A private company limited by shares is exempt if:
- No body corporate other than another exempt company holds any of its shares or debentures
- The number of debenture holders is not more than 50
- no body corporate is a director of the company.
The main advantages of an exempt private company are:
- It need not file accounts with its Annual Return
- It is not subject to the statutory restrictions on loans to directors
by taxlaw.com
