Profits and dividends in CICs. When completing section A8 of form IN01, please only tick "option 3 - bespoke articles’’. When a CIC is requested, the CIC regulator considers whether applications pass the ‘community interest test’ and meet the criteria of becoming a CIC. Must satisfy all Companies House and HMRC filing requirements subject to penalties in default. To register as a CIC, an organisation needs to pass the community interest test. A community interest company (Or CIC) is liable to Corporation tax as a company. CICs who currently file “abridged” accounts or “micro-entity” accounts are eligible to use the filing service but would need to file using the small-“full” format; as “micro-entity” … 2. This test is a formal, but loosely structured, evaluation that requires a … The Office of the Regulator of Community Interest Companies (CICs) has robust plans in place to maintain services for CICs and protect the welfare of employees during the Coronavirus (COVID-19) outbreak. The Registered Office Address located in the UK, we can supply an address if required 3. 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. 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. Its CIT Entrepreneur program provides up to $100,000 in funding for promising high-growth technology companies and helps owners identify potential equity investors. This is ensured by the use of specific company articles drafted during registration preventing any of the company … KO2 is a Community Interest Company with a Love for Dirtbiking. Community Interest Company (CIC) registration Helping you secure the right legal structure for your enterprise. You can change your cookie settings at any time. Do CIC companies (community interest companies) pay VAT? All clauses highlighted in red within the model constitutions are statutory and must be included. You’ll need to create a Government Gateway user ID and password for your company. Community Interest Companies (CICs) were first established in the UK in 2005. Where you see XX in the date of birth field, leave it blank. A Community Interest Company (a 'CIC') is a corporate vehicle which was introduced under companies legislation in 2005, specifically for social … Do not state an ethnicity in this section. A Community Interest Company (CIC) is an enterprise set up to make a profit for the benefit of the community. Reasonable rates and FREE advice 0800 085 45 05. 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. 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. Only correctly spelled nationalities will be accepted. We’ve identified the most common mistakes for each document you need to submit and compiled a list of Hints and Tips to get you on your way, whether applying online or submitting via paper application. We’ll send you a link to a feedback form. 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. 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… It requires dedicated planning and, importantly, passing several requirements to register the company. 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. 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). Register a CIC or Community Interest Company. Alternative Education Enterprises. 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. To register a CIC Company, you will be required to supply the following: 1. You will find model memorandums here. Your existing company may be converted into a CIC; please talk to us. – 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. You can use your home address, but be aware it will be made available on the public register. A blog on the work of the CIC Regulator. CIT helps grow Virginia's technology industry. Additionally subject to The Community Interest Company CIC Regulator. They are rules about the running of a company. Check your proposed company name in the company name availability checker. Check you’re ready for 2021. This community interest company registration offer includes all services mentioned in the first package, plus: 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. 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 … From an accounts perspective the criteria to qualify as a ‘small’ CIC, for a given financial year, are: 1. turnover: not more than £10.2m 2. balance sheet total: not more than £5.1m 3. average number of employees: not more than 50 If you are a CIC that meets the above criteria you can file online *if* you choose to file small-“full” accounts. Company Names. 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 … A community interest company (CIC) is a limited liability company created with the specific aim of providing benefit to a community. 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 … Community interest companies: forms and step-by-step guides Community interest companies: model constitutions Community Interest Companies registered in November 2020 The community is required to enter into a performance agreement with the company before receipt of the grant to document performance expectations. Company Names. Although the articles of association generally offer flexibility, the … Contac t Center for Innovative Technology 2214 Rock Hill Road, Suite 600 Herndon, VA 20170-4228 (703) 689-3000 www.cit.org 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. For more detailed information on registering a CIC see here. It must describe the activities the CIC intends to engage in to further this community profit motive. To keep in touch sign up to email updates from this blog, or follow us on Twitter. A full list of codes are available here. CICs are regulated by the Regulator of Community Interest Companies. This applies to all it’s Trading profits, Investment Income and any gains. This means the service address will be made public rather than the home address. Comprehensive information for people who want to form a community interest company (CIC), other stakeholders and those giving professional advice about CICs. It’s an asset locked body that must ensure any profits/assets are used for the benefit of the community. I’ve highlighted some of the main reasons why applications to incorporate a community interest company are rejected. Since then they have grown considerably, both