The provision dealing with limited liability companies having the status of a private exempt company (article 211 of the Companies Act) has recently been amended to remove the condition that for a company to qualify for such status, no body corporate could hold, or have interest in, any shares or debentures of that company.
Accordingly, as long as the other conditions laid down in article 211 are satisfied, the shareholding of a private exempt company may include all types of body corporate (including foreign entities).
Click here to access the notice to practitioners issued by the Registry of Companies.
