20.04.2023
On June 17th, 2022, the Great Khural of Mongolia officially approved the "Law on permits" ("the PL") and it has been enacted and became effective as of January 1st, 2023.
28.03.2023
Tremendous mineral reserves, agricultural endowments, and proximity to Asia’s vast markets make Mongolia an attractive destination for medium to long-term foreign direct investment (FDI). The Gross Domestic Product (GDP) in Mongolia is worth 10.4 billion US dollars as of September 2021 according to the national statistics of Mongolia.
Advertising and promotion of medicines and medical products
GRATA International’s specialists of the Pharmaceuticals & Healthcare sector released the product on “Advertising and promotion of medicines and medical products” in the following countries: Belarus, Georgia, Kazakhstan, Moldova, Mongolia, and Uzbekistan.
Medical advertising in Mongolia
Manufacturing, import, export, storage, sale, monitoring, distribution and use of medicine for human and veterinary use, including conventional medicine, bio preparations, diagnostics (hereinafter the “Medicine”), medical devices, and biologically active products are regulated by the Law of Mongolia on Medicines and Medical Devices. The Law also provides a few broad limitations on the advertising of medicines and biologically active products. In addition to this regulation, the Law of Mongolia on Advertisement governs advertising in health sector.
Issues of secured transactions and pledges of movable property
The International Finance Corporation of the World Bank Group, in cooperation with the Mongolian Bank Association, has been implementing a program to enhance the supply chain finance market, especially focusing on the increase of loans and financing secured by moveable assets. For Mongolia, the "Law on Pledge of Movable Property and Intangible Property" was enacted and has been in effect since 2015 becoming one of the most frequently discussed legal relations.
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
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
18.08.2022
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.
03.08.2022
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.