To become legal entity, special license to operate
Founded and become a legal entity
According to the Law on Savings and Credit Cooperatives, at least 20 founders must draft a charter of a “Savings and Credit Cooperative” in accordance with the law, and the founders of the Savings and Credit Cooperatives must raise more than 30 percent of the total share in cash. The first founding meeting and related materials shall be compiled and registered in the state registration of legal entities at the “State Intellectual Property Registry”.
Documents and order to be submitted for registration of a legal entity:
| Required materials | Recommendations | |
|---|---|---|
| 1 |
Confirmation of the name of the legal entity / 500 tugrugs to be transferred to the relevant account of the State Registry / |
The founder or trustee must come with a national identity card (a copy may be obtained) and obtain a name certificate from the State Registrar. You can come to the bank with a receipt or pay by reading the VISA card of any bank in the name window. |
| 2 | Receipt of state stamp duty payment / 44000 tugrugs to be transferred to the relevant account of the State Registry / | You can bring your receipt to these accounts or pay by reading the VISA card of any bank at the time of registration. |
| 3 | Fill in the UB-03 form / 1 copy / | burtgel.gov.mn/service/ can be downloaded from or from the state registrar. |
| 4 | Proof of the cooperative's share capital / 1 copy / | Founding members (more than 20) must open a bank account and bring proof of deposit of funds contributed to the cooperative. (5.2.3 of the Law on SCCs. The founder of a savings and credit cooperative must have accumulated more than 30 percent of the total share capital agreed to be included in the establishment of the cooperative in cash) |
| 5 |
Minutes and minutes of the meeting of all founding members |
The founding meeting shall be attended by all members, the following issues shall be discussed, resolved by a majority vote, and a resolution shall be issued and signed.
Election of members of the board of directors and supervisory board. Minutes shall be taken during the meeting and signed by the chairperson and all members.
issues discussed at the meeting, proposals made, percentage of votes supported, decisions made. |
| 6 | Resolutions and minutes of the Board of Directors meeting /1.1 percent / | The resolution and minutes shall be signed by the members elected by the Chairman of the Board (cooperative chairman) from among the members of the Board of Directors |
| 7 | Rules / 2 copies / | The charter is the main document regulating its activities and must reflect the provisions of Articles 9.1.1-9.1.21 of the Law on Savings and Credit Cooperatives. |
| 8 | Copy of ID card / 1 copy / | Copy of ID card of the founding members / notarized / |
| 9 | Evidence of the legal entity's address. / 1 percent/ | Real estate certificate or copy of lease agreement. Copy of ID card to register at the home address of one of the founders. |
Obtain a license to conduct savings and loan activities
The Financial Regulatory Commission (hereinafter referred to as the COMMITTEE) shall obtain a license to conduct a DEPOSIT-LOAN operation by developing a business plan for establishing a Savings and Credit Cooperative and compiling relevant documents.
Relevant documents shall be submitted in accordance with the “Conditions and requirements for conducting the activities of the Savings and Credit Cooperative” (hereinafter referred to as the conditions and requirements) approved by the Resolution No. 245 of the Commission dated June 29, 2018.
The Board of Directors of the Savings and Credit Cooperative shall submit the following documents to the Financial Regulatory Commission within 30 working days after the registration of the Savings and Credit Cooperative with the state registration authority of the legal entity:
LICENSE REQUIREMENTS AND COMPLETION DOCUMENTS
Conditions and requirements for running a savings and credit cooperative "
CSC-s applying for a license to conduct deposit and loan activities must meet the following conditions and requirements:
- Savings. to be established in accordance with the law on credit cooperatives;s
- Savings. Article 15.3.19, Article 19.1 and 19.2 of the Law on Credit Cooperatives. Conditions specified in 19.3. meet the requirements;
- To meet the conditions and requirements specified in Article 11.1.6 of the Law on Licensing of Business Activities;
- The contribution of the founding members of the CSC is the citizen. income from legal activities of the business entity.
CSC-s applying for a license must submit the following documents. Submit to the Committee:
- Official letter requesting a license;
- An application for a license issued in accordance with Annex 1 to these terms and conditions;
- Notarized copy of the state registration certificate of the legal entity;
- Minutes of the CSC founders' meeting and attendance record of the decision founders shall be certified by the signatures of the members present at the meeting;
- Agreement between the founders of CSC-s / must be signed by the founders /;
- Rules of CSC
- Rules of procedure of the Board of Directors and the Supervisory Board approved by the general meeting. Minutes and decisions of the meeting that approved the regulation:
- Minutes and decisions of the meeting on the procedure and procedures for deposit and loan activities approved by the meeting of the Board of Directors;
- Account statement confirming that the members' share funds have been deposited in the bank's CSC account / each member has deposited the share capital in the CSC's account /;
- approved by the general meeting. a business plan of at least 3 years developed in accordance with the recommendations set out in Annex 9 to these terms and conditions;
- notarized copy of the ID card of the founding members;
- this condition. Chairman of the Board of Directors, Chairman of the Supervisory Board issued in accordance with Annex 5 of the requirements. Member and Chairman of the Credit Committee. member and CEO. accountant's application form;
- financial statement of financial statements prepared in accordance with Annex 6 to these terms and conditions;
- Chairman of the Board of Directors, member, Chairman of the Supervisory Board, Member, Chairman of the Credit Committee. member. Notarized copy of professional diploma and certificate of the executive director, indicating his / her profession, specialization and skills. a certificate proving knowledge and experience of local development and cooperatives, if necessary;
- Minutes and decisions of the meeting of the Board of Directors appointing the Executive Director;
- agreement with the executive director of the board of directors;
- an order of the CEO appointing an accountant;
- Order of the Executive Director appointing a supervisory officer in accordance with Article 14.1.2 of the Law on Combating Money Laundering and Terrorism Financing
- internal procedures for combating money laundering and terrorist financing approved by the General Assembly;
- The contributions of the founding members of the CSC meet the requirements of the Anti-Money Laundering and Terrorist Financing Act. Evidence of income from legal activities. explanations;
- a copy of the lease agreement if the workplace is leased and a certificate of immovable property if it is owned;
- To ensure the safety of the external environment of buildings and facilities to operate in accordance with Article 11.1.6 of the Law on Licensing of Business Activities. Police report on the installation of video equipment