Doing business in Mongolia
Our team will; help you do business successfully in Mongolia.
Getting to know each other
As a foreign investor, you will be made to feel very welcome in Mongolia. There are also opportunities in the areas of transport, water and renewables. You will be expected to dress and behave formally for a business meeting. For men, this means a suit with a plain shirt and tie. The exchange of business cards is also very important. Take the time to study any card which has been handed to you by the person to whom you are speaking and, as with anything else that you receive, take it with both hands.
At your potential partner’s house
It is highly likely that you will be invited to the home of your potential partner before any commitments are made in respect of business. Such an invitation should never be refused. It is also appreciated if you take a small gift with you for the host or hostess. Typically gifts which offer a British flavour, or flowers or chocolates will go down well.
Closing the deal
In Mongolia it is also customary to present a modest gift when a contract is signed. The deal will be celebrated with drinks and vodka shots. You will see that, once a deal has been entered into, the relationship with your new partners will become much more informal. Mongolian business people are also very loyal. A successful deal can therefore mean a long process of collaboration.
The official language in Mongolia is, perhaps unsurprisingly, Mongolian. A total of 95% of the population speak it as their first language. Russian and English are also spoken. English is threatening to replace Russian as the second language and is frequently used in the business world. That makes communications with your Mongolian business partners much easier, of course. Sometimes, however, certain documents, often of an official nature, will have to be translated. Bilingual business cards (English and Mongolian) are also appreciated. Most business documents can be supplied in English, however. Our team will be happy to help you in any case. We only work with professional translators who are native speakers of the target language. Furthermore, we carefully select the right specialist for each document, someone with just the right level of expertise to deliver the best translation.
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