Section 21: Essential requirements and different types of companies

21. Essential requirements and different types of companies (1) A company shall have— (a) a name; (b) in the case of a company limited by shares, one or more shares; (c) one or more shareholders or members, having limited or unlimited liability for the obligations of the company; and (d) one or more directors. (2) Every company shall be— (a) a company limited by shares; (b) a company limited by guarantee; (c) a company limited by both shares and guarantee; or (d) an unlimited company. (3) Every reference in this Act to a company limited by shares or to a company limited by guarantee shall, unless the context otherwise requires, include a company limited both by shares and by guarantee. (4) Every company shall be a public company or a private company. (5) Every company shall be a public company unless it is stated in its application for incorporation or its constitution that it is a private company. (6) A company which is licensed to carry on a qualified global business under the Financial Services Act may be a public company or a private company. (7) A company of any of the types of company referred to in subsection (2) may be registered as a limited life company under Part XXIII. (8) Every company shall be deemed to be a commercial company. Sub-Part B – Method of Incorporation