CIC Formation (Community Interest Company)
A Community Interest Company most commonly known as a CIC Company is a new type of company introduced by the UK Government in 2005 under the Companies Act 2004. CICs 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 Choose a CIC Company?
This type of company is easy to set up with flexibility, but has some special features to ensure they are working for the benefit of the community.
- CIC’s are a 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
- A Community Interest Company (CIC) is a Limited Company with Special additional features
- A CIC needs be registered both with Company House and the CIC Regulator
- Community Interest Companies (CIC) must be limited companies. They cannot be a Charity or an unincorporated organisation
On average it takes around 5 working days to register a Community Interest Company
Requirements to Register a CIC
To register a CIC Company, you will be required to supply the following:
- The company name including the name ending of either ‘CIC’ or ‘Community Interest Company’
- The Registered Office Address located in the UK, we can supply an address if required
- A Minimum of 1 Individual Director and 1 Shareholder must be appointed
- The Officers can be any nationality and reside anywhere in the world
- Name and Address of the Director and Shareholder
- Cannot be incorporated electronically, must be processed by paper
- Must have a Share Capital
Once all the relevant information has been supplied, Companies House will issue a Certificate of Incorporation which will confirm that your company has been registered on the Register of Companies.
Once you have formed your Community Interest Company (CIC), you may be able to obtain funding to support your business.
Funding search tool funded by the cabinet office. This website allows you to establish funding which may be available to you.
Community foundations list potential funding opportunities.
It is worth contacting your local Council to see if they can offer community grants/funding support.
The Prince's Trust do not have funding for community projects, but do have a dedicated page on their website providing signposting information on community-based funding.