Changes To CIC Documents Need to Register Company

The Office of the Regulator of Community Interest Companies (quite a long title) has published their updated documents should you wish to register a CIC by post. The document is CC 36 and it provides a description of who your community is, what activities you will do and how these will benefit your customers or clients.

Old Legal Document

The latest version of CC 36 can be found by going to ORCIC’s website by clicking here. Alternatively for CC36 click here, for the continuation sheet click here.

Remember you can now register a CIC online and at less cost. The link for this is here.

Community Interest Companies Can Now Be Registered Online

Community Interest Companies (CICs) first came into being in 2005 as a legal structure for social enterprises. A way of doing business that fulfils a social good and ensures that any profits go back into the community. Although easy to register up till now they have had to be processed by paper, something of anomaly in this day of computer access. Now CICs can now be registered online, a long awaited development. This will

  • significantly reduce incorporation times,
  • offer online convenience; and
  • be available 24-hours a day.

It will also allow Companies House to process and place community interest companies on the public record far more efficiently than paper documents.  The online process will provide benefits such as security, speed and environmental savings. For those wanting to set up a CIC it will:

  • Reduce incorporation costs for prospective CICs to £27
  • Allow payment by card or PayPal; and
  • Confirm incorporation – within 2 working days, in the majority of cases.

There are over 15,000 CICs registered at Companies House and increasing by well over 2,500 a year this is a welcome development, as CICs are an excellent way to set up a social enterprise. If you would like to know more about social enterprise or community interest companies then contact us at 01922 619840.

Companies House has created a webinar to give an overview of the system at https://bit.ly/2Jb0D9Z.

Celebrating Community Interest Companies

A community interest company (CIC) is a social enterprise company where the profits it makes go back into the community.

This could be providing money for a good cause or offering free or low cost services. CICs offer all kinds of goods and services and the purpose of a CIC is that it serves a social purpose – it could be employing ex-offenders and getting them back into society or delivering youth services or day care and respite for people with learning disabilities and their carers.

The main drive behind a CIC is the good that it does rather than making as much profit as it can. Though the more profit a CIC makes the more people it can employ, the more people it can help.

Here are some interesting facts about CICs;
They came into existence some 13 years ago.

There are over 14,000 CICs registered.

28% of CICs are based in the most 20% deprived areas of the country.

84% of CICs employ over half their staff locally.

71% of CICs pay the living wage to their employees.

55% of CICs actively seek to employ people disadvantaged from the labour market.

48% of CICs are led by women and 58% have a female majority workforce.

30% of CICs have at least 1 BAME director (compared with only 5% from commercial small and medium organizations).

For me CICs show that there are ways of doing business that treats people fairly, cares for the environment and cares for our communities.

If you would like to know more about CICs then see the Office of the Regulator of Community Interest Companies website at
https://www.gov.uk/government/organisations/office-of-the-regulator-of-community-interest-companies.

Or, if you prefer the personal touch contact me for a chat.