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Foreign investors and legal contacts report the onerous bureaucratic and judicial process of shutting down a firm takes no less than months. While the Mongolian Government neither promotes nor incentivizes outward investment, it does not restrict domestic investors from investing abroad. BIT details are available from the U. While Mongolia has ratified the U. Mongolia and the United States have no bilateral tax or free-trade agreements.

Mongolia is negotiating a free-trade agreement with the Eurasian Economic Union. Mongolia imposes a license-transfer tax for resource-use rights of 10 percent on the gross value of the transfer of rights involving land possession or usage, including exploration and mining licenses and rights for water, timber, pasturage, and land use in urban areas.

Some investors believe the tax discourages investment in the resource sector. Inconsistent and nontransparent enforcement, coupled with an onerous dispute resolution process particularly concern investors. The amendments also impose a tax of 5 percent on the interest income of commercial Mongolian banks to be paid on loans and debt instruments obtained from local and foreign stock markets; decrease the withholding tax on income provided to non-residents to 15 percent; lower from 20 percent to 5 percent the tax on dividends for foreign investors; and lower from 10 percent to 5 percent the tax on financing obtained through debt instruments from initial and secondary markets.

They also simplify reporting procedures and provide relief for companies experiencing financial difficulties. While the Ministry of Finance has reached out to the private sector to seek their input in drafting implementing regulations for the new tax laws, investors report a need for greater and more regular input into the final rules. The Law on Legislation sets out who may draft and submit legislation; the format of these bills; the respective roles of the Mongolian parliament, government, and president; and the procedures for obtaining and employing public comment on pending legislation.

Posts must explicitly state the time for public comment and review. Initiators must solicit comments in writing, organize public meetings, seek comments through social media, and carry out public surveys. Ministries and agencies lag in fulfilling these statutory requirements, according to businesses.

Under the Transparency Agreement, originators of regulations must seek public comment by posting draft regulations in a single journal of national circulation, which Mongolia has designated as LegalInfo. Drafters must record, report, and respond to significant public comments. Under Mongolian law, the Ministry of Justice and Home Affairs must certify that each regulatory drafting process complies with the General Administrative Law before a regulation enters force.

After approval, the statutorily responsible government agency monitors implementation and impacts. Businesses also complain about a high regulatory burden at the local, or province and county, levels. They note inconsistent application of regulations and statutes among central, provincial, and municipal jurisdictions; and a lack of knowledge among local inspectors. Regional tax, health, and safety inspectors are cited as particularly problematic.

Mongolia, not part of any regional economic bloc, often seeks to adapt European standards and norms in such areas as construction materials, food, and environmental regulations; looks to U. Mongolia also tends to employ World Organization for Animal Health standards for its animal health regulations. Investors state that judges frequently avoid controversial decisions in business disputes, preferring to delay judgment for as long as possible — sometimes years.

If a decision is made, businesses face similarly long delays in obtaining and enforcing court orders. In some instances, cases have taken so long that by the time an enforcement order is executed, the counterparty has liquidated assets and vanished. Investors note similarly long delays with respect to inspection agencies, such as the Tax Dispute Settlement Resolution Council as well as with other inspection agency panels, especially those related to mineral licenses and health matters. Investors have praised recent reforms they say could help to restore judicial independence severely compromised by a parliamentary resolution that vested the president, parliamentary speaker, and prime minister with the power to remove judges and prosecutors.

In November parliament amended the constitution to include reforms to strengthen judicial independence and accountability, effectively rendering the resolution invalid. Parliament, in revised the Law of the Judiciary to bring it into line with the amended constitution. The amended law, which entered into force March 1, limits the powers of the government, parliament, and the president to influence the selection and removal of judges and relegates discipline of jurists to a newly created Judicial Disciplinary Council, except in matters involving criminal acts.

Mongolian laws, and even their implementing regulations, often lack the specificity needed for consistent judicial and prosecutorial interpretation and application. All courts may rule on matters of fact as well as matters of law at any point in the judicial process. Mongolia has specialized laws for contracts but no dedicated courts for commercial activities.

