We’ll send you a link to a feedback form. 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. CICs are regulated by the Regulator of Community Interest Companies. 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. To help us improve GOV.UK, we’d like to know more about your visit today. Register a CIC or Community Interest Company. It costs £27. Profits and dividends in CICs. These articles are 'bespoke articles'. Do CIC companies (community interest companies) pay VAT? Of course, starting a CIC isn’t as simple as checking a box. Unlike a charity, a CIC is not entitled to any specific corporation tax exemption. In order for the CIC to be established, this has to be reviewed and approved by the CIC Regulator. Asset Lock:The community interest company regulator will only approve an application if the Articles of Association contain a provision specifying that any surplus generated by the company or its assets will be used for the benefit of the community … The Office of the Regulator of Community Interest Companies decides whether an organisation is eligible to become, or continue to be, a community interest company (CIC). You will be asked for a full date of birth on the pages that state ‘this page is not shown on the public record’. To register as a CIC, an organisation needs to pass the community interest test. 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. You will be asked to provide a code that identifies the activities of the CIC. Your community interest statement must be clear and convincing. A Minimum of 1 Individual Director and 1 Shareholder must be appointed 4. I’ve highlighted some of the main reasons why applications to incorporate a community interest company are rejected. Check your proposed company name in the company name availability checker. Since then they have grown considerably, both in number and in the diversity of the activities they undertake. All content is available under the Open Government Licence v3.0, except where otherwise stated, Regulator of Community Interest Companies (interim), Register your CIC online with Companies House, HR Sports Academy CIC - Empowering children and young people, Introducing the new Regulator of Community Interest Companies, Coronavirus (COVID-19) guidance for Community Interest Companies (CICs), Community interest companies: forms and step-by-step guides, Community interest companies: guidance chapters, Update on 'Do’s and Don’ts' of completing an application to incorporate a CIC to include 'Online' applications, Community Interest Companies registered in November 2020, CIC Regulator: Annual Report 2019 to 2020, Louise Smyth appointed as interim Regulator of Community Interest Companies, Department for Business, Energy & Industrial Strategy, CIC36: application to form a community interest company, CIC Regulator: MoU with the Fundraising Regulator, CIC Regulator: MoU with the Scottish Charity Regulator (OSCR), CIC Regulator: Annual Report 2018 to 2019, See all transparency and freedom of information releases, Coronavirus (COVID-19): guidance and support, Transparency and freedom of information releases, Read about the Freedom of Information (FOI) Act and. They are rules about the running of a company. The processes you need to follow, and the documents you need to submit, when you are a community interest company or you wish to form (or convert to) a community interest company. 3 2 days to go. Comprehensive information for people who want to form a community interest company (CIC), other stakeholders and those giving professional advice about CICs. Remember, each director must sign it. The addresses of officers are publicly available on the Companies House search facility. 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. 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. 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. The second option of the CIC company limited by guarantee registration with the statutory required documentation to get your community interest business started, and business bank account with RBS, Barclays or Lloyds. You can use your home address, but be aware it will be made available on the public register. Your existing company may be converted into a CIC; please talk to us. It is responsible for investigating complaints - taking action if necessary - and it provides guidance and assistance to help people set up CICs. Registering a Community Interest Company (CIC) Process overview For an overview of the forms and guidance available, start at the home page for the Office of the CIC Regulator Resources on this page include: Registration… We use cookies to collect information about how you use GOV.UK. Reasonable rates and FREE advice 0800 085 45 05. Register a CIC or Community Interest 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 … 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. 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. 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 … Company Names. This applies to all it’s Trading profits, Investment Income and any gains. You will find model memorandums here. Reasonable rates and FREE advice 0800 085 45 05. A Community Interest Statement must be prepared, certifying that the company is formed to serve the community rather than for profit. Keep descriptions clear to allow the Regulator to decide whether the company is eligible to become a CIC. Don’t worry we won’t send you spam or share your email address with anyone. ). If satisfied, the regulator advises the registrar in Companies House, who, provided all other documents are in order, will issue a certificate of incorporation as a CIC. Additionally subject to The Community Interest Company CIC Regulator. It requires dedicated planning and, importantly, passing several requirements to register the company. A blog on the work of the CIC Regulator. Since then they have grown considerably, both in number and in the diversity of the activities they undertake. To keep in touch sign up to email updates from this blog, or follow us on Twitter. For more detailed information on registering a CIC see here. Company Names. 1 August 2018. new CICs registered in July 2018. Extremely passionate about sport they used this as a catalyst for positive youth development and success. Use the guidance along the right-hand side of each page to help you fill it in. 2. It is a short legal statement which confirms the names of those who wish to form the company. Make a new request by contacting us using the details below. Must satisfy all Companies House and HMRC filing requirements subject to penalties in default. It will take only 2 minutes to fill in. The Officers can be any nationality and reside anywhere in the world 5. Although the articles of association generally offer flexibility, the … But a community interest company … Alternative Education Enterprises. Check your proposed company name in the company name availability checker. A CIC by convention is a limited company and therefore would not require 'Ltd' 'Limited' to appear in the company name. 2. Register your CIC online with Companies House. PROVIDE COMMUNITY INTEREST COMPANY - Free company information from Companies House including registered office address, filing history, accounts, annual … You can change your cookie settings at any time. Community Interest Companies (CICs) were first established in the UK in 2005. It is a standard form used to register a company with Companies House. CIT helps grow Virginia's technology industry. Information on community interest companies (CICs) that were registered in the last month. – some tips and guidance to give you the maximum chance of success, the CICs activities will be carried out for the benefit of the community and how that will be achieved, the CIC will not be involved in lobbying or political activities, be consistent throughout the application documents, end in ‘Community Interest Company’, ‘CIC’ or ‘C.I.C.’, in the same country the CIC is registered in. Community Interest Companies (CICs) were first established in the UK in 2005. CICs first appeared in 2005 and were designed to address the lack of non-charitable businesses or community-based companies. A community interest company (Or CIC) is liable to Corporation tax as a company. It’s an asset locked body that must ensure any profits/assets are used for the benefit of the community. If in doubt contact Companies House -  enquiries@companies-house.gov.uk. CIC Regulator works with the Department for Business, Energy & Industrial Strategy. Read how the loss of a sister motivated her siblings to help others realise how valuable their life is, their potential and to live without limit. Community interest companies: forms and step-by-step guides Community interest companies: model constitutions Community Interest Companies registered in November 2020 It must describe the activities the CIC intends to engage in to further this community profit motive. The form is long and it is where most errors happen. ... new CICs register in July 2018. A community interest company (CIC) is a limited liability company created with the specific aim of providing benefit to a community. Read our latest blog to find out what Louise, our interim Regulator, has in store for CICs within the next 6 months. Contac t Center for Innovative Technology 2214 Rock Hill Road, Suite 600 Herndon, VA 20170-4228 (703) 689-3000 www.cit.org A community interest company (or CIC) is a special form of non-charitable limited company, which exists primarily to benefit a community or with a view to pursuing a social purpose, rather than to make a profit for shareholders.. You cannot use your personal Government Gateway ID. 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. The company name including the name ending of either ‘CIC’ or ‘Community Interest Company’ 2. 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. https://communityinterestcompanies.blog.gov.uk/2017/11/09/want-to-register-a-community-interest-company-were-here-to-help-you-get-it-right/. Community Interest Company (CIC) registration Helping you secure the right legal structure for your enterprise.