Welcome to this week’s blog from the Office of the Regulators of Community Interest Companies (CICs).
A CICs is a limited company, with extra features. It is for people who want to run a business or other activity for community benefit and not for private advantage. They were established under the Companies (Audit, Investigations and Community Enterprise) Act 2004 and were the first new type of company in over 100 years. CICs offer the option to register either as a company limited by share or guarantee.
CICs are the same as ordinary companies. They have to follow company law and meet the same statutory filing requirements and can be struck off the register by Companies House. Our parallel role as the Regulator of CICs is to ensure they deliver continued benefit to the community and observe the extra responsibilities such as adhering to the asset lock and filing a yearly community report.
Our website www.cicregulator.gov.uk provides detailed information about CICs. It also has a step-by-step guide on how to form a new CIC or convert an existing company to a CIC.
For information about CICs in action, visit the GOV.UK page Community Interest Companies.
An Introduction to CICs Talking Points meeting is being held this week by HMRC during which you can ask questions via the on screen text box.
Subjects covered during the meeting include:
- an explanation of the CICs model for those interested in knowing more about the the features of a business with a social purpose
- information about how to form a new CICs or convert an existing company to a CICs
So why not join us on, Tuesday 18 July 11am to midday Book now