Contractual disputes are usually adjudicated through the Civil Court division of the district court system. Criminal Courts adjudicate crime cases brought by the General Prosecutors Office. Mongolia has several specialized administrative courts adjudicating cases brought by citizens, foreign residents, and businesses against official administrative acts. Investors and legal sector experts say that the Administrative Court is procedurally competent, fair, and reliable but that the Civil Courts deliver highly inconsistent judgments, reflecting ignorance of judicial best practices in civil and criminal matters as well as potential corruption, especially in civil commercial cases.

The Investment Law sets the general statutory and regulatory frame for all investors in Mongolia. Under the law, foreign investors may access the same investment opportunities as Mongolian citizens and receive the same protections as domestic investors.

Investment domicile, not investor nationality, determines if an investment is foreign or domestic. The law provides for a more stable tax environment and offers tax and other incentives for investors; and authorizes a single point of registration, the State Registration Office www. The Investment Law offers tax incentives in the form of transferable tax-stabilization certificates, giving qualifying projects favorable tax treatment for up to 27 years. Affected taxes may include the corporate-income tax, customs duties, value-added tax, and royalties.

Investors cite two primary national-treatment issues with respect to investment rules. First, foreign nationals and companies may not own real estate; only Mongolian adult citizens may own real estate. While foreign investors may obtain use rights for the underlying land, these rights expire after a set number of years with limited rights of renewal.

Although the Investment Law has no such requirement, Mongolian regulators impose it on all foreign investors without requiring the same minimum from Mongolian investors. State entities at all levels may confiscate or modify land-use rights for purposes of economic development, national security, historical preservation, or environmental protection. Investors express little disagreement with such takings in principle but worry a lack of clear lines of authority among the central, provincial, and municipal governments has led to loss of property and use rights.

For example, the Minerals Law provides no clear division of local, regional, and national jurisdictions for issuances of land-use permits and special-use rights. Faced with unclear lines of authority and frequent differences in practices and interpretation of rules and regulations by different levels of government, investors may find themselves unable to fully exercise legally conferred rights.

In these cases, government officials are convicted of corruption, and the court then orders the civil defendant to surrender a license or property, or pay a tax penalty or fine, for having received an alleged favor from the criminal defendant with no judicial proceedings to determine if property or licenses were obtained illegally.

Under the U. In disputes involving the government, investors report some government officials and politicians interfere in administrative and judicial dispute resolution processes. Foreign investors describe three general categories of disputes eliciting interference.

Second, in disputes between investors and the Mongolian government directly, the government may claim a sovereign right to intervene in the business venture, often because the Mongolian government itself operates or seeks to operate a competing state-owned enterprise SOE ; because officials have undisclosed business interests; or from ignorance of the relevant statutes and regulations. Third are disputes with Mongolian tax officials or prosecutors levying highly inflated, statutorily deficient tax assessments against a foreign entity and demanding immediate payment on threat of civil or criminal prosecution.

Investors report local courts recognize and enforce court decisions — but problems exist with enforcement. Its employees, often living in the jurisdictions in which they work, are subject to pressure from friends and professional acquaintances. Mongolia has been both plaintiff and defendant in several past and ongoing international arbitration suits over the expropriation of private sector mining rights or the imposition of excessive tax assessments.

Whenever the government has lost arbitration claims, it has satisfied each and every judgment after some negotiation with foreign investors. The Mongolian government has consistently honored international arbitral awards against it. Bankruptcy Law treats bankruptcy as a civil matter requiring judicial adjudication. Mongolia allows registration of mortgages and other debt instruments backed by real estate, structures, immovable collateral mining and exploration licenses, intellectual property rights, and other use rights and movable property cars, equipment, livestock, receivables, and other items of value.

