How many CICs are there in the UK?
15,700 CICs
There are now well over 15,700 CICs on the public register providing community benefit in all business types across the UK.
What is a CIC company UK?
Community interest companies ( CICs ) A CIC is a special type of limited company which exists to benefit the community rather than private shareholders. To set up a CIC , you’ll need: to get your company approved by the community interest company regulator – your application will automatically be sent to them.
Are CICs registered at Companies House?
A CIC can be registered at Companies House in the same way as a normal company with the same incorporation documents. The CIC Regulator for all the UK is in Cardiff. Companies House will pass the application to the Regulator. CICs cannot be registered electronically, paper forms must be used.
What is the difference between a charity and a CIC?
A CIC is expected to make a profit/surplus whereas a charity is considered as a not for profit which should not profit from the work it carries out. CICs are expected to reinvest their surpluses to do more of their work but can also pay a proportion of this out to the owners or investors.
Is a CIC for profit?
A community interest company (CIC) limited by guarantee is a ‘not for profit’ company, this means that it does not operate for private profit. Any profit generated is used to grow and develop its business which is benefiting an identified community, or goes directly to benefit that community.
How does a CIC make money?
A Community Interest Company (CIC) limited by guarantee with no share capital (CLG) has no shareholders. CLGs usually raise funds through grants or donations, rather than from shareholders.
Is a CIC a registered charity?
Legal forms. CICs must be limited companies of one form or another. A CIC cannot be a charity, an IPS or an unincorporated organization. CICs are more lightly regulated than charities but do not have the benefit of charitable status, even if their objects are entirely charitable.
Who is the governing body for CICs?
the Regulator of Community Interest Companies
The Office of the Regulator of Community Interest Companies decides whether an organisation is eligible to become, or continue to be, a community interest company (CIC). It is responsible for investigating complaints – taking action if necessary – and it provides guidance and assistance to help people set up CICs.
Can directors of a CIC be paid?
A major advantage of CICs is that their directors can be paid a salary, which means that the founders of the CIC can retain strategic control of the enterprise by sitting on the board as paid directors.
Can CICs receive donations?
Yes, social enterprises can accept donations. Their treatment depends on the legal structure the social enterprise has and where the donations came from (individuals or businesses) and whether the donation is money, services, goods or other items.
What is the benefit of being a CIC?
Advantages of Community Interest Companies Because this sort of social enterprise offers a range of unique benefits, such as: Inspiring confidence and transparency. Being registered as a limited company. Financial benefits when it comes to profits.
Can a CIC pay its directors?
What kind of work does CICS Ltd do?
CICS Ltd. work in a variety of specialist cleaning settings including trauma and crime scene cleaning, outbreak control and emergency disinfection, school and nursery cleaning, and healthcare (ambulances, hospitals, police vehicles, and holding cells). “CICS have always gone out of their way to help our business.
What do you need to know about CICS cleaning services?
The CICS team are specialists in cleaning up industrial spills including oil, chemicals, and food and drink. We also have an expert biohazard clean-up service. A clean warehouse is essential to the safety of staff and longevity and shelf life of warehouse goods. Our team can help you with both regular and one-off warehouse cleans.
What do you need to know about a CIC?
A CIC must file with its accounts each year an annual community interest report (form CIC34) which will be placed on the public record at Companies House and copied to the CIC Regulator. The report must include details of the remuneration of the directors, the dividends paid on shares and the interest paid on capped loans.
Where do I go to register a CIC in Scotland?
The application must be sent to the registry of the appropriate jurisdiction, so CICs to be registered in Scotland must be sent to Companies House in Edinburgh and those in Northern Ireland to the registry in Belfast. The CIC Regulator for all the UK is in Cardiff.