Difference between revisions of "Community Interest Companies"

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In United Kingdom, Community Interest Companies (CICs) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage. CICs can thus be viewed as a type social entreprise, with legal recognition, and corresponding criteria.
 
In United Kingdom, Community Interest Companies (CICs) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage. CICs can thus be viewed as a type social entreprise, with legal recognition, and corresponding criteria.

Latest revision as of 00:07, 21 July 2011

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In United Kingdom, Community Interest Companies (CICs) are limited companies, with special additional features, created for the use of people who want to conduct a business or other activity for community benefit, and not purely for private advantage. CICs can thus be viewed as a type social entreprise, with legal recognition, and corresponding criteria.

Verification takes place by a "community interest test". Along with an "asset lock", this ensure that the CIC is established for community purposes and the assets and profits are dedicated to these purposes. Registration of a company as a CIC has to be approved by the Regulator who also has a continuing monitoring and enforcement role.


Links

Official CIC web site