Mongolia is a country located in East Asia with a population of approximately 3 million people. The country has a unique culture and economy, making it an attractive destination for foreign investors looking to start a business. Registering a business in Mongolia is a relatively straightforward process, but there are certain steps that need to be followed to ensure that the business is set up correctly and legally.
In this article, we will provide you with a step-by-step guide on how to register a business in Mongolia.
Table of Contents
Step 1: Choose a Business Structure
The first step in registering a business in Mongolia is to decide on the business structure. The most common types of business structures in Mongolia are a Limited Liability Company (LLC), Joint-Stock Company (JSC), and Sole Proprietorship. An LLC is the most popular business structure in Mongolia, as it offers limited liability protection to its owners and is relatively easy to set up.
Step 2: Register the Business Name
Once you have decided on the business structure, you need to choose a name for your business. The name of your business should be unique and not infringe on any existing trademarks. You can check the availability of your business name by conducting a search on the Mongolian Intellectual Property Office’s website.
Step 3: Register with the Ministry of Justice and Home Affairs
The next step is to register your business with the Ministry of Justice and Home Affairs. To do this, you need to submit the following documents:
Articles of Association
Company Charter
Business License Application
Board of Directors Decision
Shareholders’ meeting resolution (for JSC only)
Step 4: Register for Taxation Purposes
After registering with the Ministry of Justice and Home Affairs, you need to register your business for taxation purposes. You can do this by submitting the following documents to the tax authority:
Registration certificate from the Ministry of Justice and Home Affairs
Taxpayer registration form
Copy of the business license
Step 5: Obtain the Required Licenses
Depending on the nature of your business, you may need to obtain additional licenses and permits from various government agencies. For example, if you are starting a restaurant, you will need to obtain a food service license from the Ministry of Food, Agriculture and Light Industry. If you are starting a construction company, you will need to obtain a construction license from the Ministry of Construction and Urban Development.
Step 6: Open a Bank Account
The final step in registering a business in Mongolia is to open a bank account. To do this, you need to provide the bank with the following documents:
Business registration certificate
Tax registration certificate
Articles of Association
Company charter
Board of Directors Decision
Generis Global can help you with your business in Mongolia
Navigating the legal requirements of starting a business in Mongolia can be a daunting task, but with the help of Generis Global, it doesn’t have to be. Our team of legal experts has the knowledge and experience to guide you through the process of registering your business in Mongolia, ensuring that you comply with all the legal requirements. Contact us today to learn more about how we can help you with your business in Mongolia.