Although investors may securitize movable and immovable assets, local law firms hold that the bankruptcy process remains too vague, onerous, and time consuming for practical use. Reporting that proceedings usually require no less than 18 months, with 36 months not uncommon, investors and legal advisors state that a lengthy appeals process, perceived corruption, and government interference may create years of delay.

Moreover, while in court, creditors face suspended interest payments and limited access to the asset. The government generally offers the same tax preferences to foreign and domestic investors; and occasionally waives tariffs for imports of essential fuel and food products or for imports in such targeted sectors as agriculture or energy. The government may also extend tax credits on a case-by-case basis to investments in such sectors as minerals processing, agriculture, and infrastructure.

Under the Investment Law, foreign-invested companies, properly registered and paying taxes in Mongolia, qualify as domestic Mongolian entities for investment incentive packages that, among other benefits, offer tax stabilization for a period of years. While in theory the government can issue guarantees or jointly finance foreign direct investment projects, it seldom does so in practice.

The Mongolian government has had a free-trade zone program since Both free-trade zones are relatively inactive, requiring development. A third free-trade zone is located at the port-of-entry of Tsagaannuur in the far western province of Bayan-Olgii bordering Russia. Mongolian officials also suggest that the long-delayed new Ulaanbaatar International Airport may host a free-trade zone. Mongolia does not generally require foreign investors to use local goods, services, or equity, or to engage in import substitution.

Neither foreign nor domestic businesses need to export a certain percentage of output or use foreign exchange to cover exports. The government applies the same geographical restrictions to foreign and domestic investors, involving border security, environmental concerns, and local-use rights. The government does not impose onerous or discriminatory visa, residence, or work permit requirements on U. Investors may locate and hire workers without using hiring agencies so long as hiring practices follow the Labor Law.

This law requires companies to employ Mongolian workers in certain labor categories where the government determines Mongolians can perform the task as well as foreigners. This law generally applies to unskilled-labor categories and not fields in which a high degree of technical expertise not existing in Mongolia is required.

The Mongolian government strongly encourages but does not legally compel domestic sourcing of inputs, especially for firms engaged in natural-resource extraction. The Minerals Law states that holders of exploration and mining licenses should preferentially supply extracted minerals at market prices to Mongolian processing facilities and should procure goods and services and hire subcontractors from business entities registered in Mongolia.

Although facing no legal requirement to source locally, investors occasionally report that central, provincial, or municipal governments slow permitting and licensing until domestic and foreign enterprises make some effort to source locally.

Hiring Mongolians is often a de facto necessity because the government sometimes issues work visas for foreign employees only if employers have attempted to hire domestically. The government had allowed companies to pay for waivers for domestic hiring requirements for expatriate expert labor and senior management staff but since has suspended the waiver process and imposed a requirement that companies hire five Mongolians for every non-Mongolian.

This requirement does not apply to members of boards of directors. Despite pressure to source locally, foreign investors generally set their own export and production targets without concern for government-imposed quotas or requirements. Mongolia does not require but often encourages technology transfers. The government generally imposes no offset requirements for major procurements.

Investors, not the government, generally decide on technology, intellectual property, and finance as they see fit. Except for an unenforced provision of the Minerals Law requiring mining companies to list 10 percent of the shares of the Mongolian-registered mining company on the Mongolian Stock Exchange, foreign-invested businesses are not required to sell shares into the Mongolian market.

Equity stakes are generally at the discretion of investors, Mongolian or foreign. In cases where investments may have national economic, political, security, or social impacts, the government has, without a clear statutory basis, restricted the type of financing foreign investors may use, their choice of partners, or to whom they sell shares or equity stakes. The government does not require localized data storage; nor legally compels IT providers to turn over source code or provide access for surveillance, except for criminal investigations.

Businesses may freely transmit customer or other business-related data abroad. Mongolian civil law allows private Mongolian citizens or government agencies to assume property ownership or use rights if the current owner or holder of use rights does not use that property or those rights. In the case of use rights, revocation and assumption is almost always written into the formal agreements covering the rights.

