Company formation for foreigners: features and stages
The process begins with careful planning of company formation to ensure success. It is important for foreigners to take into account linguistic and legal nuances. Foreign investors are showing interest in the Mongolian market. However, it should be borne in mind that company formation for foreigners has its own peculiarities. This requires additional preparation of documents.
The successful launch of a business depends on the right choice of legal form. Choosing the right legal form during company formation requires the preparation of founding documents at the initial stage. This stage determines the further development of the business.
The main stages include:
- Choosing a company name and checking its availability.
- Preparing the articles of association and other founding documents.
- Opening a business bank account and contributing the initial (authorized) capital.
- Submitting documents to the registering authority.
Each stage requires a careful approach for foreign entrepreneurs.
Incorporation of a company in Mongolia
Legal registration of a company is a crucial stage. Company incorporation involves official recognition of a legal entity by state authorities. Local legislation requires that company formation comply with regulations on authorized capital and the composition of founders. This guarantees the legality of operations.
The capital is the center of business activity. To register a business in Ulaanbaatar, entrepreneurs apply to the State Registration Service. In Mongolia, company registration usually takes 5 to 10 business days. The duration of the process is determined by the complexity of the organizational structure.
