1. Regulation - listed companies - UK - Financial Conduct Authority (FCA) - Listing Rules.
For the purposes of the FCA's Listing Rules, a shell company is one:
- Whose assets consist solely or predominantly of cash or short-dated securities; or
- Whose predominant purpose or objective is to undertake an acquisition or merger, or a series of acquisitions or mergers.
2. Tax havens.
A company established in a tax haven that has no - or minimal - activities locally, the substantive business activities being undertaken elsewhere.
Any company with few or no assets or business activities.