A Community Interest Company (CIC) is a business with primarily social objectives whose surpluses are principally reinvested for that purpose in the business or in the community, rather than being driven by the need to maximise profit for shareholders. CICs tackle a wide range of social and environmental issues and operate in all parts of the economy. By using business solutions to achieve public good, it is believed that social enterprises have a distinct and valuable role to play in helping create a strong, sustainable and socially inclusive economy.
CICs are the fastest growing community orientated enterprise movements in the country. Each month over 100 new CICs are registered and as of May 2013 there were over 7000 CICs on the Regulators register. CICs can vary from small ‘kitchen table’ type organisations, to multimillion pound turnover organisations employing thousands of people.
The core features of any CIC company are that assets owned by the company are held in an asset lock which ensures these assets are used for the good of the community. Limitations applied to dividend and interest payments ensure a profit can be made, but the primary focus remains on achieving benefit for the community.
These features are regulated by the Community Interest Company Regulator via an annual report, known as the CIC34, which is submitted to the Regulators office on an annual basis. The Community Interest Company Regulator’s office is a part of Companies House.
Most CICs operate in areas such as Health and Social Care, Education and Community Services, but there is an ever increasing number trading in traditional private sector activities such as property, finance and other professional services.
We can help with the incorporation of your Community Interest Company. Our fee is £195 (inc VAT) and includes the following
CICs can take a number of forms and must be incorporated in paper format. We will discuss your requirements with you and arrange to complete all the required documentation for incorporation. The process normally takes 10-14 days to complete.
Please contact us on 0800 092 5577 (0161 477 8282) or by e-mail at firstname.lastname@example.org and we will be happy to discuss your requirements.