Visit to the bank |
An account can be opened without a visit to Mongolia |
Required |
For legal entities: set of corporate documents, completed bank forms for the company and the owner, bank statements from another bank for 3 months, office rent agreement, cash flow chart, ownership structure chart etc. For individuals (directors / shareholders / beneficial owners / attorneys): proof of ID (passport), proof of address (not older than 3 months), CV, bank reference |
Types of accounts |
Personal; Corporate; Savings; Current |
Opening procedure and Due Diligence |
It is possible to open an account without visiting the country where the bank is located; It is possible to open an account without meeting the banker |
Chances to open an account |
Predictable |
Business description |
Detailed: in addition to business description, the origin of funds and nature of transactions needs to be disclosed: Business description for the company – description, website, links to groups in social media and mass media; Business description for group/holding/resident business – description, website, links to groups in social media and mass media; Cash flow chart (incoming and outgoing transfers, to/from whom, for what, counteragents’ names/websites, average sum of a transfer/transfers per month, turnover per year); Details of beneficial owner – passport (international and internal with residential address, short business or professional bio), in what other companies he/she is also a shareholder and/or director.
Depending on the information provided, additional documents may be requested. |
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