Licensing of real estate activity | Diplomat Law Firm

Licensing of real estate activity

1. Realtor and services

According to the definition provided by an Act of the Republic of Uzbekistan "On realtor activity", a realtor entrepreneurship are businesses of legal entities and individuals on provision of services on a contractual basis, relating to the deal-makingwith real estate and rights to them.

Real estate activity in Uzbekistan is carried out by providing the following types of real estate services:

  1. informative and consulting services in the real estate market;
  2. mediation at the deal-making with real estate and rights on them;
  3. asset management of real estate;
  4. trading business of real estate and rights to them.

Both legal entities and persons having the status of an individual entrepreneurcan engage in realtor activities.

It is compulsory to have license for being engaged in realtor activity. Individuals should also get a qualification certificate.

Goskomkonkurentsii (State Committee of Competition) of Republic of Uzbekistan carries licensing of real estate activity.

2. Documents required obtaining a license

In order to obtain a license the following documents shall be submitted directly or through post with notification of their receipt to the licensing authority:

a) the application for a license, indicating:

  • name and the legal form of legal entity, its location (postal address), name of the bank and deposit account in a bank;
  • surname, name, patronymic, passport data - for an individual;
  • type(s) of real estate services, which the applicant intends to carry out;

b) a copy of the certificate of state registration and charter with all registered amendments and supplements thereto (for legal entities) or a copy of the certificate of state registration of individual entrepreneur (for an individual);

c) a copy of the payment document confirming payment of the license applicant a fee of 2 minimum wages for consideration by the licensing body of the application of the applicant’s license;

d) copies of employment histories (labor books) and labor records of employment of staff of Realtors on the main job, stamped by legal entity.

Legal entity (realtor organization) should have a staff of at least two employees with qualification certificate of realtor, including the head of real estate organization.

e) copies of qualification certificatesof Realtors employees in the staff of the license applicant, stamped by legal entity, a copy of the qualification certificate of agent - for an individual;

f) a copy of the document evidencing the authorized capital formed entirely to the extent provided by law for the implementation of the relevant type of real estate activity;

g) a copy of the approved internal rules of control of the quality of services.

Note: The requirements of subparagraph "d", "f", "g" does not apply to license applicants - individuals.

3. Authorized capital (fund)

The minimum of authorized capital (fund) of the realtor organizations depends on the type of services that they intend to carry out.

For the implementation of information and consultancy services in real estate, authorized capital (fund) must be not less than 100 minimum wages.

For the implementation of mediation in transactions with real estate and rights to them authorized capital (fund) must be not less than 500 minimum wages.

To hold in trust property management authorized capital (fund) must be not less than 1000 minimum wages.

Finally, for the organization of trading of real estates and rights to them authorized capital (fund) must be not less than 3000 minimum wages.

At the same time, the formation of partially or fully authorized capital (fund) in not monetary form by making the property used in the provision of real estate services allowed.

The license applicant, who intends to carry out several kinds of real estate services, must have formed authorized capital by type of real estate services, which provided for the formation of the maximum amount of the authorized capital.

For example, real estate organization intends to carry 3 types of real estate services:

  • information and consulting services to the real estate market ;
  • mediation at the deal-making with real estate and rights on them;
  • asset management of real estate.

Since among these three types of real estate services the maximum amount of authorized capital (fund) is provided for the trust property management, then authorized capital (fund) a real estate organization should be formed precisely for real estate asset management - not less than 1000 minimum wage.

4. License

The decision to grant or deny a license is received by the licensing authority within a period not exceeding 30 days from the date of receipt of the application of the license applicant with all necessary documents.

For licensing process, a government duty of four minimum wages is collected.

Validity of license for real estate activity is not limited.


Yoqubjon Iskhakov


Diplomat Law Firm