The ISO code of Mongolia is MN according to the ISO 3166 standard. The local name of the country is Mongol Uls. Mongolia capital city is Ulaanbaatar. People in Mongolia speak the Mongolian language. On 13 March 1921, Mongolia emerged as a sovereign political entity. In the year 03/13/1921, Mongolia emerged as a sovereign political entity. The largest city in Mongolia is Ulaanbaatar.
Mongolia has different time zones. They are UTC +07:00 (HOVT - Hovd Time), UTC +08:00 (ULAT - Ulanbaatar Time).The internet country code top-level domain (ccTLD) for Mongolia is .mn. Other domains assigned to Mongolia are .мон, .asia. The domain name .мон is a non-Latin alphabet domain that is used in Mongolia. Non-Latin alphabet domains accept only addresses submitted in their specific alphabet. The International dialing code for Mongolia is 976. People in Mongolia drive on the right side of the road. Total land area of Mongolia is 1,564,116 km² (approx. 603,906 mi²). Mongolia is a landlocked country.
Mongolia is located in Asia. Mongolia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life.
Currently Mongolia faces various issues, including limited natural fresh water resources in some areas, the policies of former Communist regimes promoted rapid urbanization and industrial growth that had negative effects on the environment, the burning of soft coal in power plants and the lack of enforcement of environmental laws severely polluted the air in Ulaanbaatar, deforestation, overgrazing, and the converting of virgin land to agricultural production increased soil erosion from wind and rain, desertification and mining activities had a deleterious effect on the environment.
Doing business in Mongolia
We offer various corporate services in Mongolia jurisdiction. These services can serve both, people coming from Mongolia and foreigners. If you plan on doing business in Mongolia you might be interested in contacting us.
To find out about starting your business in Mongolia click on company formation in Mongolia.
To find out how to open a bank account in Mongolia and moreover what type of account Confidus Solutions suggests to create, please click on bank account in Mongolia.
Choose preferred service below or continue reading to find out more about Mongolia.
Demographics of Mongolia
The total population of Mongolia is 3,121,772 people. In Mongolia, the population density is 1.92 people per square kilometer (5 per square mile). Because of this statistic, this country is considered to be very sparsely. The ethnic diversity is diverse according to a fractionalization scale which for Mongolia is 0.3682. Mongolia has approximately 17225 foreign immigrants. The median age is approximately 27.1 years. In Mongolia, 16.4 in every 100 people use internet. Mongolia has a Human Development Index (HDI) of 0.698.
The majority religion of Mongolia is Buddhism, Mongolia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Click on a link to read more on demographics of Mongolia.
Culture of Mongolia
People in Mongolia speak the Mongolian language. According to data on inbound tourists in Mongolia, 418,000 tourists arrive in the country each year. One of the most popular national dishes of Mongolia is buuz. To read more click on culture of Mongolia.
Geography of Mongolia
Mongolia is considered to be a vast nation because of its total area. Its total land area is 1,564,116 km² (approx. 603,906 mi²). Mongolia is located in Asia. Its capital city is Ulaanbaatar. Mongolia has 2 neighbouring countries. Its neighbours include People's Republic of China, and Russia. Total length of land borders of Mongolia is 8082 kilometers (~3,120 miles).
The highest point of Mongolia is Khüiten Peak, with its official height being 4374 m (14,351 ft). Including land mass and EEZ, the total area of Mongolia is approximately 1,564,116 km² (~603,906 mi²). The most notable natural resources found in Mongolia are oil, coal, copper, molybdenum, tungsten, phosphates, tin, nickel, zinc, fluorspar, gold, silver, iron.To read more click on geography of Mongolia.
