Mongolia introduces UBO requirement

29 October, 2020 - In accordance with the General Tax Law amendment, all types of legal entities incorporated under the law of Mongolia are obliged to report Ultimate Beneficial Owner (UBO) details by 1 January 2021.

A private individual holding 25% or more of the assets of a company is treated as the UBO and shall be reported accordingly. In case there is no such person identified, the directors of the company or chairman of the Board of Directors shall be registered instead.

All changes related to registered UBO information shall be reported within 15 working days. The fine for not complying with the law amounts to MNT 5,000,000.

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