Ministry Of Construction: Regulations On Real Estate Enterprises With Legal Capital From 20 Billion No Longer Suitable

The Ministry of Construction said that regulating real estate business organizations and individuals must have legal capital but no need to prove but only declare based on charter capital at least 20 billion dong showing many shortcomings in the Fa Ly and practical applications, because the subjects have the right to declare the capital level without a compulsory control mechanism for implementation of 9: 00/3: 46 namthan businesses for real estate businesses to establish a business or Construction cooperatives said Clause 1, Article 10 of Decree No. 76/2015 / ND-CP prescribing organizations and individuals in real estate business must establish enterprises or cooperatives and must have legal capital lower than 20 billion VND. However, the Ministry of Construction said that the regulations on enterprises and cooperatives must have the above legal capital have shown the legal shortcomings and practices for execution. It is intended to have legal capital in Decree No. 76 no longer consistent with the most common legal views on legal capital

. Accordingly, the legal capital is the minimum capital level to establish a company prescribed by the law for a number of industries. Regulations of the law related to the business lines require capital Legal before the Law on Investment 2020, the agency found that the rule of legal capital must always have a basis based on the principle of ensuring the performance of business subjects, protecting the rights and interests of Consumers and ensure stable financial markets. So, organizations and individuals doing business professions must have legal capital forced to prove capital in many ways, through the proof of money in the organization Credit or Escrow
.. However, for real estate business organizations and individuals, the regulation of legal capital does not need to prove but only declare based on charter capital at least VND 20 billion. Approving that this makes legal capital regulations for real estate business in accordance with the law on smart real estate business G has many meanings in practice, because the subjects have the right to declare the capital level without a mandatory control mechanism for implementation. Other, real estate business activities have very wide content including operations. building projects, construction works, for sale, lease, purchase, construction works for re-lease, sale, lease, construction works are under their legal proposal, Kinh Real estate service ... In particular, the Ministry of Construction said that for the operation of enterprises such as selling and leasing real estate in projects established and approved without real estate business goals , Real estate service business activities, real estate leasing activities are available for rent .
. Then to meet the legal capital requirements do not show significance because these activities are not Activities to eliminate construction investment to create real estate to put into business. "The legal capital regulation for all of these activities shows unreasonable during pressure Applying regulations ", this agency emphasizes. Also according to the Ministry of Construction, now the Law of Investment in 2020 and the Enterprise Law in 2020 has no longer regulations on conditions for legal capital for business lines Conditional businesses. 2 Article 75 of the Investment Law in 2020 has stipulated amending and supplementing Clause 1, Article 10 of the 2014 Real Estate Business Law, which removed the provisions on conditions for legal capital Lower than VND 20 billion for real estate business. Therefore, the conditions for the conditions to have legal capital for real estate business in Decree No. 76 are no longer appropriate.Do, to ensure unification and synchronization with the provisions of law on Investing and draft Decree have amended throughout the contents of Article 3 of the current regulations on conditions for organizations and individuals participating in real estate business in the direction of resolving the requirements of legal capital and supplements Regulations on real estate business conditions such as: establishing businesses or cooperatives, must disclose information related to businesses and business real estate information. "So new guarantees publicly, transparent business activities, minimum limitations have the risks that occur to customers, overcome the status of fraud due to the sale of real estate, not invested and doing business has been happening in the past time, "Ministry of Construction emphasizes.

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