Compilation of Conditions for Real Estate Business Professions
Conditions for Real Estate Business, Brokerage, and Exchange Professions
How are the conditions for real estate business, brokerage, and real estate exchange professions regulated?Thank you.Pursuant to: Law on Real Estate Business 2014
- For the real estate business sector: Clause 1, Article 10 of the Law on Real Estate Business 2014 stipulates: Organizations and individuals engaged in real estate business must establish an enterprise or cooperative (hereinafter collectively referred to as an enterprise) and have legal capital not less than 20 billion VND.
Thus, the minimum charter capital for a real estate business company is 20 billion VND.
Note: The Investment Law 2020 has abolished the condition "must have legal capital not less than 20 billion VND" for organizations and individuals engaged in real estate business. Therefore, from January 1, 2021, organizations and individuals engaged in real estate business only need to establish an enterprise or cooperative and do not need to meet the condition of having minimum legal capital of 20 billion VND.
- Real estate brokerage sector: According to Clause 1, Article 62 of the Law on Real Estate Business, organizations and individuals engaged in real estate brokerage services must establish an enterprise and must have at least 2 people with a real estate brokerage practice certificate. Therefore, when a company wants to add a business sector, there must be at least 2 people with brokerage certificates.
- Real estate trading floor service sector:
Enterprises providing real estate trading floor services must have at least 2 people with real estate brokerage practice certificates; the manager and operator of the real estate trading floor must have a real estate brokerage practice certificate (Article 69).
Sincerely!
