Introduction of Mongolian Licensing Law – Financial Services
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BRIEF INFORMATION OF MONGOLIA LICENSE LAW
The State Grand Khural (Parliament) approved the revised version of the Licensing Law on June 17, 2022 and will come into force on January 1, 2023. MP H. Gankhuyag led the working group on this bill . The Business Licensing Act, which is in force today, was approved on February 1, 2000 and has been amended 69 times in the past. The recently approved licensing law has 35 articles divided into 9 chapters and provides for the issuance of more than 360 licenses in 14 special licensing areas and 12 common licensing areas.
The following activities of 14 domains must be carried out with special licenses (Article 8.1 of the Licensing Act):
- Banking and non-banking financial services;
- Construction, urban planning and public services;
- Road and transport;
- financial, economic, customs and investment;
- Cultural and educational;
- Mining and heavy industry;
- Information and communication technologies;
- employment activities;
- Legal issues and other common issues;
- Food, agriculture and light industry;
- Health; and
In accordance with Article 8.2 of the Licensing Law, the 12 common license business areas are subject to the above-mentioned 14 areas, with the exception of defense and energy.
List of special licenses:
Person authorized to grant a special license:
|1. Activities in the environment:||
|2. Activities in banking and non-banking financial services:||
|3. Activities in construction, urban planning and public services:||
|4. Defense activities:||
|5. Road and transport activities:||
|6. Financial, economic, customs and investment activities:||
|7. Cultural and educational activities:||
|8. Mining and heavy industry activities:||
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The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.
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