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Community Interest Companies (CICs)
This guide by Nicholas Sharp introduces Community Interest Companies (CIC), a new species of limited company created in 2005. Aimed principally at social enterprises the CIC may well prove popular over time in the arts and charity sectors.
The Community Interest Company or CIC is a new species of limited company which was created in 2005. The aim of the new Regulations was to provide a purpose-built legal framework and ‘brand identity’ for social enterprises that wanted to adopt the limited company form. However even though aimed principally at social enterprises the CIC may well prove popular over time in the arts and charity sectors.
A CIC can be a company limited by shares (trading company), a company limited by guarantee or even a public limited company (PLC). It cannot however be a registered charity.
CICs can either be formed as new companies or be converted from existing companies.
In order to be registered, CICs have to be approved by a new regulator, the CIC Regulator, before being registered at Companies House.
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