Cases of revoking license to operate, terminating the real estate trading floor in Vietnam

Cases of revoking license to operate, terminating the real estate trading floor in Vietnam (Image from the Internet)

1. Cases of revoking license to operate, terminating the real estate trading floor in Vietnam

According to Clause 4, Article 17 of Decree 96/2024/ND-CP, the provincial state management agency in charge of real estate business issues decisions to revoke licenses and terminate the operations of real estate trading floors in the following cases:

- In cases where the real estate trading floor violates the regulations stipulated in Article 8 of Real Estate Business Law 2023 and other relevant laws, within 07 working days from the date of license revocation, the provincial state management agency in charge of real estate business must notify in writing to the Ministry of Construction and the local tax agency where the trading platform is registered about the revocation of the trading platform's operating license.

Within 60 days from the date of license revocation, the real estate trading floor must pay all outstanding taxes; settle all other debts; complete the termination procedures for contracts signed with employees; for service contracts signed with customers but not yet completed, they must negotiate with customers regarding the execution of those service contracts.

- In cases where the real estate trading floor voluntarily terminates its operations, it must notify in writing to the provincial state management agency in charge of real estate business and the local tax agency where it is registered at least 30 days before the anticipated termination date. Within 07 days from the receipt of the termination notification from the real estate trading floor, the provincial state management agency in charge of real estate business must notify in writing to the Ministry of Construction.

Before the termination date, the real estate trading floor must pay all outstanding taxes; settle all other debts; complete the termination procedures for contracts signed with employees of the real estate trading floor; fulfill all service contracts signed with customers. If it is unable to fulfill the service contracts signed with customers, it must negotiate with customers regarding the execution of those service contracts.

2. Regulations on the conditions for operating real estate trading floor in Vietnam

The conditions for operating real estate trading floor in Vietnam are stipulated in Article 15 of Decree 96/2024/ND-CP as follows:

- Real estate trading floors must meet the conditions stipulated in Article 55 of Real Estate Business Law 2023.

- The legal representative of the enterprise and the managing operator of the real estate trading floor are responsible for the operations of the real estate trading floor. The legal representative of the real estate trading floor can simultaneously be the managing operator of the platform.

- The real estate trading floor must have a stable name and transaction address for over 12 months and possess technical equipment that meets the requirements for the activities of the platform.

- The real estate trading floor is responsible for implementing anti-money laundering measures and reporting on anti-money laundering according to the law on anti-money laundering.

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