Services
Companies and investors starting or expanding a business in Mongolia face a new environment, unfamiliar legal regulations and the need to resolve numerous issues at the same time. We deliver the following five service areas from a single integrated source.
Administrative services
Company registration, office solutions, accounting, recruitment, day-to-day administrative and translation services performed from a single source — saving you inefficient overhead costs.
Numerous investors wishing to start a new business in Mongolia spend considerable time and money on basic groundwork such as registering a company, setting up an office, hiring an accountant and administrative staff. If this is your situation, we offer the following services:
Are you in any of the following situations?
- Do you want to establish and register a company in Mongolia, with founding documents prepared to avoid governance issues in the future?
- Do you need a workspace, an address for receiving official correspondence, a phone line and a meeting room — without renting permanent premises?
- Unsure who should prepare your financial, tax and social insurance reports?
- Unsure where and how to interview and recruit employees?
- Do you need someone on a permanent basis to prepare, translate and receive official documents?
Our office — Suite 711 & 706-1, Level 7, Premium Palace, Ulaanbaatar
01 · 01 — Company formation and registration
We manage the entire process: drafting the Company Charter and Shareholders' Agreement, registration with the State Registration Authority and other relevant government bodies, delivery of the Company Certificate, seal and stamp, and opening a commercial bank account.
We also handle visas and residence permits for shareholders and executives and obtain the digital signatures required for accessing online government services.
01 · 02 — Office solutions and administrative outsourcing
For a company whose operations are not yet in full swing, renting expensive premises and hiring numerous administrative staff and interpreters is an inefficient expense.
You can use our fully equipped rooms, our address, office phone number and book our meeting rooms — while we perform all administrative work on your behalf: receiving, sending and translating documents.
01 · 03 — Bookkeeping and tax reporting
A newly established business has a legal obligation to keep financial, tax and social insurance records and file reports, whether or not it has begun operations. Our team, supervised by accountants with many years of experience, will perform this duty on your behalf.
01 · 04 — Recruitment
At the start of a new project, the absence of a qualified HR team raises the question of where and how to find better employees. We select the personnel you need most urgently and support you in building an effective professional team.
01 · 05 — Day-to-day administration and translation
Daily administrative work — preparing, translating and receiving official documents — delivered by our staff with a high level of language proficiency.
Renting an office and hiring staff before starting operations cannot be cost-effective. We save you this wasted cost.
Legal services
Great Fortune Legal LLC is a law firm specializing in business law. We accurately prepare contracts, charters and governance documents before problems arise, protecting you from risk.
Many companies consider legal services necessary only after a dispute has arisen — much like paying attention to one's health only after a serious illness has been diagnosed. Properly and thoroughly drafting your contracts, documents and internal rules before problems arise is the key factor in preventing disputes and in protecting your interests should one occur — and it saves your fiscal resources as well.
It is not uncommon for parties who, acting on light-hearted trust, never concluded a detailed agreement with their partner to end up locked in disputes that drag on for decades; for license applications to be delayed because documents were prepared incorrectly; or for visas for foreign employees to be refused.
Type 01 — Advisory services
Advisory and document-drafting services in corporate law, contract law, mining, construction, labor relations, visas and permits and other areas of private law.
Type 02 — Representation in disputes
Representation in court and in arbitration proceedings in administrative and civil law matters.
Are you in any of the following situations?
- Do you have a promising business idea, but are unsure how to structure the partnership or prevent future disputes?
- Is contract performance unsatisfactory, or do disputes keep arising and causing you losses?
- Because your operating rules are unclear, do you have to get involved and decide everything yourself day after day — or do your operations keep stalling?
- Still unsure how to prepare license and permit application documents?
- Do you need to hire employees from abroad and arrange their visas, but don't know how?
- Are you interested in investing, but unable to identify the legal risks behind a project?
- Do you keep losing court or arbitration disputes, or losing time and suffering financially through them?
