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 [glossary:financial year:200] 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 [glossary:(DPC) :577],

and the company is not an [glossary:excluded company:146].