in number and in the diversity of the activities they undertake. ). Information on community interest companies (CICs) that were registered in the last month. Since then they have grown considerably, both in number and in the diversity of the activities they undertake. It is a standard form used to register a company with Companies House. If in doubt contact Companies House -  enquiries@companies-house.gov.uk. You will be asked to provide a code that identifies the activities of the CIC. It costs £27. To protect the identity of company officers, full dates of birth are not shown on the public register. Each person must sign and date the same memorandum. A Community Interest Statement must be prepared, certifying that the company is formed to serve the community … Contributors are CIC staff and invited guest bloggers with an interest in Community Interest Companies (CICs). PROVIDE COMMUNITY INTEREST COMPANY - Free company information from Companies House including registered office address, filing history, accounts, annual … Community Interest Companies (CICs) were first established in the UK in 2005. You cannot use your personal Government Gateway ID. The Officers can be any nationality and reside anywhere in the world 5. Like any other formal company, community interest companies … It is responsible for investigating complaints - taking action if necessary - and it provides guidance and assistance to help people set up CICs. You’ve accepted all cookies. 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.. But a community interest company … Keep descriptions clear to allow the Regulator to decide whether the company is eligible to become a CIC. The application to register a CIC must be accompanies by a Community Interest Statement, signed by all the company's directors, certifying that the company is formed to serve the community rather than private profit motives. To help us improve GOV.UK, we’d like to know more about your visit today. 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 will take only 2 minutes to fill in. 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. Check your proposed company name in the company name availability checker. Use the guidance along the right-hand side of each page to help you fill it in. Request for a list of all registered Community Interest Companies (CIC) Published 26 August 2016 Brexit transition. To stop the residential address being shown you must provide a service address. 1 August 2018. new CICs registered in July 2018. 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). CICs first appeared in 2005 and were designed to address the lack of non-charitable businesses or community-based companies. These articles are 'bespoke articles'. Of course, starting a CIC isn’t as simple as checking a box. A CIC by convention is a limited company and therefore would not require 'Ltd' 'Limited' to appear in the company name. We use this information to make the website work as well as possible and improve government services. A Minimum of 1 Individual Director and 1 Shareholder must be appointed 4. Reasonable rates and FREE advice 0800 085 45 05. 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 … https://communityinterestcompanies.blog.gov.uk/2017/11/09/want-to-register-a-community-interest-company-were-here-to-help-you-get-it-right/. 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. Check your proposed company name in the company name availability checker. Office of the Regulator of Community Interest Companies, Thinking of applying for funding? You will be asked for a full date of birth on the pages that state ‘this page is not shown on the public record’. The company name including the name ending of either ‘CIC’ or ‘Community Interest Company’ 2. Unlike a charity, a CIC is not entitled to any specific corporation tax exemption. The filing fee is £35 and may be sent by cheque or postal order, made payable to Companies House. 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 form is long and it is where most errors happen. Register a CIC or Community Interest Company. Related content Register your CIC online with Companies House. 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. Extremely passionate about sport they used this as a catalyst for positive youth development and success. 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! Some social enterprises are charities, but having charitable status means they’re subject to strict regulation, for example, regarding trading activities. Name and Address of the Director and Shareholder 6. 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. Don’t include personal or financial information like your National Insurance number or credit card details. We have published models of suitable articles for various CICs on our website. 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. Your community interest statement must be clear and convincing. Remember, each director must sign it. We use cookies to collect information about how you use GOV.UK. Don’t worry we won’t send you spam or share your email address with anyone. ... new CICs register in July 2018. In order for the CIC to be established, this has to be reviewed and approved by the CIC Regulator. 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. Read our latest blog to find out what Louise, our interim Regulator, has in store for CICs within the next 6 months. CIC Regulator works with the Department for Business, Energy & Industrial Strategy. To register, a company must provide the regulator with evidence that it satisfies the community interest test, in the form of a community interest statement, and it must continue to satisfy the test for as long as it … 2. 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. 3 2 days to go. Make a new request by contacting us using the details below. Unlike purely commercial companies, which exist to make profits for their owners, community interest companies trade for the benefit of the community. 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 Statement must be prepared, certifying that the company is formed to serve the community rather than for profit. It is a short legal statement which confirms the names of those who wish to form the company.