Community Interest Companies

Available in Share, Guarantee or PLC constitutions.

Community Interest Companies (CIC's) filed at Companies House together with Form 10, Form 12, supporting form CIC36 outlining the company's benefit to the community. This form has to be signed by the directors of the company. Corporate officers permitted. Nominee officers not allowed.

Minimum directors one plus a company secretary. Two directors for a PLC

An independent regulator (CREG) decides if the proposed community activity satisfies CIC regulations. If approved Companies House incorporate the company.

Share constitutions to have cap on dividends embodied into articles. This cap is variable and we await further clarification.

Existing Limited companies can convert to a CIC using Form CIC37 and resolution.

Charities can form a CIC as a separate trading company for the benefit of that Charity

Subject to the Charity Commissioners approval any Charity can convert to a CIC but will loose its Tax benefits.

Special addendum to accompany annual accounts will detail how the company has benefited the community in the previous trading year. Format to be advised.

Not available as an electronic formation.

Companies House Duty and CREG fees £35.00

Companies available in late July 2005

Proposed formation fees from First corporate £155.00 inc.

Package: Loose Leaf Register, eight bound copies of the Memorandum and Articles, and completed First Board Minutes.

Please contact Graham Stephens: graham@fcls.co.uk for further information.