Foreign Investment and Foreign Trade Agency (FIFTA)
The Foreign Investment and Foreign Trade Agency is the State administrative body charged with implementing policies and legislation with respect to foreign investment, to research possibilities to increase foreign investment, to organize investment promotional activities, to provide investors with relevant information, and to involve foreign investors in project tenders; to provide foreign investors with a complete “One-stop service”, to prepare information on foreign investment statistics; to approve and/or disapprove establishment of a business entity with foreign investment or a branch of a foreign legal entity; to terminate, temporarily or completely, the activities of a business entity with foreign investment or a branch of a foreign legal entity; an other rights specified in legislation.
In August 1996, the Board of Foreign Investment (BFI) was created by Parliamentary Decree No.40. This had two major responsibilities: development of foreign investment projects and the promotion of foreign direct investment. In July 1998, the BFI was attached to the Ministry of External Relations and the name of the organization changed to FIFTA. In September 2000, the FIFTA started operating under the authority of the Ministry of Industry and Trade.
FIFTA’s One Stop Service Center is designed to coordinate assistance to investors wishing to establish business enterprises. It provides a local network facility that enables investors to comply with all registration procedures. At this center investor can benefit from the professional advice and support of the representatives of important government authorities such as tax, customs, labor and other business licensing organizations. Its registration service is directed to issue a certificate of incorporation to foreign investment or representative offices based on the investor’s application. Its aftercare service concentrates an assistance to investors in facilitating further stages of the investment process and running the business, including supporting the import of capital and equipment, issuing ID cards for investor’s residency permission and multiple entry visas to Mongolia, as well as assisting with guidance on problems faced by investors at the relevant authority level.
FIFTA is becoming a reliable and recognized partner for investors abroad and locally. It received the Mongolian National Chamber of Commerce and Industry’s award for “The best business supporting government institution”, WAIPA’s award for “The best investment promotion agency”, “The best organization of Industry and Trade” of Mongolia, Award of Mongol Bank, and “Honoring Award for Excellence” of Newsweek magazine.
For details and further information:
Foreign Investment and Foreign Trade Agency
Government Bldg #11, Sambuu street 11,
Phone: (976-11) 326040, 320871, 314774
Entry filed under: FIFTA.