What is a CIC Company?
A Community Interest Company is most commonly known as a CIC Company, which is a new type of company introduced by the UK Government in 2005 under the companies Act 2004. CIC companies are types of Limited companies for people wishing to establish businesses which trade with a social purpose, or other activities to benefit their community.
Why would I want to convert my existing company to a CIC Company?
As a CIC company is a relatively new type of company so existing companies prior to 2005, will not have had the opportunity to be incorporated as a CIC Company.
If your business is benefitting the community but is already existing as another company type, you may wish to convert your company to a CIC Company.
A CIC company has flexibility to suit your company’s activities, but also has some special features to ensure they are benefit of the community:
• Useful for enterprises of all sizes from a small community care project to a large organisation
• A CIC Company is intended to use their income and profits to benefit the community they are serving
• They are limited companies with Special Additional Features
• A CIC Company needs to be Registered with both Companies House and the CIC Regulator
• A Community Interest Company must be a limited company. It cannot be a charity or unincorporated organisation
• We are only able to convert an existing Limited by Guarantee company to a Community Interest Company
We will provide you with all the relevant documentation to convert your company to a CIC Company.
How long will it take to convert my Existing Company?
Once all of the necessary forms and documentation have been provided and sent to the relevant authorities, it takes around 5 working days for an existing company to be converted into a CIC Company.