What Are New in Real
Estate Trading Business From 2021?
Specifically, amending
regulations on real estate business conditions in the Law on Real Estate
Trading 2014 as follows: “Any organizations and individuals trading in real
estate must set up enterprises or cooperatives (hereinafter referred to as an
enterprise), except for the case specified in Clause 2 of this Article. ”
Clause 1, Article 10 of
the 2014 Law on Real Estate Business stipulates that “Any organizations or
individuals wish to conduct real estate trading shall set up enterprises or
cooperatives (hereinafter referred to as enterprises) and have legal capital
not smaller than VND 20 billion, excluding cases prescribed in Clause 2 of this
Article.”
In addition, the Law on
Investment 2020 also amends regulations on the competence to permit the transfer
of all or a portion of real estate projects. For real estate projects approved
by investors or granted an investment registration certificate in accordance
with the Law on Investment, the competence and procedures for the transfer of
all or a portion of the project comply with regulations of the Law on
Investment. For real estate projects not falling into the above cases, the
competence to permit the transfer of all or a portion of real estate projects
is as follows: Provincial People’s Committee decides to allow the transfer of
all or a portion of the real estate projects for projects decided by the
provincial People’s Committee to invest; The Prime Minister shall decide to
permit the transfer of all or a portion of real estate project to projects for which
the investment is decided by the Prime Minister.
In case organizations,
households or individuals sell, transfer, lease, or lease purchase real estate
on a small scale, rarely, it is not required for real estate enterprise to be
set up, but they must declare and pay taxes according to the provisions of law.
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