02 · 01 — Partnership and founding documents
When a project or collaboration begins, everyone sees only its bright side; out of trust or reticence, parties often launch with a handshake — let alone concluding a contract that regulates how problems will be resolved. Yet when issues do arise, the parties fail to understand each other and, with no agreement in place, the dispute escalates, the project stalls, and matters drag into years of court and arbitration proceedings, at real economic and business cost.
Likewise, when founding a company together, parties often leave key governance matters — shareholding, voting rights, decision-making authority, board structure, corporate decision processes, financial control — without due attention and move straight to investment and operations.
By preparing your Partnership Agreement, or your company's Charter, Shareholders' Agreement and governance documents, we help you prevent these risks and ensure your interests are protected whenever a dispute might arise.
02 · 02 — Drafting contracts
A contract is the fundamental document governing the entire relationship between the parties: the risks arising from it, damages, liability and dispute resolution.
In practice, parties conclude contracts that are too brief and leave numerous matters unregulated — and then misunderstandings arise during performance and grow into disputes. One common error in Work Contracts, for example, is failing to specify the budget and contractual share of each work item or unit. So when performance falls short or is left incomplete, disputes arise over how to account for it.
We protect you from these risks by taking part in the entire process: from drafting the contract, to participating in the negotiations, to monitoring and evaluating performance.
02 · 03 — Internal rules and procedures
In any organization, policies, rules and procedures are not mere paperwork — they are an entire system that runs your organization on your behalf. That is precisely why there is no universal set of rules that fits every organization.
Beyond internal labor regulations, an organization needs procurement, document-management, financial and payment procedures, among many others.
If your business does not run without you and stalls unless you personally decide everything — your rules and procedures are inadequate.
02 · 04 — Licenses and permits
In Mongolia, permits are divided into two categories: Special licenses (13 sectors · 253 activities) and Ordinary permits (12 sectors · 121 activities).
Assembling the documents and filing a permit application is complex, requires experience and takes at least 1–2 months. Incorrectly prepared documents can push the process back by months and may ultimately lead to refusal. If a special license application is refused, no new application may be filed within 6 months.
02 · 05 — Foreign employees and visas
Mongolia's population is roughly 3.5 million, of whom about 1.4 million are of working age (15 and over). There are significant labor shortages both in physically demanding sectors such as mining and construction and in high-skill engineering fields.
Under the "New Revival Policy," the Government of Mongolia places no quota on foreign workers and offers fee reductions and exemptions in certain sectors. Hiring a foreign employee involves the following steps:
- Obtain from the Labor and Welfare Authority the right to hire a foreign employee for the position
- Find the foreign employee
- Obtain a preliminary invitation for the employee
- Obtain the visa and bring the employee to Mongolia
- Obtain the work commencement permit
- Obtain the residence permit
02 · 06 — Legal due diligence
Independent due diligence is essential when acquiring a business or reviewing the operations of one you have invested in. Does the business carry any present or future risks? Is the current shareholding lawful and undisputed? Are there court judgments or claims outstanding against the company? Are there any unpaid taxes or other payment shortfalls or exposures?
A change of shareholder or investor does not release the company from the obligations and liabilities it has assumed toward others. Therefore, it is indispensable to examine in advance what risks and liabilities the company may carry.
In Mongolia there are many cases where investments made on naive, unverified trust ended up servicing unprofitable debts, or were lost when former shareholders raised disputes.
Since 2010 we have performed legal due diligence on numerous M&A and IPO transactions and, together with our contracted companies, have carried out comprehensive independent audits of mining projects (legal; extraction and processing operations; occupational safety and health; tax and finance).
02 · 07 — Court representation
A court dispute is not merely a matter of explaining your situation — it is a matter of legal reasoning and tactics. In other words, the court considers only the evidence and legal arguments you put before it.
