THE SCHEDULE FOR INCREASING THE MINIMUM SHARE CAPITAL OF NON-BANK FINANCIAL INSTITUTIONS IN SEVERAL MILESTONES HAS BEEN UPDATED
The Resolution No. 441 by the Financial Regulatory Commission dated December 27, 2019 set the minimum share capital of new companies to carry out non-bank financing activities, except those companies engaging only in foreign currency exchange, as 2,500,000,000 /two billion five hundred-million/ MNT in the city of Ulaanbaatar, 600,000,000 /six hundred-million/ MNT in Bayan-Undur soum of the Orkhon province and Darkhan soum of the Darkhan-Uul province, and 200,000,000 /two hundred-million/ MNT in the other soums and provinces.
The minimum share capital of new companies to engage in foreign currency exchange is regulated as 300,000,000 /three hundred million/ MNT in the city of Ulaanbaatar, and 200,000,000 /two hundred-million/ MNT in soums and provinces.
The Resolution obliges the shareholders of those non-bank financial institutions of which the minimum share capital less than the required amount to reach 1,400,000,000 /one billion, four hundred-million/ MNT in the city of Ulaanbaatar, and 100,000,000 /one hundred-million/ MNT in the Bayan-Undur soum of the Orkhon province, other soums of Darkhan-Uul province excluding Darkhan soum by February 10, 2020.
Please click here for the Resolution.2020.02.04