Question: Dear lawyers of PL & Partners, I intend to work as a real estate broker as my side job, but I heard that a real estate brokerage services provider must establish an enterprise. So my question is: Am I required to set up an enterprise? Could you help me find the answer? I’m looking forward to hearing from you. Thank you.
Answer: PL&Partners would like to thank you for trusting and sending questions to us. For your question, we would like to reply as follows:
Pursuant to Article 62 of Law on Real Estate Business 2014:
“Article 62. Requirements for real estate brokerage services providers
1. Any real estate brokerage services provider shall set up the enterprise and have at least 2 people obtaining a real estate broker license (hereinafter referred to as broker license), excluding the case prescribed in Clause 2 of this Article.
2. Individual is entitled to provide real estate brokerage services independently provided that he/she obtains a broker license and pays taxes as prescribed in law on taxation.
3. Any real estate services provider is not entitled to be both a broker and a contracting party in a real estate transaction.”
Thereby, it can be seen that individuals are entitled to set up the enterprise or provide real estate brokerage services independently. In case the individual provides real estate brokerage services independently, he/she must obtain a broker license and pay taxes as prescribed by law on taxation.
Compared to your case, you are entitled to provide real estate brokerage services independently without having to establish an enterprise. However, you need to meet all the conditions, including obtaining a broker license and paying taxes as prescribed by law on taxation.