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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 31 December 2020 - onwards
  Version 11 of 11    

490. Qualifying companies

(1) In this Part, a company shall be a qualifying company if -

(a) it is incorporated in the State, in another EEA State or in the United Kingdom, and

(b) it complies with this section and section 491.

(2) At the time the eligible shares are issued -

(a) the RICT group shall -

(i) be an SME, and

(ii) not be an undertaking in difficulty,

(b) each company in the RICT group shall -

(i) be unlisted, and no arrangements shall be in existence at that time in relation to the company becoming a listed company, and

(ii) not be subject to an outstanding recovery order following a previous decision of the Commission that declared an aid illegal and incompatible with the internal market,

and

(c) the company shall hold a tax clearance certificate within the meaning of section 1095.

(3) Throughout the relevant period -

(a) the company shall -

(i) be resident in the State, resident in the United Kingdom or resident in an EEA State other than the State and carry on, or intend to carry on, relevan

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