D.Mandakh: Number of foreign investors in Mongolia is increasing

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2018-03-27 09:58 GMT+8

This time we have interviewed Officer of Visa and Permit Department at Mongolian Immigration Agency, Mandakh.D, in order to inform foreign investors in Mongolia and foreign nationals who are willing to invest.

-Who is considered as the foreign investor in Mongolia?
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According to the Law of Mongolia on the Legal Status of Foreign Nationals, a foreign investor is defined as Mongolian citizen living abroad, a foreign national and a stateless person, who is investing in Mongolia. Also, the Investment Law of Mongolia clearly specifies the investor's definition and its rights and responsibilities.

-What kind of visa is issued for foreign investors in conformity with which regulation?
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There are 11 classifications of visas which apply to foreign nationals depending on the purpose of entry to the Mongolian border. For example business, investment, study, tourism, private purpose and so on.

The foreign investors shall enter Mongolia with "T" visa. A foreign investor and senior management staff to work in a joint venture, branch or its representative office of foreign-invested entity may apply for “T” classification visa.  The visa issuance is resolved in accordance with “The regulation on the issuance of Mongolian visa” ratified by the 338th government resolution and “The regulation on a residence of foreign nationals to Mongolia and its registration”, the government resolution numbered 340.

-What are the requirements of your agency to foreign investors? What should the foreign investors concern when applying for an investment visa and residence permit?
-Generally, any country requires basic requirement which comprises of the creation of employment, a reality of investment, and a status of tax payments. Under the framework of this standard, our agency’s core requirement from the investors is focused on the actual investment, a creation of new jobs and tax payment history of foreign investors. All those relations are regulated by the government resolutions namely “The regulation on the issuance of Mongolian visa” and “The regulation on a residence of foreign nationals to Mongolia and its registration”.

When the foreign investor applies for investor’s visa and residence permit in Mongolia, it is essential to consider its documents completeness at an initial stage. Any permit or document issued by an authorized organization shall be revised whether the applicant has edited, forged or counterfeited it.  You can find the list of documents to comprise which is available at our agency’s official website www.immigration.gov.mn and may contact a call center 1800-1882.

-The government of Mongolia has announced its commitment to attracting foreign investment. Is there any visa facilitation for foreign investors in this regard?
-The foreign investor receives longer residence permit rather than other types of visa applicants. The following things should be concerned to issue or extend residence permit for up to 3 years in compliance with the amendments of 2016 in the Law of Mongolia on Legal Status of Foreign Nationals. Herein: the permit from an authorized institution, an operation of the entity, status of tax payment and letting agreement as well as number of new employment they avail. 

Our organization has introduced "Appointment service” dedicated to foreign investors since 2017, which applies to international standard. By doing so, we have eased the public service which saves the time and energy of foreign nationals. So far, the world has been using technological advances and high speed of internet everywhere.

-Foreign investment has dropped in recent years, though it seems to revive. Could you mention the latest statistics and information?
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The number of foreign investors with a residence permit for the year of 2016 to 2017 has increased. For example, a foreign investor with residence permit is 967 in 2016 whereas 1121 in 2017.  The number of residence permit extension is 2178 in 2016 and 2565 in 2017, which means it has increased respectively.

-Do you have any additional notice about the rights and obligations of foreign investors?
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I would like to notify few things related to a request for a residence permit. A foreign investor who requests to get residence permit of Mongolia shall enter with “T” classification visa of an investor and must be registered within 7 working days and apply for the residence permit within 21 calendar days to the Mongolia Immigration Agency right afterward the entry to the Mongolian border. The foreign investor must arrive at Mongolia Immigration Agency by himself/herself or may send his/her accredited delegate with necessary documents to extend the residence permit.

             

When extending the residence permit, the foreign investor’ status of tax payment and a regularity of action shall be revised, moreover, the entity’s functioning office and implementation of foreign investment in the country shall be reviewed in essential cases by officials of the Mongolia Immigration Agency.

Please consider if the entity is deemed to have no certain function or avoided to pay tax or forged some document shall be the subject to cancel the foreign investor’s residence permit.

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