A private company is the most common form of company registered.
Private Companies may not offer shares to the public and restrictions are placed on the transferability of shares. Private companies must have at least 1 director and 1 incorporator. The director and incorporator may be the same person or juristic entity. A legal entity or a trust may be an incorporator of a new company. Most private companies are owner managed and tend to have a minimal number of directors.
Private companies must have a Memorandum of Incorporation (MOI) which sets out the rules agreed by the shareholders for the management and maintenance of the business. Private companies may be registered with a standard or a customised MOI which is provided by law and is integrated into the company registration process. A customised MOI allows shareholders to impose certain conditions or waive certain requirements, such as an audit requirement. MOIs must be attached to the applications and may require the assistance of a legally qualified person or someone with company secretarial knowledge.