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Mongolia’s economy is largely driven by exports of mineral deposits including copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten. Foreign direct investment in the deposits has pivoted Mongolia’s economy from its traditional dependence on herding and agriculture. Mongolia has strong trade ties with China and Russia. In addition, remittances from Mongolians working abroad, particularly in South Korea, are also significant. In an effort to attract more dynamic investment, Mongolia has attempted to liberalise markets and develop a competitive financial sector.

How to build a team in Mongolia

Employers need to follow the strict employment guidelines set forth by the local authorities before they could employ in Mongolia. This process can be time-consuming as the company first needs a legal entity in the country and it needs to manage payroll, tax, benefits and compliance.

Global payroll solutions make it easy to find and hire top talent in Mongolia. With one seamless integration and local legal entity, we take care of the compliance matters so that you can start your globelizing plan immediately.

Compliance risk

Risk of misclassification

Mongolia’s worker classification labour and tax laws distinguish between contractors and full timers. If the individual meets the legal definition of an employee but is classified as a contractor, your company will face penalties.

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