Squatters may, under certain circumstances, claim effective property ownership of unused structures. Foreign investors may own permanent physical structures and obtain use rights to land and resources, but only Mongolian citizens may own real estate, and only in municipalities. Land ownership does not convey ownership of, or necessarily access to, surface or subsurface resource rights, which remain with the state. Outside municipalities, the state owns the land and resources in perpetuity and may lease those resources to public and private entities.

Ownership of a structure may vest the owner with control over the use rights of the land upon which the structure sits. Use rights are granted from periods of 3 to 60 years, depending on the particular use right. However, foreign nationals and foreign companies can lease land-use rights for no more than 10 years: a five-year term and a single five-year renewal.

Although Mongolia has a well-established register for immovable property — structures and real estate — it lacks a central register for use rights; consequently, investors, particularly those investing in rural Mongolia, have no easy way to learn who might have conflicting rights.

Creditors may seize and dispose of property offered as collateral, although this process is often subject to lengthy legal delays. Debt instruments backed by real estate, fixed structures, and other immovable collateral may be registered with the Immovable Property Office of the State Registration Office www. Movable property cars, equipment, livestock, receivables, and other items of value may also be registered with the State Registration Office as collateral. Investors report that the movable-property registration system, while generally reliable, experiences occasional technical capacity issues.

Film, television, and digital content from the United States enjoy strong copyright protection in Mongolia, while the music and publishing industry is steadily signing licensing agreements with organizations using U. However, use of pirated software by Mongolian government ministries, home-use consumers, and businesses is rampant. Patent protection for pharmaceutical and medical device importers is virtually non-existent, with trademark law generally the only recourse for rightsholders.

While enforcement agencies will seize trademark-infringing drugs, simply removing the infringing trademark still allows the importer to bring the drug despite it being patent-infringingt. Medical devices encounter similar problems. Trademarkinfringement also includes stores distributing counterfeit apparel and fake spare parts for heavy equipment.

However, the Intellectual Property Office of Mongolia has not focused on these areas because rightsholders have not filed complaints. Enforcement agencies do pursue criminal and civil intellectual property IP cases, highlighting a willingness by Mongolian prosecutors, administrative investigators, and police to attack the problem.

The new Law of Mongolia on Intellectual Property sets a framework for public and private enforcement of IP, which had previously been left to ad hoc administrative decrees and private sector efforts. The law grants: 1 the Intellectual Property Office of Mongolia exclusive authority to administer IPR under the Minister of Justice and Home Affairs; 2 expands the human and material capacity of the Intellectual Property Office of Mongolia to cover all of Mongolia; 3 creates a Dispute Resolution Council to handle complaints arising from Intellectual Property Office of Mongolia administrative acts; and 4 lets the Intellectual Property Office of Mongolia authorize private-sector IP-related associations to assist members with copyright, trademark, and patent registrations and royalty collection as well with disputes.

However, capital markets remain underdeveloped, with little ability to trade futures or derivatives. Mongolian commercial banks had rates of non-performing loans averaging Ongoing COVID rules enabling the postponement of consumer-loan and mortgage payments may create some additional forbearance risk in the banking sector. The Bank of Mongolia allows foreigners to establish domestic accounts so long as they can prove lawful residence in Mongolia.

The amended law states that ownership by a shareholder and their related parties collectively and as certified by the Bank of Mongolia shall not exceed 20 percent. Banks have until December 31, to comply with this divestment requirement. The new rules should improve bank governance by creating accountability to a broader group of shareholders.

Mongolia also has a significant number of illiquid banks. International and domestic sector participants observe that the Bank of Mongolia does not exercise adequate macroprudential oversight over banks, enabling these banks to misreport their assets. It has also allowed insolvent smaller banks to continue operating despite not having enough assets to cover liabilities.

Investors contemplating IPO participation should carefully factor in the additional systemic risk associated with these regulatory concerns. The government employs a liberal foreign exchange regime; its national currency, the tugrik denoted as MNT , is fully convertible into a wide array of international currencies.

