Companies are, in theory, dysfunctional representative republics.
There are plenty of "democracies" where suffrage depends on one having the appropriate citizenship.
Full disclosure: I have permanent residency - and pay my taxes - in a country where I'm neither allowed to stand for election nor allowed to vote...
https://education.nationalgeographic.org/resource/democracy-...
But yeah, historically voting rights in many places were tied to land ownership. (And also genital arrangement)
Companies are, in theory, dysfunctional representative republics.