Community Interest Companies (CICs) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage. If you want to set up a company that intends to carry out work for the benefit of the community, a CIC can apply to become incorporated once they have been approved by the CIC regulator. It is important for keeping track of your group’s money and making sure it does not get mixed up with individuals’ money. Like all other limited companies, CICs must comply with company law as well as other specific legal requirements. The CIC regulator will also monitor and enforce the rules. The CIC Regulator's … Funders do seem to be able to sniff out even the most professional mail-merge and they don't like them, so if you do this it is likely that your time and effort will be wasted An overview of what community interest companies (CICs) are, how they are set up and how they work. What would be an effective form of corporate governance for a large international trading organisation would be quite inappropriate for a small CIC formed, say, to hold the assets of another community organisation. You should ensure that the company name ends with ‘CIC’, ‘community interest company’, ‘community interest public limited company’ or ‘community interest plc’. The purpose of a community benefit society is to serve the broader interests of the community, in contrast to co-operative societies that serve the interests of members. Download the guide. Cash deposits will be credited the same day and will benefit from immediate access to cleared funds. All you have to do as an employee of a CIC is to set up your company as a cause on GoRaise. Setting-up of a community interest company vs. charitable company: often, a business with a philanthropic purpose stands to gain a considerable advantage by using a community interest company (CIC) or charitable company structure. The application must comply with CIC legislation as well as the usual rules for registration of a company. CICs first appeared in 2005 and were designed to address the lack of non-charitable businesses or community-based companies. Category: Leading your organisation . Our nation’s museums and heritage icons are not normally managed by not-for-profit social enterprises. Our nation’s museums and heritage icons are not normally managed by not-for-profit social enterprises. It offers free monthly statements to help monitor the account. A Community Interest Company (CIC) is an enterprise set up to make a profit for the benefit of the community. Q&A: Setting up a Community Interest Company Tom Pratt, The Guardian 03.12.09. Co-operative. CICs can be limited by guarantee, by shares or operate as a Plc. The account is simple to set up, arrange additional signatories and set up direct debits. The Community Interest Statement should be drafted taking into consideration the purposes for which the company is set up, the range of activities which it will undertake in order to promote these purposes, and the sections of the community which the CIC is intended to benefit. Becoming a Community Interest Company (CIC) is an exciting step forward for groups or organisations that want to be a business and have social impact. Download the Government's guide on setting up a Community Interest Company. The available structures are: * Unincorporated association * Limited company (shares or guarantee) * Community interest company * Community benefit society * Comparison between a registered society and a limited company. A Community Interest Company must be set up and run for the benefit of the community.
2020 setting up a community interest company