“A private company is the most common and simplest form of company to be registered. It is comparable to a close corporation”.
Private Companies may not offer shares to the public and restrictions are also placed on the transferability of their shares. Private companies must have at least one director and one incorporator. The director and incorporator may be the same person. The word “person” includes a juristic entity. This means that 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 smaller number of directors.