Mongolia Company Incorporation
As a licensed Mongolian Law firm with English speaking professionals, we are your boots on the ground, able to provide full service company establishment along with all required annual maintenance services. LehmanLaw Mongolia is able to establish your new Mongolian Company quickly and efficiently with an eye for compliance with all local and international laws.
What are the main procedures and requirements for establishing a new company in Mongolia?
We will require from you the client a standard set of due diligence documentation. We will then draft a detailed project map, outlining on a weekly basis each step in the process of company establishment in Mongolia.
We will work with you to confirm the planned corporate structure, and to choose a new company name. The company name will be reserved at the Legal Entities Registration Office of Mongolia (LERO).
LERO will provide a name reservation form, and an official document granting the prospective company to open a new capital account in a Mongolian bank. LehmanLaw Mongolia will work directly with the bank to open the account.
Next, funds are to deposited into the capital account. After the funds are confirmed, the bank will issue certificates of deposit declaring funds received from each shareholder. A company registration fee must then be paid to the Mongolia General Department of Taxation.
You will need an address for the company’s operations in Mongolia. If you do not have a space available, LehmanLaw Mongolia may provide virtual office service until the company finds its own location. The firm is also able to provide assistance in finding your office location and in reviewing or negotiation any lease agreement.
For the final company establishment application, the firm will prepare the following documentation: Official Application form, Company Charter, Shareholder’s Resolution, Company Balance Sheet. We will require from you notarized passport copies (individuals) or incorporation certificates for all shareholders, and your lease agreement.
LehmanLaw Mongolia will submit the formal application to establish the company and approval should be within 20 working days. After approval, the firm will assist in opening a corporate bank account for the company’s daily operations. As part of this process we will arrange for online banking, and coordinate services such as credit cards, debit cards, and phone banking as required. Next we will coordinate with the local Social Insurance Department to register the company with social security.
We will prepare an official company seal which will be used to execute official documentation. The firm also offers continuing services in which we maintain the seal at our office and monitor its use. Our client’s find this is helpful to prevent misuse misplacement of the seal. LehmanLaw Mongolia is also able to maintain important company documentation, such as original Company Incorporation Certificate and Charter at our office for safekeeping.
LehmanLaw Mongolia is also able to provide monthly accounting and payroll services for our clients on an ongoing basis for a low monthly fee, and we can arrange visas for any expatriate personnel.