On 13 October 2017 Absolute Advocates has signed Memorandum of Understanding and Cooperation with GRATA International.
As a further step in GRATA International’s strategy designed to provide comprehensive coverage in the Eurasian region, we are pleased to announce the expansion of our Mongolian desk into a significant presence in Ulaanbaatar.
Absolute Advocates Law firm is a relatively young fast growing law firm which provides full legal service to its local and foreign clients in Mongolia.
We are very happy to welcome the great team at Absolute Advocates lead by Bolormaa Volodya who has been the co-head of our Mongolian desk for the last 5 years. This will enable GRATA International to provide a seamless and enhanced service to our clients with business interests in Mongolia.
In keeping with the GRATA International standards of excellence, Absolute Advocates is providing legal services in the following industries and areas of law:Industries:
Areas of law:
Merger and Acquisitions
15A-5, Peace Avenue, 1st khoroo, Sukhbaatar district, 401, Ambassador Office, Ulaanbaatar, Mongolia
+976 701 550 31
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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
The competition law regulates matters related to the creation of conditions for fair competition in the market for business entities, identification and implementation of legal and organisational grounds for prohibition, restriction and prevention of any activities impeding competition.
From 2000, global policy, documentation and software on international taxation have been developed and many countries have joined to the implementation of Base Erosion and Profit Shifting (BEPS) Package.
New Law on National Payment System, dated 31 May 2017, shall become effective from 1 January 2018. The importance of the new law is an integrated payment system launch between the Central Bank, commercial banks, legal entities, other financial institutions and individual customers. As result of the law enactment, the Central Bank will be able to control all payment transactions of all participants of Mongolia financial market.
The Law on Advertising (2002) and Law on Medicines and Medical Devices (2010) are main laws to regulate advertising of medicines in Mongolia.
Even with a slowdown in 2014, Mongolia has experienced dramatic economic growth in the 2000s. A small country with a population of 3.1 million, Mongolia has had real per capita gross domestic product (GDP) averaging annual increases of more than 6.7 percent from 2000 to 2013, more than 5.4 percentage points above global economic growth. The growth of 15.8 percent from 2010 to 2011 and 10.6 percent from 2011 to 2012 was especially high.
Personal income taxation law has been amended on 14 April, 2016 , taking effect on 1 January 2018. The personal taxation was 2 leveled system prior to this amendment.
Law on Excise Taxation has changed on 14 April 2017 and this amendment shall become effective on 1 January 2018
Social Insurance Law of Mongolia dated 1995 has been changed on 14 April, 2017. The amendment to the Law, affecting the Insured and Employer, shall become effective from 1 January 2018. The monthly social insurance deduction percentage for employer and insured (employee) has increased as shown on below table.
New law on National payment system dated 31 May 2017 shall become effective from 1 January 2018. This law introduces the launch of the integrated payment system between the Central Bank, commercial banks, legal entities, other financial institutions and individual customers.
On 7-9 December 2017, Bolormaa Volodya, Partner, and Altanzaya Gunsen, Taxation Counsel of Absolute Advocates LLP, GRATA International's associate office in Mongolia, have attended International Taxation Conference 2017 in Mumbai, India.
As a further step in GRATA International’s strategy designed to provide a comprehensive coverage in the Eurasian region, we are pleased to announce the expansion of our Mongolian desk into a significant presence in Ulaanbaatar. Absolute Advocates, a full-service law firm, has started operating as an associate firm of GRATA International with effect from November 10, 2017.
organized by the Financial Times and the European Bank for Reconstruction and Development
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