Procedures and Requirements of Property Trade Intermediary Business License (SIU-P4) – Want to set up a company engaged in the Property business? Pay attention! You must have a Property Trade Intermediary Company Business License first (SIU-P4) in accordance with the Regulation of the Minister of Trade No. 51 / M-DAG / PER / 7 / 2017 concerning Property Trade Intermediary Companies (Minister of Trade No.51/2017) which is an amendment of Minister of Trade No. 33/2008 concerning Property Trade Intermediary Companies and MOT No. 107/2015 concerning Amendments to Minister of Trade No. 33/2008.
You need to know that the Property Trade Intermediary Company, hereinafter abbreviated as P4, is a business entity that are both legal and non-legal entity established and domiciled in the jurisdiction of Republic of Indonesia which carries out brokerage business activities, sale and purchase, brokerage rent, research and study, marketing, as well as consultation, and dissemination of information relating to property based on the orders of the Service User as stipulated in a written agreement.
What is meant by a written agreement to carry out business activities? The written agreement contains at least scope of activities assigned to property object, rights and obligations of the parties, value or percentage and procedure of commission payment, duration of the agreement, and dispute settlement.
What are The Terms, Conditions and Procedures for Obtaining SIU-P4?
The criteria that must be met by an Intermediary (Broker) to own or obtain SIU-P4 include:
1. Property trade brokerage business activities in the jurisdiction of the Republic of Indonesia can only be carried out by domestic investment/local companies.
2. Companies can cooperate with foreign companies through a franchise system in accordance with the provisions of laws and regulations.
3. P4 must have at least 2 (two) Experts, and for P4 Branch Offices, it is required to have at least 1 (one) Expert Staff whose expertise must be proven by a Property Trade Intermediary Competency Certificate. Experts are prohibited from working on P4 and / or another P4 Branch Office.
4. P4 in carrying out its business activities is required to make a written agreement with the Service User.
Where and how do the Brokerage Companies get a Property Trade Intermediary Competency Certificate? There are 2 steps that must be taken by an Intermediary Company (broker), including:
1. Required to register the company with the Indonesian Real Estate Broker Association (AREBI), and in AREBI itself there is a training for prospective property brokers.
2. Experts are required to conduct a Competency Test at the Indonesian Property Brokerage Professional Certification Institute (LSP BPI) to obtain a Property Trade Intermediary Competency Certificate.
The following requirements must be prepared for the SIU-P4 Registration Application:
1. Photocopy of company establishment notary deed for P4 in the form of a firm, limited partnership, cooperative and limited liability company.
2. Statement of the position of the business entity with sufficient duty stamp for P4 in the form of an individual company.
3. Photocopy of stipulation of legal entity approval for P4 in the form of cooperatives and limited liability companies.
4. Photocopy of Property Trade Intermediary Competency Certificate and supporting data of the Company Owner / Management / Person in Charge (ID card and Tax ID) and Experts (Photocopy of ID card and curriculum vitae).
5. 2 (two) photos of the owner, manager or person in charge of the company.
6. Power of Attorney is stamped and signed by the owner, manager, or person in charge of P4 (if authorized to a third party).
The following is the procedure that is carried out to make an Application for SIU-P4 Registration:
1. Fill out the form that can be downloaded from the Indonesian Ministry of Trade website in the form of an Application Letter (SP SIU-P4).
2. Applications for the issuance and re-registration of SIU-P4 are submitted to the Director of Business Development and Distribution Actors of the Ministry of Trade through the Online Single Submission (OSS) or the Electronic Integrated Business Licensing Service in the Trade Sector.
3. Send the required documents that have been collected or completed.
4. The owner, manager or person in charge must be able to show the original document for the validity of the document
5. The process of determination is no later than 3 (three) working days from the receipt of the application for the issuance of SIU-P4, and will determine a correct and complete declaration or the Director publishes SIU-P4 Online Declared incorrect and / or incomplete or the Director makes a rejection letter along with the reasons for rejection online and can re-submit the SIU-P4 Application from the beginning.
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