UK COMPANY FORMATIONS

COMMUNITY INTEREST COMPANY (CIC)

Community Interest Companies (CICs) are limited companies for those people wishing to conduct business or other activity for the benefit of the community and not for private advantage.

The two main features that distinguish CICs from ‘normal’ companies are the asset lock and the Community Interest Statement and Report.
Under the asset lock provisions, the assets and profits must be permanently retained within the CIC, and used solely for community benefit, or transferred to another organisation which itself has an asset lock, such as a charity, or to another CIC.
A Community Interest Statement certifies that the company is formed to serve the community rather than for private profit motives.

Contact WCA for formation details and prices