Economy of Mongolia
The currency of the country is Mongolian togrog. The symbol used for this currency is ₮, and it is abbreviated as MNT. 7% of population in the country are unemployed. The total number of unemployed people in Mongolia is 218,524. Each year, Mongolia exports around $4.29 billion and imports roughly $5.7 billion. The Gini Index of the country is 36.5. Mongolia has a Human Development Index (HDI) of 0.698.The Global Peace Index (GPI) for Mongolia is 1.706. Mongolia is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. Major industries in the country are construction and construction materials, mining (coal, copper, molybdenum, fluorspar, tin, tungsten, gold), oil, food and beverages, processing of animal products, cashmere and natural fiber manufacturing.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Mongolia is $34,869 billion. Each year, consumers spend around $1,975 million. The ratio of consumer spending to GDP in Mongolia is 0%, and the ratio of consumer spending to the world consumer market is 0.0057. The corporate tax in Mongolia is set at 10%. VAT in Mongolia is 10%. In 2013, Mongolia received 448.7 million USD in foreign aid.In 2014, the foreign aid amounted to 350.6 USD.To read more click on economy of Mongolia.
Infrastructure of Mongolia
Infrastructure quality in Mongolia is rated to be at 2.29. It indicates a mediocre quality - roads, railroad, ports and other facilities are able to handle somewhat significant traffic, but not enough to ensure smooth transit at all times.
In Mongolia, 89.8% of the population has access to electricity. There are 20,084 internet hosts in Mongolia. Mongolia has 44 airports nationwide.
The logistics performance index of Mongolia is 2.36. It indicates a mediocre performance - shipping procedures are relatively unreliable, timeliness and safety of transferred goods are often a problem, although such a system may function relatively well if traffic is no too dense.
Tracking possibilities for shipments are rated at 2.13. It indicates a mediocre performance - the tracking systems provide some degree of information which usually includes the most necessary topics, such as the current location of a shipment, the dates of arrival and departure and the status of a shipment; still, more detailed information about the status and multi-language accessibility options are usually lacking.
To read more click on infrastructure of Mongolia.
Politics of Mongolia
Mongolia, is a unitary parliamentary constitutional republic. With regard to political and civil freedoms, Mongolia is 1. Citizens in Mongolia experience total freedom. The majority of countries in which citizens enjoy expansive civil liberties and political freedoms are representative democracies, in which officials are directly elected by citizens to advocate for their needs and desires. Free countries are often bolstered by healthy economies and high-functioning governments. The head of the government is Khaltmaagiin Battulga.
According to the World Bank Group, the government effectiveness index of Mongolia is -0.41. This indicates that the government of Mongolia is mediocre. While some public and civil services are limited, in other cases they can be considered adequate or even effective. Potential investors should carefully evaluate the governmental situation in Mongolia before considering any business maneuvers.In Mongolia, the legislative power is vested in a State Great Assembly. The Global Peace Index (GPI) for Mongolia is 1.706. The strength of legal rights index for Mongolia is 5. Overall, it is considered to be rather inadequate - bankruptcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient. In 2013, Mongolia received 448.7 million USD in foreign aid. In 2014, the foreign aid amounted to 350.6 USD. Mongolia is a member of the United Nations (UN). On 27 October 1961, it joined the UN as a full member state. Mongolia is a member of the World Bank. To read more click on politics of Mongolia.
Environment of Mongolia
Mongolia emits 6.9 metric tons per capita of CO2. 102520 km² of Mongolia's territory is covered in forests. and forest land comprises 7% of all the land in the country. To read more click on environment of Mongolia.
Company formation in Mongolia
The development of telecommunications and economic globalization has made it possible for interested investors to form companies around the world. With proper research, financial investments, and legal backing, business ventures can safely be established in Mongolia.
When establishing a company in Mongolia, an interested investor must do due diligence with regard to legal processes, international regulations, and sufficient investment for success. It is critical to understand cultural, social, and political factors of Mongolia that will affect the establishment and growth of one's business. Contact us or click on company formation in Mongolia to read additional information when setting up a business.
Bank account opening in Mongolia
With the right paperwork and initial outlay, it is possible for a foreign citizen to open a bank account in Mongolia. This opportunity for international accounts and investments offers several advantages based on economic regulations and tax structures. Interest rates and fees vary depending on your interests.
When considering opening a bank account in Mongolia, one must enlist the help of international experts to guide them through the process. To find out more about our banking services click on bank account in Mongolia or contact us.