community interest company register

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. Register your CIC online with Companies House. KO2 is a Community Interest Company with a Love for Dirtbiking. Of course, starting a CIC isn’t as simple as checking a box. Name and Address of the Director and Shareholder 6. It will take only 2 minutes to fill in. It is responsible for investigating complaints - taking action if necessary - and it provides guidance and assistance to help people set up CICs. 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. Since then they have grown considerably, both in number and in the diversity of the activities they undertake. Company Names. You will be asked for a full date of birth on the pages that state ‘this page is not shown on the public record’. 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. https://communityinterestcompanies.blog.gov.uk/2017/11/09/want-to-register-a-community-interest-company-were-here-to-help-you-get-it-right/. 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… This is ensured by the use of specific company articles drafted during registration preventing any of the company … 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. To register a CIC Company, you will be required to supply the following: 1. Unlike purely commercial companies, which exist to make profits for their owners, community interest companies trade 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). I’ve highlighted some of the main reasons why applications to incorporate a community interest company are rejected. Extremely passionate about sport they used this as a catalyst for positive youth development and success. Reasonable rates and FREE advice 0800 085 45 05. If in doubt contact Companies House -  enquiries@companies-house.gov.uk. A full list of codes are available here. A Community Interest Company (a 'CIC') is a corporate vehicle which was introduced under companies legislation in 2005, specifically for social … 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. It costs £27. Like any other formal company, community interest companies … Remember, each director must sign it. You will be asked to provide a code that identifies the activities of the CIC. Unlike a charity, a CIC is not entitled to any specific corporation tax exemption. Make a new request by contacting us using the details below. 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 … 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 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. Contributors are CIC staff and invited guest bloggers with an interest in Community Interest Companies (CICs). The form is long and it is where most errors happen. 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. Request for a list of all registered Community Interest Companies (CIC) Published 26 August 2016 Brexit transition. Since then they have grown considerably, both in number and in the diversity of the activities they undertake. Community Interest Company (CIC) registration Helping you secure the right legal structure for your enterprise. We’ll send you a link to a feedback form. Do not state an ethnicity in this section. To stop the residential address being shown you must provide a service address. 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 … CIC Regulator works with the Department for Business, Energy & Industrial Strategy. CIT helps grow Virginia's technology industry. When a CIC is requested, the CIC regulator considers whether applications pass the ‘community interest test’ and meet the criteria of becoming a CIC. We use this information to make the website work as well as possible and improve government services. 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 rather than for profit. Check your proposed company name in the company name availability checker. We use cookies to collect information about how you use GOV.UK. 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. Office of the Regulator of Community Interest Companies, Thinking of applying for funding? A Minimum of 1 Individual Director and 1 Shareholder must be appointed 4. Its CIT Entrepreneur program provides up to $100,000 in funding for promising high-growth technology companies and helps owners identify potential equity investors. Use the guidance along the right-hand side of each page to help you fill it in. A community interest company (Or CIC) is liable to Corporation tax as a company. Although the articles of association generally offer flexibility, the … 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. 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.. ). Your existing company may be converted into a CIC; please talk to us. Reasonable rates and FREE advice 0800 085 45 05. CICs first appeared in 2005 and were designed to address the lack of non-charitable businesses or community-based companies. It must describe the activities the CIC intends to engage in to further this community profit motive. You’ll need to create a Government Gateway user ID and password for your 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. The filing fee is £35 and may be sent by cheque or postal order, made payable to Companies House. Read our latest blog to find out what Louise, our interim Regulator, has in store for CICs within the next 6 months. The Registered Office Address located in the UK, we can supply an address if required 3. To protect the identity of company officers, full dates of birth are not shown on the public register. 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 … Community Interest Companies (CICs) were first established in the UK in 2005. You’ve accepted all cookies. Information on community interest companies (CICs) that were registered in the last month. 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. You can use your home address, but be aware it will be made available on the public register. Company Names. It is a short legal statement which confirms the names of those who wish to form the company. Don’t include personal or financial information like your National Insurance number or credit card details. 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 addresses of officers are publicly available on the Companies House search facility. This test is a formal, but loosely structured, evaluation that requires a … 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. 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. Related content A Community Interest Statement must be prepared, certifying that the company is formed to serve the community … Only correctly spelled nationalities will be accepted. All clauses highlighted in red within the model constitutions are statutory and must be included. Additionally subject to The Community Interest Company CIC Regulator. This applies to all it’s Trading profits, Investment Income and any gains. Community Interest Companies (CICs) were first established in the UK in 2005. PROVIDE COMMUNITY INTEREST COMPANY - Free company information from Companies House including registered office address, filing history, accounts, annual … Comprehensive information for people who want to form a community interest company (CIC), other stakeholders and those giving professional advice about CICs. You will find model memorandums here. – 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. To help us improve GOV.UK, we’d like to know more about your visit today. These articles are 'bespoke articles'. 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! It is a standard form used to register a company with Companies House. It’s an asset locked body that must ensure any profits/assets are used for the benefit of the community. A Community Interest Company (CIC) is an enterprise set up to make a profit for the benefit of the community. CICs are regulated by the Regulator of Community Interest Companies. Where you see XX in the date of birth field, leave it blank. The company name including the name ending of either ‘CIC’ or ‘Community Interest Company’ 2. 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. This community interest company registration offer includes all services mentioned in the first package, plus: Community interest companies: forms and step-by-step guides Community interest companies: model constitutions Community Interest Companies registered in November 2020 In order for the CIC to be established, this has to be reviewed and approved by the CIC Regulator. 1 August 2018. new CICs registered in July 2018. Keep descriptions clear to allow the Regulator to decide whether the company is eligible to become a CIC. 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” … Do CIC companies (community interest companies) pay VAT? 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. The Officers can be any nationality and reside anywhere in the world 5. 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. Register a CIC or Community Interest Company. It requires dedicated planning and, importantly, passing several requirements to register the company. 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. ... new CICs register in July 2018. 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 … Some social enterprises are charities, but having charitable status means they’re subject to strict regulation, for example, regarding trading activities. Office of the community interest statement must be included an organisation needs to pass the community interest company rejected. All registered community interest test this information to make the website work as well as and! Where most errors happen on registering a CIC ; please talk to us grow Virginia 's technology industry it guidance! 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