Legal Alert: Notification on the Obligation of Applying for Housing Development Business License, Co-owned Building Development Business License, Land Development Business License, Real Estate Service Business License, and Pawnshop and Transfer as Security Business License
Issue: No. 006 P/24 – 28 March 2024
On 21 March 2024, the Real Estate Business and Pawnshop Regulator (the “RPR”) issued a Notification on the Obligation of Applying for Housing Development Business License, Co-owned Building Development Business License, Land Development Business License, Real Estate Service Business License, and Pawnshop and Transfer as Security Business License (the “Notification”).
This Notification aims to remind to the owner of company/enterprise/project that any business activity on the housing development, co-owned building development, land development, real estate service business as well as the pawnshop and transfer as security business shall obtain a license from the RPR. Any person who is conducting the abovementioned business activity without a license from the RPR shall apply for the license at the RPR from the date of this Notification onward.
Any business activity without a license from the RPR is an offense which is subject to the administrative sanctions and penalties in accordance with the existing laws and regulations.
Disclaimer
The article is merely for general information purposes. It does not constitute a legal advice on the subject matter. If you have any questions or need any assistance, please feel free to contact us:
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NOEUM Sokvichhai,
Partner, Managing Director sokvichhai.noeum@sithisak-lawoffice.com +855 12 826 785
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Mr. Sokvichhai has more than 8 years of experiences in labour, corporate, commercial and investment advisory in Cambodia. He actively advices and assists various businesses in commercial, tax, and labour registration, business licensing, products registration & distribution, business recapitalization & restructuring, and mergers & acquisitions transaction. He also has particular experiences in advising collective investment fund and trust business, initial public offering, bond issuance, investment incentives & qualified investment project, and labour & employment related issues. Sokvichhai also assists major business in preparing various complex commercial agreements. |
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Dr. CHHAK Limchheang,
Partner, Head of Real Estate and Construction Practice Group limchheang.chhak@sithisak-lawoffice.com +855 89 813 160
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He has several years of professional experiences in real estate-related transaction and construction sector in Cambodia. He has advised local and foreign clients on acquisition and disposal of residential, industrial and commercial properties, on commercial lease, factory perpetual lease, real estate joint venture development and FIDIC agreements. Recently, he led counsel to advise on both real estate and tax issues of real estate development project with an approximate investment portfolio of USD 40 million in Kampot Province. He is currently leading a legal counsel to advise a major domestic company in their joint venture property development with an investment portfolio nearly USD 200 million in Phnom Penh. |
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