Evaluation and Immovable Service Businesses Must Obtain Certificate or License

• 3 September 2020
• Local News
• 4981 Views

By law, all businesses in Cambodia must be registered and pay taxes. Similarly, businesses providing evaluation services and immovable services also require a professional certificate or business license from the Ministry of Economic and Finance.

An evaluation service conducts an appraisal to determine the value of an asset and its benefits located or attached to it. Meanwhile, immovable services are divided into two sub-categories: the real estate agent service and the real estate management service.

A real estate agent service is related to the sale, purchase, and lease of land, buildings and structures. For a real estate management service, it refers to managing, inspecting, and leasing operations on any immovable property on behalf of and/or on behalf of the owner of that immovable property, such as condominiums, co-ownership buildings (condos, etc.) and buildings or commercial buildings. This does not include the management of the real estate to be traded, such as hotels, guesthouses, factories, ports, golf courses, quarries, cinemas, stadiums, sports centres, and hospitals.

To open a business of evaluation service or immovable service, one must apply for a professional certificate as a valuer or a professional certificate as a realtor depending on the type of business listed with the Ministry of Economy and Finance. After obtaining the certificate, these individuals will become valuers or real estate agents.

Companies intending to professionally provide evaluation or immovable services must first apply for a property valuation license or an estate agent license or a property management license, depending on the type of business listed with the Ministry of Economy and Finance. After obtaining a business license, these companies will become property valuation companies, estate agents, or property management companies.

For those conducting any of the aforementioned businesses without prior permission from the authorities will be fined up to 5,000,000 Riels, according to Prakas No 636 SHV. PRK on Management of Business, Services, Evaluation Services, and Immovable Services (29-06-2017).

• Laws and Regulation