According to Section 52ZZA of the VEA, a company is a designated private company at a particular time if the company:

• satisfies at least 2 of the following conditions in relation to the financial year that ended immediately before that time:

• gross operating revenue is less than $25 million;

• gross assets at the end of the financial year are less than $12.5 million;

• the company has fewer than 50 employees at the end of the financial year, or

• the company came into existence after the end of the financial year that ended immediately preceding that time, or
• the company is a declared private company (DPC) ,

and the company is not an excluded company.