GRATA International held an online conference: Contemporary issues in the field of protection of IP objects
On November 23, 2022, an online conference on Contemporary issues in the field of protection of IP objects in GRATA International countries: Belarus, Kazakhstan, Mongolia, Russia, Uzbekistan was held.
Legal regulation on mergers and acquisitions in Mongolia
Mergers and Acquisitions refer to establishment of a new company by consolidation of companies (Merger), or uniting another company by purchasing it (Acquisition) through financial transactions between those companies
GRATA International held a webinar: Doing business in Mongolia
On November 10, 2022, a webinar was held on the issues of starting a business in Mongolia.
Legal regulation on obtaining workforce and specialists from abroad
As of the first quarter of 2022, 5463 citizens from 92 foreign countries are working under labor contracts in Mongolia. The number of foreigners working under labor contracts increased by 1,030 or 23.2 percent from the same period last year. 4,752 (87.0 percent) out of the foreign nationals employed under contract are men and 711 (13.0 percent) are women.
Introduction of law of Mongolia on licensing
The State Great Khural (the Parliament) approved the revised version of the Law on Licensing on June 17, 2022 and shall become effective from 01 January 2023. Member of Parliament H. Gankhuyag worked as a leader of the working group on this draft law
According to the Resolution No. 06 of the Economic Standing Committee dated January 26, 2021, a working group headed by Kh. Bulgantuya, Member of Parliament was established to prepare for the discussion of the revised draft of the Law on Asset Appraisal and draft supplementary laws that were submitted together with it.
Despite the fact that Mongolian legislation provides for a wide range of legal forms of commercial entities (limited liability company or LLC, joint-stock company or JSC and joint venture), in practice, private businessmen and foreign investors mostly prefer LLC or JSC. Representative office of foreign legal entities is also common.
Legal Alert: Relevant procedures for virtual asset service providers have been approved
In October 2019, Mongolia was placed on the list (by the International Organization for Financial Action Task Force (FATF)) of countries having strategic deficiencies in their regimes to combat money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction. 1 year later in October 2020, it was successfully removed from the list.
Corporate governance code has been updated
In order to develop corporate governance practice in Mongolia, the Financial Regulatory Commission /the “FRC”/ approved the Corporate Governance Code (hereinafter “the Code”) in 2007 for the first time and revised it later in 2014
One of the alternative ways to attract investment and expand one’s business is the public offering and sales of securities. As of 2021, there are 314 joint-stock companies (hereinafter the “JSC”) registered in Mongolia, and securities worth MNT 1.4 trillion (app USD 452.09 million) were traded on the market which is 21.6 times higher from 2020 and increased results by 64.3 percent from 2017.