Month: May 2022

Categories
Private housing and real estate's loan

Terms and conditions

Private house mortgage

 MNT

USD

Interest rate

Down payment / Loan-to-value ratio of Private house /

 30.0%-39.9% 40.0%-49.9% Greater than or equal to 50.0%  Less than 30.0%

Greater than or equal to 30.0%

Monthly rate

 1.80% 1.70% 1.60% 1.35%

1.00%

Annual rate

 21.60% 20.40% 19.20% 16.20%

12.00%

Loan period

Up to 180 months

Loan origination fees

Amounts to about 1% of disbursed loan and MNT 1,500,000 

Penalty interest

Equivalent to 20 percent of the base interest rate

Loan forbearance fee

Amounts to about 1% of total loan balance

Loan Application fee

MNT 10,000 

Credit record enquiry fee /For each/

Individual – MNT 1,000 

Corporate – MNT 1,000 

* Effective percentage rate /annual/: MNT 19.48%-21.90%

Categories
Private housing and real estate's loan

Requirements

  • The loan applicant shall have held steady employment at the current place of work for at least the previous 12 months or be running their own business for at least 1 year
  • Documentary evidence that 30% of construction budget is financed by the borrower;
  • The monthly repayment to income ratio shall not exceed 60% of post-tax income;
  • To have no overdue and non-performing loan history at other banks or NBFIs.
Categories
Private housing and real estate's loan

Eligibility or required documents

  • Loan application form /bank format/
  • Loan application letter /loan size, loan period, clear statement about purpose of loan / 
  • A passport-sized photo 1%
  • Notarized copy of Citizen’s ID Card
  • Residential reference letter from Governor of resident area (names of family members, registration number).
  • Marriage registration reference
  • A purchase agreement, total remodeling construction budget
  • Employment verification letter / Shall indicate the job stability of the employee /
  • Notarized copy of Social Insurance /shall include the assigned position history/
  • Original and Copy of Employment contract;
  • Documents proving household and business income (e.g. bank account and other financial statements)
  • Documents proving business activities 
  • Bank account statement / salary statement and other business account statement proving all business income transactions /
  • Original copy of collateral’s state registration certificate along with inquiry /If the collateral is an apartment then the state registration certificate, along with the land cadastral map/
  • Inquiry of General Authority for State Registration and Land Administration and Management of the purchasing house
  • If the loan applicant has the outstanding loans at other banks and NBFIs /Loan agreement, loan account statement/
  • Other documents may be required on a case by case basis
Categories
Business departments

Давуу тал

  1. Экспорт, импорт худалдааны газар:
  2. Дотоод, гадаадын бараа эргэлтийн өсөлт, бууралт, тээвэр, логистик, төлбөрийн нөхцөлийн олон улсын жишгийг судлан, банкны зээлийн, баталгааны, аккредитив болон инкассын үйлчилгээг танд шуурхай хүргэхээр тус газар нь байгуулагдсан. Мөн бид төсөл хэрэгжүүлэгчдэд зориулан гадаад дотоодын санхүүгийн байгуулага болон хөрөнгө оруулагчидтай хамтран синдикат санхүүжилт хийх, гадаадын санхүүжилттай төсөл, хөтөлбөрийг өөрийн банкаар дамжуулан харилцах данс нээх, санхүүжилт олгох, урьдчилгаа төлбөр олгох зэргээр таны бизнесийн хамгийн ойрын түнш болж ажилладаг.
  3. Үйлдвэр, уул уурхайн газар:
  4. Монгол Улсын эдийн засгийн хөгжилд голлох үүрэг гүйцэтгэх салбарууд болох үйлдвэр, уул уурхай, сэргээгдэх эрчим хүч, хүнд үйлдвэрийн салбарын иргэд, байгууллагуудаа дэмжих, тэдний онцлогт нийцсэн санхүүгийн үйлчилгээг хүргэх нь манай газрын үндсэн зорилго юм.  
  5. Мөн бид энэ салбарын техник хэрэгсэл, тоног төхөөрөмж, бараа, материал, түүхий эдийн үнэ, өртөгийн судалгаа, мэдээллийг тогтмол гаргаж, зах зээлийн эрсдлийг тооцоолж, техник хэрэгсэл, тоног төхөөрөмжийн импорт, борлуулалт, түрээсийн үйл ажиллагаатай холбоотой судалгаа, дүн шинжилгээ хийх, төсөл хэрэгжүүлэх зэргээр амжилттай үйл ажиллагаагаа тэлсээр байна.
  6. Шинэ төслийн газар
  7. Зорилтот зах зээлд чиглэсэн судалгаа, шинэ төслийн өртөг зардлын үр ашгийн дүн шинжилгээг хийж тухайн салбарт тэргүүлэх ач холбогдолтой байх төслийг бойжуулахаас гадна бүтээгдэхүүн хөгжүүлэх, сурталчлах, борлуулах үйл ажиллагааг тус газар нь явуулдаг.  Мөн хөрөнгө оруулалт шаардлагатай байгаа бизнесийн үйл ажиллагааны төлөвлөгөө боловсруулах, хөрөнгө оруулалтын бүтээгдэхүүн үйлчилгээг харилцагчдадаа санал болгон, хэрэгжүүлдэг. 
Categories
Mortgage Loan

