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2.1. Main Formation Requirements

The following steps are involved for the establishment of a company:

  • Verifying and reserving a unique company name with the ‘Legal Entities Registration Office of the General Authority for State Registration of Mongolia’ (‘LERO’) and obtaining permission slip for opening a bank account
  • Opening a bank account and depositing the initial capital
  • Paying the registration fees at a commercial bank
  • Registering the company with LERO and obtaining a state registration certificate
  • Publishing notice of the company formation by the LERO
  • Registering the company with the ‘Tax Department’ as a corporate tax payer and a VAT payer, if applicable, by LERO
  • Registering the company at the ‘District Social Insurance Department’ for obtaining social insurance code
  • Obtaining a company seal from LERO