Form of government:Republic
Area:9 250 km2
Exempt Private Company (Exempt Private Company)
It is essentially a Private Company limited by shares, which is exempt from the obligation to file financial statements with the Registrar of Companies, and also has no restrictions on issuing loans to its directors.
In practice, companies in this form are rarely established, since the tax service still recommends that companies submit audited financial statements. In addition, there are a number of requirements that this company must meet, such as:
- No corporation other than another exempt company may own its shares or debentures.
- The number of debt holders must not exceed 50
- The founder cannot be a director of the company.