Terms and conditions

Mortgage loans

Terms 

Loan Size

Loan-to-value ratio shall not exceed 70% of the apartment to be purchased;

/ This percentage does not need to be taken into account when collateral is property/
Down payment

30% ≥ 

Interest rate /annual/

6.00%

Loan period

Up to 360 months

Loan origination fees

Amounts to about 1% of disbursed loan and MNT 1,500,000 

Penalty interest fee

Equivalent to 20 percent of the base interest rate

Loan Application fee 

MNT 10,000 

Credit record enquiry fee /For each inquiry/

Individual – MNT 1,000 

Corporate – MNT 1,000 

* Effective percentage rate /annual/: 6.09%

Categories
Mortgage Loan

Eligibility Criteria

  • The main borrower/loan applicant has not previously been involved in a subsidized mortgage or rental housing program provided by the State;
  • The loan applicant must have business or salary income transactions at the Transport and Development Bank (TransBank) for at least within the past 6 months.
Categories
Mortgage loan

Terms and conditions

Mortgage loan

Terms

MNT

USD

Maximum limit

 Up to 500.000.000 MNN or equivalent of USD

The loan analysis will be conducted using a standard form. The loan analysis will examine the borrower’s ability to repay the loan and assess the financial difficulties that the borrower may face. The total loan and interest payments of the borrower on a monthly basis shall not exceed 60% of debt-to-income.

Down payment

20%

If additional property is pledged the down payment amount can be decreased down to 0%

Interest rate

Down payment

 /Percentage of housing value /

 Additional pledged property or 20.0%-29.9% of the amount  30.0%-39.9% 40.0%-49.9% 50.0% or above Additional property pledged

20% or above

Interest rate/monthly/ 

 1.80% 1.70% 1.65% 1.60% 1.35% 1.00%
Interest rate/annually/ 21.6% 20.4% 19.8% 19.2% 16.2%

12.0%

Terms

 Up to 360 months

Up to 120 months

Service fee

1% of the loan amount /maximum MNT 1,500,000/ or equivalent currency

Penalty interest rate

Penalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate

Fee for changing the original loan terms

1% of the loan balance

Loan application fee 

 10,000 MNT
Credit recording enquiry fee /during loan analysis procedure/

Individual – 1,000 MNT

Corporate – 1,000 MNT

* Effective percentage rate /annual/: MNT 20.40%-21.86%

Categories
Mortgage loan

Requirements

  • The borrower shall have been of steady employment at the current place of work for at least the previous 12 months or running their own business for at least 1 year
  • The total monthly loan repayment should be no more than 60% of the post-tax income 
  • No overdue loans or non-performing loans at any commercial bank or financial institution
Categories
Mortgage loan

Eligibility or required documents

  • Loan application form /attached /
  • Handwritten application (terms and condition, a purpose of loan should be clearly addressed)
  • A passport-sized photo
  • Notarized copy of ID;
  • Proof of down payment (proof of payment of at least 30% of the apartment, or proof of ability to pay or the deposited account statement)
  • Statement of savings account that covers the down payment or related evidence
  • Salary income statement by the employer, should indicate / whether the employee is able to work permanently in the future/
  • Notarized copy of social insurance book/ should include a page nomination of current position/ 
  • Residential reference letter from Governor of resident area (names of family members, registration number/
  • Original and copy of employment contract 
  • Documents proving household and business income
  • Documents proving business activities
  • Account statement / proof of income documents/
  • Original documents for the collateral (if it is the apartment, real estate certificates)
  • Detailed inquiries about the property from the Land Office and GASR
  • If you have a loan balance with other banks and NBFIs, loan agreement, loan account statement and loan and interest payment documents
  • Other required documents
Categories
Establish a company

To establish a limited liability company (LLC) in Mongolia

To establish a limited liability company (LLC) in Mongolia

Documentation required

Recommendation 
1

Application UB-03, UB-13 form

Download from http://burtgel.gov.mn/service/index.php/les-newlist/download
2

Obtaining a company name

The founder(s) or an authorized representative acting under a Power of Attorney shall obtain the name of a LLC from the State Registration Authority by physically visiting or by online request. 

https://www1.e-mongolia.mn/

The company name shall meet the following requirements:

• not duplicate other companies’ name; and

• be in Cyrillic letters.

