Are you considering setting up a social enterprise? Or would you would like to know more about Community Interest Companies? CICs are a special type of limited company which exists to benefit the community rather than private investors.
When you are in business working through a CIC the same rules apply as for a limited company but with more legal requirements. To set up a CIC you need a ‘community interest statement’ to explain what your business is planning to do. You also need to have an ‘asset lock’ which is a legal promise that the company’s assets will only be used for its social objectives, and setting limits to the money that can be paid to shareholders. The company also needs a specific constitution and be approved by the Community Interest Company Regulator.
There is more involved when setting up a CIC than for a limited Company.
In addition to the usual limited company statutory requirements the company will also have to file a Community Interest Company Report annually with the company accounts to Companies House.
We have a lot of experience working closely with CICs, and are always happy to assist with their statutory requirements.
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Pauline Robertson, Frimhurst Enterprises CIC
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