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