When looking for a jurisdiction in which to incorporate, the first thing to look at is the legal code. The body of law in Mongolia is civil law law. You will want to get some local advice as to how to best structure a company in Mongolia. E-signatures are allowed.
The letters MN is for Mongolia and the most common legal entity structure in Mongolia is a LLC.
The average time to incorporate is 14 days to setup a LLC in MN. The minimal capitalization, or amount you're expected to put into a bank, is 0, This means you don't have any minimum share capital. The types of currencies you can use to setup your business is often any legal currency.
Yes, one is allowed to re-domicile a LLC from MN. You are usually allowed to change the jurisdiction of the company, pending certain procedures.
There must be at least 1 shareholder. This makes it possible for you to own a LLC in MN by yourself. Corporate Shareholders are encouraged, which means you can have a corporate shareholder. Foreign ownership is tolerated, up to 100% of the total shareholding.
A LLC is only required to have 1 director on the board. Furthermore, corporate directors are permitted. Directors are disclosed publicly. There is a requirement to have annual meetings of shareholders.
A registered agent is normally required, which means the company will have to pay a fee on a yearly basis, for an office which can receive a service of process on behalf of the registered legal entity. Moreover, a corporate secretary is not always necessary, at least not by law.
There is a legal obligation to file accounts on a yearly basis. Furthermore, there is oftentimes a requirement to have these accounts audited.
Thin capitalization rules are not in effect.
A corporate director is permitted, meaning this country is a good option if you are setting up a structure where you want to protect director liability.
The directors are disclosed in the public registry of Mongolia, Invest Mongolia Agency. Shareholders are disclosed in the Invest Mongolia Agency.
Typically companies take 14 days to setup and there are 1 director(s) required and 1 shareholder(s) required at the time of incorporation.
Overall we think Mongolia is a good option and have given it a score of 77 as an IO score, using the Incorporations.IO proprietary formula.
14 daysto form