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.
See our Limited Companies Service for our statutory accounts, taxation and bookkeeping solutions.
"we can take away the stress and let you get on with what you do best".
Pauline Robertson, Frimhurst Enterprises CIC