Yet a great many individuals and companies take part in proceedings without counsel, submitting statements, testimony and evidence at their own discretion, needed or not. Once submitted, evidence and procedural steps cannot be taken back — and in some cases, rather than supporting that party's position, they are construed against it and create the very conditions for defeat.
Therefore, professional work begins at the very onset of any dispute: how to frame the claim, or how to frame the response. We provide professional assistance through our own team and contracted attorneys to give your case the best prospect of a favorable outcome.
However well the contract was drafted, taking step after step during performance without consulting your lawyer only weakens your own position.
Financial services
Great Fortune Finance LLC prevents financial risks in advance, keeps your tax reporting within the law and under professional management, and ensures you are ready for any inspection or audit.
Whether newly formed or already operating, every company has one duty under the law: to file financial, tax and social insurance reports and to maintain and archive proper financial records.
Under Mongolian General Taxation Law, the statute of limitations for taxes is 4 years. Yet it is common for companies to have kept their tax and financial records improperly or incompletely, or for records to fall into disarray after frequent changes of accountants. As a result, during tax or other financial inspections, amounts that should not be owed cannot be substantiated with documents — leading to back taxes, penalties, fines, economic loss and, in some cases, even frozen bank accounts over large tax debts.
Are you in any of the following situations?
- Looking for a trustworthy, accountable person to handle your finances and bank transactions?
- Unsure how to prepare your financial and tax reports and looking for a professional accountant?
- Worried about how to prevent tax risks and avoid heavy penalties and fines in the future?
03 · 01 — Payments and financial services
Every business, large or small, needs to make a certain volume of transactions and receive payments. Cases of money being embezzled or lost because it was not entrusted to a reliable, accountable person are very common.
Entrusting your transactions and financial operations to a professional, accountable organization will prevent this risk.
03 · 02 — Bookkeeping and tax reporting
Regardless of whether it has operated, an organization has a legal obligation to keep compliant financial and tax records and to file reports.
Entrusting this duty to a professional team at low cost saves you money and protects you from future risk.
03 · 03 — Independent financial due diligence
Before making an investment — or in the course of one — an independent analysis of the project's or company's operations and financial position, identifying whether risks exist, is critical for the investor.
Commissioned from an independent professional team, the analysis is impartial — and the team bears responsibility for its conclusions.
We build a proper documentary record and history, keeping you ready for any inspection or audit.
Mining consulting services
Great Fortune LLC, with the nationally recognized and reputable team of its partner “Erdenes National Research & Development Center” LLC, provides consulting services at every stage from exploration to production.
Investment in the mining sector far exceeds investment in other sectors — and accordingly, individuals and companies seeking to sell a mining project or attract investment are plentiful. Finding a reliable project, acquiring it and operating it requires substantial professional assistance.
Mining is considered a high-risk sector both commercially and in terms of occupational safety; it is heavily regulated, which makes reliable information and legal protection matter most of all.
Are you in any of the following situations?
- Still uncertain whether the reserves behind the project you are interested in are substantiated?
- Don't know how to verify its resource and mining-geology data, and unable to find experienced, qualified professionals?
- Hold an exploration license, but don't know how to carry out the exploration?
- Need your Resource Report and Feasibility Study prepared to a professional standard?
- Is the mining project you invested in failing to deliver the results you expected?
From exploration to production — the 8 main stages of a mining project
A mining project is built not only on extensive documentation, but on the effort and labor of professional engineers and technical staff, and it requires major investment. A small error or shortcoming at one stage can carry losses and risks worth many millions of dollars later. Unprofessional drilling or a minor geological error, for example, can become the basis of a decision to pour major investment into an unviable project; a single wrong technology choice in the Feasibility Study may prove unworkable in reality, making it impossible to continue operations and dragging the project into months of losses.
Exploration license
Acquired from another holder or newly granted. Initially granted for 3 years, extendable twice by 3 years each, up to a maximum of 12 years.
