Mongolia employment visas in 2023
Healy Consultants will assist our Clients apply for their respective visas for visiting and working in Mongolia. All applications will be submitted through the various Mongolian missions abroad, where after these will be processed by the Immigration Department and the Ministry of Foreign Affairs. Healy Consultants will guide our Clients through the application process. Our fee for this service is US$3,950. Different applicable visa are as follows:
- Our Clients wishing to migrate to Mongolia as self-employed individuals will apply for a “type T visa”. Individuals who intend to manage i) a branch or representative office of a foreign company or ii) a JV with a local company will also apply for the same visa;
- The following documents will be submitted: i) a valid passport ii) completed visa application form iii) certificate of Mongolia company formation iv) proof of investment v) office rental agreement vi) bank statements vii) a personal letter describing the company’s business activities and viii) original photographs;
- Once the Client reaches Mongolia, he/she must i) register at the Immigration Department within 7 days and ii) secure a residence card within 21 days.
- Foreign nationals, who have secured work contract with a Mongolian registered company, will apply for a “type HG visa”;
- The following documents will be submitted: i) a valid passport ii) completed visa application form iii) certificate of Mongolia company formation iv) sponsorship letter from the company and v) valid work permit;
- Like the entrepreneur work visa, an employment visa requires the individual to i) register at the Immigration Department within 7 days and ii) secure a residence card within 21 days.
- A short-term visa can be granted for i) tourism (type J visa) and ii) business purposes (type B visa). These visas can be granted for a period of up to 3 months;
- Individuals from these countries will not be required to secure a Mongolian visa for short-term purposes.
Mongolia corporate banking options
Our Clients will be required to open a bank account in Mongolia prior to business formation. For this purpose, Healy Consultants will guide our Clients through the entire process. If required, we will also attend the bank account opening interview on our Client’s behalf. More information is available below:
Mongolia banking sector
- Mongolia’s banking sector comprises of commercial banks, non-bank financial institutions (NBFIs) and savings and credit cooperatives (SCCs). The banking scene is dominated by 5 local private banks which control 83% of all assets and receive 89% of all deposits in the banking market;
- Mongolia also has representative offices of foreign banks including Standard Chartered, Bank of Tokyo Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation. Our experts will assist our Client open their corporate bank account with well-established local banks like Khan Bank, Xac Bank and Trade and Development Bank;
- In Mongolia, companies will have access to only a limited range of corporate and personal banking products. Furthermore, internet banking facilities and customer care service will generally be of a poor standard;
- Multi-currency bank accounts are rare in Mongolia. So, companies may wish to open an MNT denominated account (for conducting local transactions) and a USD/EURO denominated account (for foreign transactions);
Healy Consultants services
- Our services include assisting our Clients in i) opening the company bank account and ii) obtaining access to internet banking facilities. Our experts can complete this entire process within 4 weeks. Our fee for this service will be US$3,950;
- Healy Consultants will liaise with the banks to prevent our Clients from travelling for the interview. However, there is still a 80% chance that the bank may require our Clients to travel for a one hour interview;
- Following account opening approval, the bank will directly and independently email our Client the corporate bank account number.
Foreign Exchange Controls
- All transactions between Mongolian companies must be conducted in the local currency. However, transactions with foreign entities may be conducted in international currencies including USD and Euro;
- Local companies are allowed to open foreign currency bank accounts in addition to opening MNT denominated bank accounts;
- Lastly, the Mongolian Government imposes no restriction on the remittance of profits, dividends and capital out of the country.