For Private Limited Companies, their shareholder membership must all be:
Increased flexibilityShareholders through the basis period for that Year of Assessment (YA), or
At least one of whom is an individual throughout the basis period for that YA, and the contribution of that individual under the memorandum of association of the company to the assets of the company in the event of it being wound up amounts to at least 10% of the total contributions of the members of the company throughout the basis period for that YA