– Private companies are subject to fewer disclosure and transparency requirements.
– A private company will still be prohibited from offering its shares to the public and the transferability of its shares will be restricted, but it may now have more than 50 shareholders.
– The name of a private company must end with the expression “Proprietary Limited” or its abbreviation “(Pty) Ltd”.
– The board of a private company must comprise at least one director, or any other minimum number as stipulated in its MOI. Each incorporator is a first director of the company.