Extremely passionate about sport they used this as a catalyst for positive youth development and success. Contributors are CIC staff and invited guest bloggers with an interest in Community Interest Companies (CICs). This applies to all it’s Trading profits, Investment Income and any gains. Register a CIC or Community Interest Company. Check your proposed company name in the company name availability checker. Unlike other companies, a community interest company must also submit form CIC36, signed by all the prospective directors alongside payment of a £35 fee, describing the proposed social purpose of the company and providing various other details. For more detailed information on registering a CIC see here. It is a short legal statement which confirms the names of those who wish to form the company. Don’t worry we won’t send you spam or share your email address with anyone. ... new CICs register in July 2018. 2. You’ll need to create a Government Gateway user ID and password for your company. Any company can act in the community interest if the directors decide it should..but the only way a limited liability venture can gain recognition as a truly not-for-profit operation is to register as a Community Interest Company, a Company Limited by Guarantee or a Charity Limited by Guarantee. It’s an asset locked body that must ensure any profits/assets are used for the benefit of the community. A CIC by convention is a limited company and therefore would not require 'Ltd' 'Limited' to appear in the company name. When completing section A8 of form IN01, please only tick "option 3 - bespoke articles’’. Last financial year we received 4,007 applications to become a CIC but 30% were rejected for reasons you can avoid by following the advice in this blog. ). You will be asked for a full date of birth on the pages that state ‘this page is not shown on the public record’. Community Interest Company (CIC) registration Helping you secure the right legal structure for your enterprise. CICs are intended to be easy to set up, with all the flexibility and certainty of the company form, but with some special features to ensure they are working for the benefit of the … Its CIT Entrepreneur program provides up to $100,000 in funding for promising high-growth technology companies and helps owners identify potential equity investors. You cannot use your personal Government Gateway ID. A Community Interest Company is required by law to act in a way which benefits the community and not in a way which would solely benefit a single individual. Request for a list of all registered Community Interest Companies (CIC) Published 26 August 2016 Brexit transition. Check your proposed company name in the company name availability checker. Contac t Center for Innovative Technology 2214 Rock Hill Road, Suite 600 Herndon, VA 20170-4228 (703) 689-3000 www.cit.org Alternative Education Enterprises. Each person must sign and date the same memorandum. All clauses highlighted in red within the model constitutions are statutory and must be included. Profits and dividends in CICs. To register as a CIC, an organisation needs to pass the community interest test. The Swan Clewer Community Interest Company (number 10382258) was created to run the community hub as a social enterprise that will use its profits and assets for the public good. I’ve highlighted some of the main reasons why applications to incorporate a community interest company are rejected. You’ve accepted all cookies. It is a relatively new legal structure, designed to meet the needs of social enterprises and ‘not-for-profit' projects, which combine the pursuit of a social purpose with commercial activities. A community interest company is a type of company introduced by the United Kingdom government in 2005 under the Companies Act 2004, designed for social enterprises that want to use their profits and assets for the public good. But a community interest company … Information on community interest companies (CICs) that were registered in the last month. Use the guidance along the right-hand side of each page to help you fill it in. It will take only 2 minutes to fill in. Office of the Regulator of Community Interest Companies, Thinking of applying for funding? The Asset lock: The assets and profits must be permanently retained within the company and used only for the community benefit or transferred to another company or organisation with an asset lock. This is ensured by the use of specific company articles drafted during registration preventing any of the company … Your community interest statement must be clear and convincing. Don’t include personal or financial information like your National Insurance number or credit card details. Community Interest Company (CIC) We will make the make the process of Community Interest Company registration as quick and simple for you as possible (and we need to, because the forms are complex – up to 35 pages long! Community Interest Companies have always been adaptable and at the ‘front-line’ of change, meeting public need and adapting to that need as required – see what happened over the last year proving the true value of the CIC model in delivering community benefits in these difficult times. It must describe the activities the CIC intends to engage in to further this community profit motive. Make sure full names of people listed on the application are provided, not initials. The addresses of officers are publicly available on the Companies House search facility. To keep in touch sign up to email updates from this blog, or follow us on Twitter. Registering to become a CIC can be daunting, but our experienced advisers have helped hundreds of company’s go through the process, and can smooth the path to ensuring your registration … This test is a formal, but loosely structured, evaluation that requires a … To stop the residential address being shown you must provide a service address. Remember, each director must sign it. A Community Interest Company (a 'CIC') is a corporate vehicle which was introduced under companies legislation in 2005, specifically for social … The Registered Office Address located in the UK, we can supply an address if required 3. We use cookies to collect information about how you use GOV.UK. These articles are 'bespoke articles'. CICs are regulated by the Regulator of Community Interest Companies. Comprehensive information for people who want to form a community interest company (CIC), other stakeholders and those giving professional advice about CICs. The Community Interest Company (or CIC) is a relatively new type of company established by the Companies (Audit, Investigations and Community Enterprise) Act 2004 and regulated by The Community Interest Company Regulations 2005. A Community Interest Company (CIC) is an enterprise set up to make a profit for the benefit of the community.
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