This is one of those grammar maven questions where the rule is there is no rule. Just be consistent in your own usage. A company is a singular entity, and so would be an "it", but in fact so long as you are internally consistent you are correct. Even in legal drafting no one cares. After all, are you really goign to find out if a business is a company (singular) or a partnership (technically plural in England, singular IIRC in scotland)? Duke Malcolm has probably got the strict grammar right, but in practice that is not English as she is spoke.

I would agree that it sounds odd to refer to a country as opposed to its inhabitants in the plural though.

Getting its and it's wrong, on the other hand, really annoys me.