3. Private and public companies
Past version: effective from 14/06/2015 - 13/06/2015
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(1) A "private company" is any company that is not a public company.
(2) A "public company" is a company limited by shares—
(a) whose certificate of incorporation states that it is a public company, and
(b) in relation to which the requirements of these Regulations as to registration or re-registration as a public company have been complied with.
(3) A "private company" may apply to the Registrar to be registered as a restricted scope company at its formation.
(4) A company may only be registered as a restricted scope company if—
(a) it is a subsidiary undertaking of another body corporate that prepares and publishes group accounts under these Regulations or such other enactment as the Registrar may recognise for the purposes of this section,
(b) it is a subsidiary undertaking of a body corporate that is incorporated by a Federal Law or by a law of any Emirate of the United Arab Emirates, or
(c) it is directly or indirectly wholly-owned by—
(i) one person, or
(ii) a group of persons who are members of the same family.
For the purposes of this subsection(c) the members of a person's family are that person's parents, spouse and children (including step-children).
(5) For the major differences between private and public companies, see Part 19.