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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.

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