NEW MONGOLIAN E-BUSINESS PLATFORM TO MAKE IT EASIER TO START AND GROW A BUSINESS

ULAAN BAATAR, Mongolia, April 11, 2023 /PRNewswire/ -- The Government of Mongolia has launched a new online platform to enable businesses to easily start up and grow, reducing both waiting times and bureaucracy.

"E-Business" – e-business.mn – was developed by young engineers at the E-Mongolia Academy and launched by the Prime Minister of Mongolia. It marks the next step in the digital transformation of the Mongolian economy.

On average, 1,540 new legal entities are established in Mongolia each month, yet those setting up new businesses often have to visit the state registration office and financial institutions several times before they can get up and running. Once they start trading, businesses in Mongolia have previously faced unnecessary bureaucracy.

E-Business will streamline exchanges between businesses and government agencies and also make it possible to register a business in Mongolia from anywhere in the world. Services that can be accessed via the platform include obtaining a legal entity name, registering a business property list and obtaining an electronic certificate.

By making the permitting system more transparent, the platform will also support the Government's efforts to combat corruption. The launch of E-Business comes as the anti-corruption agency submitted its formal strategy to tackle corruption in Mongolia to the country's parliament today (11 April). This document is set to form Mongolia's first national strategy to combat corruption, and deliver benefits such as resolving the cases of corrupt officials, extraditing criminals who have fled abroad and removing the immunity of politically exposed persons (such as members of parliament). Placing public consultation at the heart of the policy development process is also a primary objective of the strategy.

Following the creation of the E-Business platform, establishing a new business in Mongolia can take place at reduced cost and in as little as two days, putting Mongolia in the same company as many advanced economies on this metric.

Commenting on the launch of E-Business, the Prime Minister of Mongolia L. Oyun-Erdene said:

"The greater use of digital technology is a core part of modernising Mongolia's economy and making our country a better place to do business.

"The launch of E-Business today is a key step on this journey. By eliminating unnecessary bureaucracy while also playing a key role in helping us tackle corruption, this new platform is vital in making Mongolia more business-friendly and attracting the foreign investment needed to support our long-term growth."