Why Set Up Your Business in Mongolia?
What reminds you when you hear or read Mongolia? Very often, the first thing that pops up is the nomadic culture in the landlocked country that is full of wilderness and tremendous hospitality. Yet, there are things that are far more than nomadic cultures.
Mongolia is not just a nation equivalent to horses and grass, but tonnes of opportunities in business. Before the age of broadband, Mongolia was sealed off from the world, became a name that is so distant from the modern world. The rise of internet and social media were like the keys that unlock the sealed door, letting the world to have a chance to get a peek in this unique country.
In fact, Mongolia has since achieved exceptional success by transforming itself from a socialist country with traditionally-based economy activities into a vibrant multi-party democracy with one of the world’s fastest growing economies. As such, the 21st century promises the bright future as Mongolia has opened up to the world, with its citizens travelling the globe and outsiders are arriving with business and travel opportunities.
Now you ask, why Mongolia? Let’s have a closer look at the strength of Mongolia’s market.
With a well-educated population with more than 95% adult literacy rate, Mongolia is a country that is open to new products, services, and ideas. Visas could be easily acquired for anyone who wants to come. Besides, flexible regulations relating to foreign ownership possible and low utilities costs in the region are among the key factors that attract foreign investors and opportunities. Mongolia’s economy is closely related and dependent on China. In this light, Mongolia is like a huge launchpad for investors to enter the China’s market as well as a good gateway to other markets. One of the great thing about Mongolia is this country does not impose export taxes. China has provided a ready market for much of Mongolia’s mineral exports as there are no duties. In this regard, Mongolia can be a gateway to nearby markets. Furthermore, Mongolia and Japan have signed an Economic Partnership Agreement. All Mongolian exports to Japan will be exempt from duties when the agreement comes into force in 2015.
Despite the language barriers and inconsistent application of established laws and regulations, Mongolia is an ideal country to setup a business with its fast-growing economy. So be the shepherd, not the sheep! Grab your chance today to setup your business in Mongolia.