It is common to address people by “noyen” means “sir” or “the respected" and “hatagtai” means “madam".
Medical doctors should be addressed as “emch” which means “doctor”.
It is best to show up on time, well-dressed, and well prepared. In terms of nearly all business protocol takes its cues from the United States, England, Japan and South Korea.
Greeting people should start with the most-respected or highest-ranking first, than move to the others. Prior to the slated start time, or until all expected participants arrive, some minor small talk about the weather or inoffensive topics is considered polite (refrain from potentially contentious topics).
The one who called/arranged the meeting should begin the discussion, and serve to moderate discussion, keep the agenda moving and conclude.
Gift Giving Etiquette
Gift giving and receiving in most official situations, while not considered necessary, does help to generate good feelings. It tends to be a common practice in Mongolia. Gifts should be wrapped.
In most cases these are just token gifts, something that represents the country one is from, or something the receiving party might find interesting – but not something overly expensive or given with the obvious aim of unduly influencing the other party.
Gifts are to generally opened in front of people, in order to show the room that good-will has been established and that the receiver can appreciate the gesture.
Anything extraordinarily expensive that gives the appearance of “buying” the other party’s cooperation – or anything overtly sexual in nature – is considered inappropriate.
For men, business suit and tie, or overcoat in cold months, are appropriate. As for women, pants-suit or mid-length skirt and ladies’ suit-jacket with formal blouse are the norm.
It is best to present a business card as it is taken as a sign of legitimacy for whatever operation you are running. Present them with either the right hand or both hands, and receive either with the right hand or both.