Can a shareholder of a company apply for an EP?

Yes a shareholder can. However, if it is a newly established company, It is important for the company to show that it is able to generate enough revenue to support the salaries and expenses in the near future. While a new company may not have existing clients, it should be able to show sound projections based on its experience in other countries, track record of the senior management, or ability of the shareholders to sustain the company through the initial revenue non-generating phase.

For an existing company, a track record of profit generation needs to be shown.