Exploration operations
Carries the obligation to determine the value of reserves within the set period. Each year, the legally required expenditure must be incurred and the Work Plan, Environmental Plan and reports approved.
Resource report
Economically viable reserves are established and approved in report form. A mining (extraction) license runs for 30 years, extendable by 20+20 years.
Feasibility Study
The technical-economic assessment defining the mining technique, technology, processing, workforce and financing for exploiting the deposit. If the technology changes, the Feasibility Study must be revised.
Environmental documents
General and Detailed Assessments, the Environmental Management Plan and its implementation Report, water permits and agreements — prepared and approved every year.
Commissioning the mine
Construction of the mine and processing plant in accordance with the Feasibility Study and other permits, handed over to the State Commission.
Annual Mining Operations Plan
Approval of the Annual Plan for extraction, processing and other operations confers the right to operate; water and blasting permits are then issued.
Operational exploration and oversight
Additional exploration work plans during operation; continuous internal control and professional independent oversight.
From obtaining the license to extraction, our professional team performs on your behalf the consulting, document preparation, oversight and implementation required at every stage.
Equipment supply
Great Fortune Trade LLC selects, for each equipment category, one manufacturer regarded among the best in China, establishes official cooperation with it and offers equipment and spare-parts sales, leasing and maintenance services.
Mining accounts for about 30 percent of Mongolia's GDP and 92–94 percent of its exports. The next major, active sector with high foreign investment is construction. Beyond their demand for labor, both sectors require substantial equipment and capital investment.
For each category of equipment, our company selects only one manufacturer regarded among the best in China and establishes official cooperation with it. This is essential for our long-term cooperation, and the reliability our customers and buyers depend on.
Are you in any of the following situations?
- Buying mining and construction equipment from China is cheaper, but you don't know which manufacturer to buy from, or how?
- Facing language and communication problems?
- Want to buy from China, but domestic banks and non-bank financial institutions will not extend loans or leasing for your foreign purchase?
- Worried about after-sales maintenance and warranty?
- Worried about after-sales service, support and the supply of spare parts?
Equipment sales
01 · Diesel generators
Diesel generator sets from 12 kW to 2,200 kW with Perkins, Cummins, Yuchai or Weichai engines, supplied in any configuration to match your needs: from a plain steel enclosure to containerized units with additional insulation and heating, smart remote-control systems and fully automatic transfer switch (ATS) systems.
02 · Equipment for underground development and extraction
All equipment for underground mining — hoists and their control systems, rail track, wagons, hand-held drills (YT28, YT29, etc.), loaders and wagon locomotives — supplied from stock or to order.
03 · Underground mining machinery
Dump trucks, LHD loaders, drilling rigs and scissor lifts required for mechanized underground extraction. As the manufacturers' official representative, we supply to order and provide spare parts and maintenance services.
04 · Open-pit and construction machinery
Heavy machinery required for open-pit operations — loaders, HOWO trucks, excavators and bulldozers — supplied to your order.
Spare-parts sales, leasing and used equipment
05 · Oils, lubricants and filters
Engine oils for all types of equipment, compressor fluids, antifreeze and all types of filters — oil, fuel, water and air — supplied from stock or by order.
06 · Drill bits
All types of percussion and rotary drill bits for open-pit and well drilling, blast-hole drill bits for underground mining and drill rods — supplied to order or from stock.
07 · Equipment leasing
Containerized, fully automatic 800 kW Cummins-brand generator sets (with Cummins Stamford alternators) for prime and standby power, leased at below-market rates on flexible terms. Fitted out for Mongolia's climate: insulation, automatic louvres and fuel, water, oil and auxiliary heaters.
08 · Used equipment supply
The right choice when finances are constrained. We source the right supplier, carry out full inspection and diagnostics, complete the necessary repairs and supply the equipment with a warranty.
For each category of equipment we cooperate officially with one manufacturer regarded among the best in China — reliability our customers depend on.