When an LLC obtains its name, the founders shall establish the company within 30 days. Otherwise, the verification sheet on the company name will expire in 30 days. Extension will done with additional fee. 
3

Payment receipt of service fee
  • Name verification service fee is 10,000 MNT
  • Receipt deposited in Golomt Bank account 1401001101

 /Government Resolution No. 30230 of December 23, 2020/

  • Stamp fee is 44,000 MNT

 Receipt deposited in Golomt Bank account 1401002649

 / Article 15.1.1 of the Law on State Stamp Duty /

  • Service fee for issuing stamp and stamp control number 10,000 MNT

Receipt deposited in Golomt Bank account 1401001101

 / Annex to the Government Resolution №230 of 2020 /
4

Founder’s decision / resolution /,

 1 copy

 

 

When an LLC obtains its name, the founders shall establish the company within 30 days.

 As for the resolution of the founders:

 – Establishment of a company

 – Address, telephone, operational activities, / activities not required special license/

 – Share capital, face value and number of shares,

 – Selection of the CEO and provide his/her name, and registration number (the founder may also be the CEO)

 – The company’s charter must be approved as an appendix

– Decisions and resolutions shall be signed by the founders. 

If the founder of a company is a legal entity:

 – A decision (resolution) to establish a subsidiary (affiliate) company shall be made, signed and certified by the shareholders. A copy of the parent company’s certificate and charter shall be provided.

If the founder of a company is a foreign citizen:

A copy of the passport shall be provided if the authorized person, such as the founder, CEO or board member, is a foreign citizen.
5 Company charter /2 copies/ It shall reflect Article 16.2 of the Company Law and signed by the founders.  http://www.legalinfo.mn/law/details/310
6 Proof of asset Account statement with proof of funds in the account

There is no upper or lower limit on the amount of funds deposited in a company’s account

AUTHORIZED PERSONS for the application:

  • Executive management
  • Founder
  • An official authorized to represent without a power of attorney
  • Other persons authorized by power of attorney
Categories
Establish a company

To establish foreign invested limited liability company (LLC) in Mongolia

  Documentation required Recommendation
1 Application UB-03, UB-13 form Download from http://burtgel.gov.mn/service/index.php/les-newlist/download

 
2 Obtaining a company name The founder(s) or an authorized representative acting under a Power of Attorney shall obtain the name of a LLC from the State Registration Authority by physically visiting or by online request.

https://www1.e-mongolia.mn/

The company name shall meet the following requirements:

•      not duplicate other companies’ name; and

•      be in Cyrillic letters.

When an LLC obtains its name, the founders shall establish the company within 30 days. Otherwise, the verification sheet on the company name will expire in 30 days. Extension will done with additional fee.

 
3  Payment receipt of service fee
  • Name verification service fee is 10,000 MNT
  • Receipt deposited in Golomt Bank account 1401001101

 / Government Resolution No. 30230 of December 23, 2020 /

·         Stamp fee is 750,000 MNT

Receipt deposited in Golomt Bank account 1401002649

/ Article 15 of the Law on State Stamp Duty /

  • Service fee for issuing stamp and stamp control number 10,000 MNT

Receipt deposited in Golomt Bank account 1401001101

 / Annex to the Government Resolution №230 of 2020 /
4 Founder’s decision / resolution /,

1 copy

 

 

When an LLC obtains its name, the founders shall establish the company within 30 days.

 As for the resolution of the founders:

 

– Establishment of a company

– Address, telephone, operational activities, / activities not required special license/

– Share capital, face value and number of shares,

– Selection of the CEO and provide his/her name, and registration number (the founder may also be the CEO)

– The company’s charter must be approved as an appendix

– Decisions and resolutions shall be signed by the founders.

 

If the founder of a company is a legal entity:

– A decision (resolution) to establish a subsidiary (affiliate) company shall be made, signed and certified by the shareholders. A copy of the parent company’s certificate and charter shall be provided.

 
5 Charter – Article 16.2 of the Company Law shall be reflected in the charter.

– 2 copies in Mongolian and 1 copy in foreign languages
6 Contract If there are 2 or more founders, a cooperation agreement must be concluded and notarized.

/ 2 in Mongolian and 1 in foreign languages
7 Proof of investment According to Article 3.1.5 of the Investment Law, the amount of investment made by each foreign investor’s contribution shall be equal or above USD 100,000 or equivalent amount in MNT. If the foreign investor is investing in cash, movable property and intellectual property, a bank statement confirming the transfer of funds from abroad, an account statement, a customs declaration and a certificate issued by the competent authority shall be provided,
8 Proof of address and location of legal entity Copy of immovable property, or rent contract
9 Passport copy Passport copies of authorized foreigners

If the document is issued in a foreign language, it must be translated and certified in Mongolian.  If issued in a foreign country, it must be certified through a Consulate or Diplomatic Office.

