Bali is on the bucket list of most travelers. Yes, we all know, Being one of the most popular tourist destinations in Southeast Asia, how many of you know it is a growing real estate investment destination?
Bali’s property market has soared in demand. Increasing tourism has propelled the property rates. A recent 2019 Bali Province Tourism Development Statistic, says 6,3 million travelers reached the International airport, and around 10 million were domestic visitors.
If you are interested to set up your real estate business in Bali, make sure you are well-aware of the requirements.
Here in This Article, We’ll Be Enlisting the Licenses That You Need to Get Your Estate Business Up and Running in Bali, Let’s Find Out:-
Requirements for Establishing Your Real Estate Agency in Bali
Adhering to specific requirements and licenses is an inevitable aspect of starting a real estate business in Bali.
In Indonesia, the requirements vary slightly from state to another (or province).
Here Are Licenses & Permits That Are Mandatory Under the Indonesian Laws:-
- Location Permit
- Utilization and Function Plan License
- Environmental Permit
- Spatial Utilisation License
#1. Spatial Utilisation License
Spatial Utilization License is a permit that lets a real estate agent in Indonesia do spatial planning in Bali. The objective of this license is to formulate a systematic society space and control space utilization. You’ll have to prepare RDTR, for the efficient space utilization in any special economic zone.
#2. Utilization and Function Plan License
A Utilization and Function Plan License permits realtors to develop condominiums. The license can be obtained from the mayor of the city.
#3. Environmental Permit
For carrying out real estate business activities that may harm the environment, the Environmental Permit is a must. These activities may involve waste emission in the water or air.
Having the Environmental Permit means you have a plan to deal with waste and pollutant emission issues and a team of trained professionals on-site to take care of it.
#4. Location Permit
Last but not least, location permit is another requirement when setting up a real estate business in Indonesia. It allows foreigners to invest in the local real estate sector.
The foreigners are permitted to use the land for investment or commercial purposes. To obtain the Location Permit, you’ve to register through the OSS system.
Next is Submitting Your Application With the Following Documents:-
- Possessed Land Area Affidavit
- Business Identification Number
- Map Including the Location’s Coordinates
- Business Activity Plan Proposal
- Commitments Fulfillment Statements
How Can Local Business Consultant Assist?
While there is a myriad of perks associated with setting up your real estate business in Bali —such as the availability of the skilled workforce, favourable government policies, and sustainable economic growth — there are still considerations to take into account for investors.
Starting a real estate agency in Bali can be challenging unless you have the assistance of a local consultant. Those who are well-versed with setting up a business in Indonesia will guide you with everything, right from your company’s registration to submit business license applications.
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