Price: £178.00
A Company Formation of a Community Interest Company most commonly known as a CIC 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 Formation?
This type of company is easy to set up with flexibility and has some special features to ensure they are working for the benefit of the community.
- CICs are useful for enterprises of all sizes from a small community care project to a large organisation
- A CIC registration 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's House and the CIC Regulator
- Community Interest Companies (CIC) must be limited companies. They cannot be a charity or an unincorporated organisation
Timescale
On average it takes around 5 working days to complete a CIC registration once we have received all signed documents.
Requirements for a CIC Registration
To register a community interest company, you will be required to supply the following:
- The company name including the name ending of either ‘CIC’ or ‘Community Interest Company’
- A 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.
Due Diligence Requirements for a UK Company
To comply with the new Economic Crime and Corporate Transparency Act 2023 (ECCTA), CFS Formations is required to carry out Due Diligence checks on company officers.
For all Directors / PSC’s who have not been verified, CFS Formations are registered as an ACSP (Authorised Corporate Service Provider) and work in partnership with Companies House to complete this identity verification on their behalf.
Once your order has been placed, we will provide a verification link for the required officers to complete SumSub, which includes:
- Uploading a valid ID document (Passport OR UK/EU Driving Licence/ID Card)
- Providing a proof of address document (e.g., bank statement or utility bill dated within the last 3 months)
- Completing a short liveness check (similar to taking a selfie)
Once completed, the individual will then be issued with a unique code from Companies House, which can be used for future company formations and/or filings.
CIC Funding
Once you have completed your CIC registration, you may be able to obtain funding to support your business.
Funding Central
Funding search tool funded by the cabinet office. This website allows you to establish funding which may be available to you.
http://www.fundingcentral.org.uk/
Community Foundations
Community foundations list potential funding opportunities.
http://www.ukcommunityfoundations.org/our-network
Local Councils
It is worth contacting your local Council to see if they can offer community grants/funding support.
https://www.gov.uk/apply-funding-community-project
Prince's Trust
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.
https://www.princes-trust.org.uk/help-for-young-people/who-else/employment/grants-funding/community-projects
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