Businessmen of Mongolia


Businessmen of Mongolia

Brief Summary

One of the new events came into existence in our society as the result of the democratic changes which, began in Mongolian in 1990, is the formation of the brand new kinds of groups of national entrepreneurs end businessman, the developers of the system of modern market economy. They are working with many ownership types in different fields of our social lives and creating social wealth and providing people by multiple Services.

Economic environment. Since the beginning of the transition, following basic measurements were implemented that created economic condition for new entrepreneurs foundation and development. Starting the privatization process of state property by issuing certificate or privatization right since 1991, created the opportunity for the people who hadn. t own properties and deposits before to have their own properties and to run the activities directed to improve their living conditions. Reforms of prices and tariffs end currency exchange rates at the beginning of the transition have created.


The new possibility to run business activities in any of the fields such as manufacturing and service taking into consideration the demands and consumptions of the market. Since the beginning of the transition, the government began to implement the policy to make principal changes in financial and payment system. Creating the banking system with two-tier of central and commercial banks created the primary fundament of the service or making reliable transactions and payments. The expansion of economic foreign relations and liberalization or foreign trade have opened the favorable opportunities for entrepreneurs in the range of foreign trade.

Legal environment. The following favorable opportunities became available for re activity of entrepreneurs by having Constitution of Mongolia, Tax Law, Custom law, Accounting law and etc. The primary legal base for the regulation of main components of the market economy in Mongolia have been approved and passed by the parliament *Business activities that have huge risks dependent from a number of factors are protected by laws and resolutions passed by the parliament.

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