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Investment Guide to Mongolia 2015

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Investment Guide to Mongolia 2015 Invest Mongolia Agency Create a Value in Mongolia INVEST MONGOLIA AGENCY 15141Government bld 11, Sambuu street 11, Chingeltei district, Ulaanbaatar, MONGOLIA Tel: (976-11) 326040, 320706 Fax: (976-11) 324076 INVESTMENT E-mail: [email protected] GUIDE TO MONGOLIA WWW.INVESTMONGOLIA.COM 2015 From the scene of a blueprint of our Nation, from the achievement of our mul- tilateral effort, we have built a strong, deep and friendly relationship over the past course of period of time with the nations from all over the world. It is indeed a privilege to introduce Mongolia’s investment environment to You through this small booklet. This guidebook hopefully gives you a direction to consider Mongolia as your next destination of business opportunities. We promise abundant opportunity for growth and benefits for every stake- holder through being one of the fastest growing economies globally, and offer a large mineral resources base that can be leveraged for value added processing. INVESTMENT GUIDE TO MONGOLIA 2015 Mongolia’s economy has been growing at double-digit rates in the last few years due to the development in the mining sector where we attracted substantial stake of our earnings. However, while mining industry plays the chief role of our earnings, we substantially encourage the non-mining industry through our economic and investment diversification policies. But to foster it, by making sure that Mongolia as a Nation welcomes the investment, we value and honor win-win situation by mak- ing Mongolian businesses environment smarter, innovative, and sophisticated. Country Profile Investment comes when the market is open, policies are supportive, govern- ment is stable, roadmaps are clear and opportunities are available. We have them. Being open for every opportunity and being open for everyone is the core value of Population 2 995 949 Mongolia’s effort in addressing investment in general. Capital Ulaanbaatar Official language Mongolian Not only just for the necessity, but also for the good deed, Mongolia taking bold actions to reform the investment environment by modifying the respective laws Commonly used languages English, Russian to attract investment through various measures. A decisive regulatory reform that we Currency Tugrik (MNT) took on investment is aimed to reduce and abolish business unfriendliness, cutting Time zone UTC +8 red tapes making sure that the less intervention of Government to the businesses but GDP 10.0 Billion USD more supportive on enabling environment and give more economic freedom. Growth rate 7.0% Q3-2014 Besides being a referee of these aforementioned activities, We, the Invest Mon- GNI per capita 3770 USD (2013) golia Agency competes to bring jobs and investment from around the world to Mon- Exports 5.774 billion USD golia by making investment attraction, as a core priority by actively encouraging companies around the world to consider Mongolia by serving as a single point of Imports 5.266 billion USD contact to help you to invest faster and build your business efficiently in Mongolia. We can do better and achieve more together and let’s dedicate ourselves to that. With all the best wishes, Invest Mongolia Agency Respectfully yours, The InvestMongolia Agency Team. Create a Value in Mongolia From the scene of a blueprint of our Nation, from the achievement of our mul- tilateral effort, we have built a strong, deep and friendly relationship over the past course of period of time with the nations from all over the world. It is indeed a privilege to introduce Mongolia’s investment environment to You through this small booklet. This guidebook hopefully gives you a direction to consider Mongolia as your next destination of business opportunities. We promise abundant opportunity for growth and benefits for every stake- holder through being one of the fastest growing economies globally, and offer a large mineral resources base that can be leveraged for value added processing. INVESTMENT GUIDE TO MONGOLIA 2015 Mongolia’s economy has been growing at double-digit rates in the last few years due to the development in the mining sector where we attracted substantial stake of our earnings. However, while mining industry plays the chief role of our earnings, we substantially encourage the non-mining industry through our economic and investment diversification policies. But to foster it, by making sure that Mongolia as a Nation welcomes the investment, we value and honor win-win situation by mak- ing Mongolian businesses environment smarter, innovative, and sophisticated. Country Profile Investment comes when the market is open, policies are supportive, govern- ment is stable, roadmaps are clear and opportunities are available. We have them. Being open for every opportunity and being open for everyone is the core value of Population 2 995 949 Mongolia’s effort in addressing investment in general. Capital Ulaanbaatar Official language Mongolian Not only just for the necessity, but also for the good deed, Mongolia taking bold actions to reform the investment environment by modifying the respective laws Commonly used languages English, Russian to attract investment through various measures. A decisive regulatory reform that we Currency Tugrik (MNT) took on investment is aimed to reduce and abolish business unfriendliness, cutting Time zone UTC +8 red tapes making sure that the less intervention of Government to the businesses but GDP 10.0 Billion USD more supportive on enabling environment and give more economic freedom. Growth rate 7.0% Q3-2014 Besides being a referee of these aforementioned activities, We, the Invest Mon- GNI per capita 3770 USD (2013) golia Agency competes to bring jobs and investment from around the world to Mon- Exports 5.774 billion USD golia by making investment attraction, as a core priority by actively encouraging companies around the world to consider Mongolia by serving as a single point of Imports 5.266 billion USD contact to help you to invest faster and build your business efficiently in Mongolia. We can do better and achieve more together and let’s dedicate ourselves to that. With all the best wishes, Invest Mongolia Agency Respectfully yours, The InvestMongolia Agency Team. Create a Value in Mongolia CONTENTS development sector .................................................................. 31 - Other sectors ............................................................................31 1. Coming to Mongolia 4. Doing Business - Visa type & process ................................................................. 6 - Legal framework..................................................................... 36 - Registration .............................................................................11 - International treaties and agreements .................................... 38 - Visa extension ........................................................................ 11 - Banking, finance and insurance ............................................. 40 - Resident title ...........................................................................12 5. Labor –Employment 2. Company Incorporation - Labor Law .............................................................................. 50 - Establishment procedure of a new business entity with foreign investment ............................................................................... 16 - Terms of employment ............................................................ 50 - Establishment procedure of a representative office of a foreign - Social security system ............................................................ 51 legal entity .............................................................................. 20 - Foreigner’s employment ........................................................ 52 3. Company Taxation 6. Foreign Investment - Corporate income tax ............................................................. 24 - Law on Investment /2013/ ..................................................... 58 - Value-added tax ...................................................................... 25 - Law on Concession ................................................................ 58 - Customs duty ......................................................................... 26 - Invest Mongolia Agency......................................................... 60 - Personal income tax ............................................................... 26 - Public-Private Partnership Projects ........................................ 62 - Tax treaties.............................................................................. 27 - Foreign investment statistics .................................................. 67 - Tax incentives ........................................................................ 29 7. Trade - Tax declaration ....................................................................... 30 - Trade policy ........................................................................... 72 - Tax stabilization....................................................................... 30 8. Addresses....................................................................................... 76 - Minerals, heavy industry or infrastructure development sector .................................................................. 31 - Other sectors ............................................................................31 4. Doing Business - Legal framework..................................................................... 36 - International
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