The key steps to incorporate a new business entity with foreign investment (BEFI) in Mongolia:

1. Check the availability of the desired company name and register it with the General Authority for Intellectual Property and State Registration (GAIPSR).

2. Obtain the necessary documents, including:

• Original ID or passport of the founder (original passport if the founder is a foreign citizen)
• Incorporation via Power of Attorney (original copy of the letter of attorney and original ID or passport)
• Document processing fee of 500 MNT.
• Open an account with any preferred commercial bank
• Verification sheet of the company (banks might request additional documents)

3. Apply for a certificate of incorporation at the General Authority for State Registration of Mongolia (GASR) by submitting the following documents:

• UB-03 form
• Name verification of legal entity (500 MNT)
• Receipt of paying state stamp duty (750,000 MNT)
• Founder verdict (minutes of meeting if there are two or more shareholders)
• New rule (two copies in Mongolian, certified translation of one copy)
• The contract of cooperate (if there are two or more shareholders)
• Official address of the company (certificate of immovable property copy or leasing contract)
• Evidence of investment (according to Article 3.1.5 of the Investment Law, the amount of investment invested by each investor shall be above the US $100,000)
• Passport copy (founder, shareholder, and director)
• Other documents according to 11.5.1 and 11.5.2 of the Law on State Registration if necessary
• Proxy (not necessary if the official can represent without a proxy)

4. Obtain the company seal from a seal-producing company.

5. Register the new BEFI with the Social Insurance Department of Mongolia and submit tax reports to the tax authorities within the prescribed time limit.

6. If future business activities of a BEFI require a special permit (license), the BEFI must first be registered with the GAIPSR and update registration information upon applying for and obtaining the permit (license) from respective authorities.

7. If a foreign government-owned legal entity holds more than 33 percent of the total shares in a legal entity of Mongolia with principal activities in mining, bank and finance, media and communication, or transportation development, such foreign government-owned entity shall apply for and obtain permission from National Development Agency.
   
   

Note: The estimated time period of preparing registration documents, obtaining a company name, opening a bank account, translation of documents, and possible agency delays of registering a new BEFI is approximately two weeks.

Here are the key steps to establish a representative office of a foreign legal entity in Mongolia:

1. Register the new representative office of a foreign legal entity with the General Authority for State Registration of Mongolia (GASR) by submitting the following documents:

• UB-11 form
• Receipt of paying state stamp duty (1,100,000 MNT)
• Introduction and rule copy of foreign legal entity (certified translation)
• Foreign legal entity certificate copy (certified translation)
• Authentic verdict and regulation from parent company to establish representative office (one copy with phone number and official address)
• Passport copy
• Official address of representative office (certificate of immovable property copy or leasing contract)
• Other documents according to 11.5.1 and 11.5.2 of the Law on State Registration if necessary
• Proxy (not necessary if the official can represent without a proxy)

2. Upon obtaining the certificate of the representative office from