCUMENTS TO INCORPORATE A COMPANY
Check availability and register the company name /GASR/
- Original ID of the founder (original passport if founder is for- eign citizen)
- Incorporation via Power of Attorney /Original copy of letter of Attorney, original ID or passport/
- Document processing fee 500 MNT needs to be remitted to GolomtBank-1401001101
Open an account /any preferred commercial banks/
Make sure to bring the verification sheet of company`s name when fill out UB-10 bank account opening form. Banks might request addi- tional documents.
Apply for certificate of incorporation at General Authority of State Registration.
List of documents to incorporate a Business entity with Foreign Investment:
- Application forms (UB 03-II) (fill 2 copies) /please download: www.burtgel.mn
- Verification sheet on company name /acquirable at the Registration of Legal Entity division/
- Notification of Bank account opening
- Memorandum of Association (Original Decision)for incorporation of a foreign invested company /with certified translation/
- A Foreign state owned entity (FSOE) shall obtain approval permission from the respective authority in charge of Investment in case it (FSOE) owns 33% or more of total shares in Mongolian company that operates in strategic sector. /original copy/
- Statute and agreement of company (If a company consists of one investor, only the statute is needed, if a company consists of two or more investors, both statute and memorandum of association (notarized copies needed). Samples are available at www.burtgel.mn/)
- Individual investor asked to bring a passport copy and fill the Investor registration form
- Legal entity asked to bring the copy of Certification of Incorporation and company introduction
- Investment confirmation /according to the 172.6 Law on State Registration of Legal Entities, initial threshold is 100`000 USD for each investor
- Official company address /2 copies/
- Beginning balance sheet /2 copies/
- State stamp duty /750.000 MNT to be remitted to Golomt- Bank-1401002649, KhasBank 5001122211/
- Power of attorney /if a company is administrative, Power of attorney is not needed/
All information related to the registration of the company provided on the website of the State Office in Mongolia: www.burtgel.gov.mn
OTHER INFORMATION:
The estimate time period of preparing registration documents, obtaining a company name, opening a bank account, translation of documents and possible agency delays of registering a new BEFI is approximately 2 weeks.
According to the laws of Mongolia, please note a BEFI must ap- ply for a separate registration of social security with the Social Insurance Department of Mongolia as well as submit tax reports to the tax authorities within the prescribed time limit.
If future business activities of a BEFI require a special permit (license), the BEFI must first be registered with the GASR and update registration information upon applying for and obtaining the permit (license) from respective authorities such as:
- Ministry of Health and Sport
- Ministry of Environment and Tourism
- Ministry of Construction and Urban development
- Ministry of Education, Culture and Science
- Ministry of Road and Transportation
- Information, Communications Technology and Post Authority Mineral Resource Authority
- Civil Aviation Authority etc.
If a foreign government owned legal entity holds more than 33 percent of the total shares in a legal entity of Mongolia with prin- cipal activities in the following sectors, such foreign government owned entity shall apply for and obtain permission from Respec- tive Authority in Charge of Investment:
- Mining
- Bank and finance
- Media and communication
ESTABLISHMENT PROCEDURE OF A REPRESENTATIVE OFFICE OF A FOREIGN LEGAL ENTITY
The incorporation of a new representative office of a foreign legal entity in Mongolia takes place at the General Authority for State Regis- tration (GASR).
List of documents needed for setting up a representative office of a foreign legal entity in Mongolia: /GASR/
- Application (UB 03-III) /please download from www.burtgel.mn/
- Introduction and copy of the statute of a foreign legal entity
- Copy of the incorporation certificate of foreign legal entity
- Decision of supreme authority of company assignment to a position /with official translation/
- Statutes of representative office /2 copies and 1 copy of official translation/
- Official address of representative office
- State stamp duty /1.100.000 MNT to be remitted to Golomt Bank-1401002649, Khas Bank-5001122211/
- Power of attorney /If a company is administrative, Power of attorney is not needed/
OTHER INFORMATION:
A foreign investor may establish its representative office in Mon- golia for the purposes legal representation of their parent foreign entity, such as protecting legal interests of the parent and conclud- ing transactions on behalf of the parent;
A representative office shall not be deemed a legal entity. It is prohibited for a representative office to carry out any commercial activities for the profit earning purposes within the territory of Mongolia;
Upon obtaining the certificate of representative office from the GASR, the representative office must get a permission to open a bank account from the Tax office of Ulaanbaatar City.
The Information and related materials with the registration of the new representative office may be subject to change, therefore, please refer to the following website of the GASR www.burtgel.gov.mn
CONTACT INFORMATION:
The General Authority for State Registration (a Government imple- menting agency) Police Street Sukhbaatar district Ulaanbaatar-14171
Phone : +976 -7011-3580, +976-1890,
Fax : +976-11-320083
E-mail: contact@registrationmongolia.com
Website: https://burtgel.gov.mn | www.burtgel.mn