Categories
Line of credit (LOC)

Terms and conditions

Credit line MNT  USD EUR RMB

JPY

Maximum amount

The maximum loan amount depends on the size of the business, capital and financial capacity.

Interest rate/monthly/

 2.00%-1.60% 1.50%-1.10% 1.20%-0.85% 1.20%-0.85%

1.20%-0.85%

Interest rate/annually/

 24.00%-19.20% 18.00%-13.20% 14.40%-10.20% 14.40%-10.20%

14.40%-10.20%

Commitment fee /annually/

 2.8%-4.2% 2.0%-3.6%

1.5%-3.0%

Term

 Up to 60 months

Up to 36 months

Service fee

 1% of the loan amount /maximum MNT 1,500,000/

0.5% of the loan amount /maximum USD 1,500 or amount equivalent in EUR, CNY, JPY

Penalty interest rate

Penalty interest rate /equivalent to 20% of base interest rate/ is added to the base interest rate

Fee for changing the original loan terms

0%

Loan application fee 

30,000 MNT

Credit recording enquiry fee /during loan analysis procedure/

Individual – MNT 1,000

Corporate – MNT 1,000

* Effective percentage rate /annual/: MNT 19.69%-24.51%

Categories
Establish a company

To register subsidiary and representative office

д/д

 Documentation required

Recommendation

1

 Application form (UB-04 & UB-13 forms) Download from http://burtgel.gov.mn/service/index.php/les-newlist/download

2

 Receipt of payment of state stamp duty
  • State stamp duty fee of MNT 750,000

 Receipt deposited in Golomt Bank account 1401002649

 /Article 15 of the Law on State Stamp Duty/

  • Service fee for issuing stamp and stamp control number MNT 10,000

Receipt deposited in Golomt Bank account 1401001101

/Annex to the Government Resolution №230 of 2020/

3

 Certificate of state registration /original/ A note on the establishment of a subsidiary or representative office shall be made in the Certificate of State Registration of the legal entity.
If the founder is a foreign legal entity, a copy of the certificate and charter shall be provided
/in accordance with clause 29.4 of the Civil Law/

4

 Founder’s decision/resolution,

 1 copy

 An authorized entities for founding the following institutions:

  • For a LLC, the Shareholders
  • For NGOs, Funds, Governing Board
  • For Partnerships, all Members’ meeting

The resolution shall state:

 

 – Establishment of a Subsidiary or Representative Office

 – Appointing the management

 – Address and telephone number of the representative office

 – an Operational regulation shall be approved as an appendix

5

 Operational regulation /1 copy/ The Operational regulation should include the address, telephone number and operating activities of a subsidiary or Representative Office.

A subsidiary/branch is a special unit located in a place other than the place of residence of a legal entity and performing all or some of its main functions. /Article 29.2 of the Civil Law/

A representative office is a unit located in a place other than the legal entity’s place of residence and responsible for protecting its legitimate interests or performing transactions and other legal actions on its behalf.
/Article 29.3 of the Civil Law/

6

 Passport copy /foreign citizen/ Passport copies of authorized foreigners

7

 Proof of Address Copy of immovable property, or rent contract of the Subsidiary/Representative office.

8

 Tax reference In accordance with article 10.6 of the Law on State Registration of Legal Entities.
Written permission from the competent authority in cases specified in laws and regulations (for example, permission from relevant organizations such as the Ministry of Finance and the Financial Regulatory Committee are required if the operation covers Banking, Insurance, Audit, NBFIs and Savings Cooperatives)
The executive management, the founder, the officials authorized to represent without a power of attorney, and other persons authorized by the power of attorney shall have the right to submit an application.
Categories
Line of credit (LOC)

Requirements

  • Evidence of running the business in the last 12 months and continuing to pursue it as a going concern
  • Good credit history and score
  • Collateral to satisfy the bank’s requirements (e.g. property deeds, other fixed or moveable assets, etc.)
  • Other requirements from bank on a case by case basis

 

Categories
Line of credit (LOC)

Eligibility or required documents/Individual/

  • Loan Application / Bank’s application / and 1 passport-sized photo
  • A copy of the notarized citizen identification card (applies also to a person who jointly receives the loan). The loan officer checks the original ID card and makes a copy. Otherwise, the loan officer requires a notarized copy.
  • Statement of residence and statement from the National Police Agency of Mongolia
  • Collateral documents, real estate certificate, reference, land certificate, contract, cadastral map
  • Proof of income source documents and account statements
  • Permits for operation and lease agreement
  • Proof of loan purpose
  • Proof of tax receipt in case of real estate purchase
  • Other required documents