COMMUNITY INTEREST COMPANY
Incorporate a community interest company
A CIC is a special type of limited company which exists to benefit the community rather than private shareholders. CICs shouldn't be confused with charities. CICs do not have charitable status. This means they do not get the tax benefits of a charity, but in return they do not have the strict reporting requirements of a charity. They only require one director whereas a charity needs three. If having read this page you are not sure if you wish to set up a cic or charity click on the button link at bottom of this page.
To set up a CIC, you’ll need:
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a ‘community interest statement’, explaining what your business plans to do
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an ‘asset lock’- a legal promise stating that the company’s assets will only be used for its social objectives, and setting limits to the money it can pay to shareholders
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a constitution
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to get your company approved by the community interest company regulator - your application will automatically be sent to them
We will deal with all the above from start to finish for you. We make it a very easy process. Normally it takes 2 or 3 days to set up once we have all requested information from you..
CHOOSE YOUR CIC
Types of cic
The type of Community Interest Company we can set up for you:-
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Community Interest Company, Limited by Guarantee (not for profit) with a small membership
Designed for companies where all the directors are members of the company and all of whose members are directors of the company. It assumes that the directors will take most important decisions as directors rather than as members, and that directors may hold office continuously for long periods of time without offering themselves for re-election. It also allows, subject to certain minimum procedural safeguards, for relatively informal decision-making by directors (including by exchanges of e-mail). -
Community Interest Company, Limited by Guarantee (not for profit) with a large membership
Designed for companies that have more members than they have directors. Although it assumes that the directors will take most day to day decisions about the company’s business, it also gives the members a strong role in controlling the overall governance of the company. It includes provision for some of the directors to retire and offer themselves for re-election each year. The procedures for decision-making by directors are more formal than in the other model constitutions.
A limited by guarantee company CIC is best where you will need to apply for grant funding or other funds from the public.
CHOOSE YOUR CIC
Types of cic
3. Community Interest Company, Limited by Shares with a small membership
Designed for companies where all of directors are members of the company and all of whose members are directors of the company. It assumes that the directors will take most important decisions as directors rather than as members, and that directors may hold office continuously for long periods of time without offering themselves for re-election. It also allows, subject to certain procedural safeguards, for relatively informal decision-making by directors (including by exchanges of e-mail).
4. Community Interest Company, Limited by Shares with a large membership.
Designed for companies that have more members than they have directors. It assumes that the members will delegate most the decision-making within the company to the directors, but gives members a significant role in relation to the overall governance of the company. It includes provision for some of the directors to retire and offer themselves for re-election each year. It also allows, subject to certain procedural safeguards, for relatively informal decision-making by directors (including by exchanges of e-mail).
5. Public Community Interest Company with all shares being available for advertising for public subscription.
Fees for incorporating a Community Interest Company are £295 plus vat of £59 plus Companies House fee of £27 = £381 in total payable in advance. If you would like to proceed just email mike@businesslegal.ltd.uk and we will get back to you. If you have any questions just call us on 07710141058.