Foreign and domestic businesses have reported no problems converting or transferring funds aside from occasional, market-driven shortages of foreign reserves. Regulation prohibits listing of wholesale or retail prices in any way — including as an internal accounting practice — that effectively denominates or otherwise indexes prices to currencies other than MNT.

Hedging mechanisms available elsewhere to mitigate exchange risk are generally unavailable given the small size of the market. Download Law On Investment. Chapter I. General background. Article 1. Purpose of law. Article 2. Investment legislations. Article 3. Definition of terms. Article 4. Scope of law. Article 5. Forms of investment. Chapter II. Common legal guarantee of investment.

Article 6. Article 7. Rights and obligations of investor. Chapter III. Full rights of the state bodies related to investment. Article 8. Full rights of state central administrative body in charge of investment affairs. Article 9. The state administrative body in charge of investment affairs agency. Chapter IV. Investment promotions. Article Types of investment promotions. Tax incentive for investment.

Non-tax promotion for investment. Chapter V. Stabilization of investment environment. Tax rate stabilization. Types of the taxes to be stabilized. Stabilization certificate. Criteria and duration for issuing stabilization certificate. Details find in the source of the law. Application for stabilization certificate. Statement by the applicant confirming satisfaction of the criteria specified in the Article Introduction of the legal entity, copies of the state registration certificate, licenses and other rights issued by a competent authority if specified in the law;.

Information about introduction of new high techniques and technologies;. General environmental impact assessment specified in the applicable law;. Business plan, if the investment amount is up to MNT 10 billion or feasibility analysis, if the investment amount is MNT 10 billion and above. Issuance of stabilization certificate. Invalidation of stabilization certificate. Validity term of the stabilization certificate has expired;. If the stabilization certificate holder has requested or is liquidated;.

If the stabilization certificate holder has completely shifted and transferred its properties from the territory of Mongolia;.

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Investing in mongolia Out the 1. In addition, there is no concept of capital gains tax in the market and only a two per cent stamp duty tax paid upon eventual sale of the property. Foreign Exchange and Remittances Foreign Exchange The government employs a liberal foreign exchange regime; its national currency, the tugrik denoted as MNTis fully convertible into a wide array of international currencies. The amendments also impose a tax of 5 percent on the interest income of commercial Mongolian banks to be paid investing in mongolia loans and debt instruments obtained from local and foreign stock markets; decrease the withholding tax on income provided to non-residents to 15 investing in mongolia lower from 20 percent to 5 percent the tax on dividends for foreign investors; and lower from 10 percent to 5 percent the tax on financing obtained through debt instruments from initial and secondary markets. Establish a company online and only in a few days. Businesses report no chronic, government-induced delays remitting investment returns or receiving inbound funds, although challenges with correspondent-banking relationships sometimes slow remittances. Chapter V.
Forex trading books While in theory the government can issue guarantees or jointly finance foreign direct investment projects, it seldom does so in practice. Embassy in Investing in mongolia knows of numerous cases where foreign entities active in Mongolia do not incorporate in their countries of origin but rather in third countries for tax mitigation purposes. Outward Investment While the Mongolian Government neither promotes nor incentivizes outward investment, it does not restrict domestic investors from investing abroad. Under the law, foreign investors may access the same investment opportunities as Mongolian citizens and receive the same protections as domestic investing in mongolia. Article 4. JUN
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Analyze tehnice forex cargo Laid off or fired workers are entitled to three months of unemployment insurance from the Social Insurance Agency. Mongolia has committed to implementing the U. Stabilization certificate. Mongolia has specialized laws for contracts but no dedicated courts for commercial activities. If the Article

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Mongolia. is one of the most exciting investment opportunities currently available in the world. With over $10 billion USD already committed for deep mining and. Mongolia gives investors preferential market access through 2 trade agreements to 8 countries with nearly 3 billion consumers. MONGOLIA is the most special place for the potential Investors, which has enabled business-friendly and favorable environment with its generous incentives. The.