10 steps to incorporating in Mongolia in 2024

1. Prior to setting up a company in Mongolia, our Client i) settles Healy Consultants’ fees, ii) signs and returns our Client Engagement Letter and iii) provide us all the required due diligence documents;
2. Healy Consultants drafts a detailed Mongolia company setup engagement project, mapping out by week each step to engagement completion, optimising transparency, and setting Client expectations;
3. Healy Consultants and the Client agree on i) the new company name and ii) the corporate structure. Thereafter, we will reserve the company name with the Legal Entities Registration Office (LERO) of the State Registration Office (SRO) of Mongolia;
4. Next, the LERO will furnish i) a name reservation slip and ii) a bank account opening permission slip. Using the latter, Healy Consultants will proceed to open a capital account for our Client’s company with the a local bank;
5. After the bank account is opened, our Client will proceed to deposit the share capital into the account. The bank will issue certificates of deposit asserting the share capital amount received from each shareholder. Subsequently, our Client will pay the company registration fee through the bank account to the General Department of Taxation;
6. Our Client will provide us the address for their planned office in Mongolia. If the Client currently doesn’t have a business address, Healy Consultants will provide Mongolian virtual office service until the Client can find their own office space;
7. Healy Consultants will prepare the following documents: i) application form ii) company charter iii) shareholder’s resolution and iv) company balance sheet. Meanwhile, our Client will provide i) notarized passport copies for all shareholders and ii) lease agreement for office premises;
8. Our Client’s company will be incorporated. Now, Healy Consultants will proceed to open a permanent corporate bank account for the company. We will also activate the internet banking and apply for ancillary services including credit cards, debit cards and phone banking;
9. Next, we will prepare the company seal for our Client’s usage. If required, we will also register the company for social security with the district social insurance department;
10. The process of Mongolia company registration is now complete. With the engagement complete, Healy Consultants will courier a full company kit to our Client; the kit includes the original corporate documents, unopened bank correspondence and a feedback form.