This is a very popular vehicle for social enterprises when the entrepreneur establishing the organisation wishes to remain in control and receive a salary from it.
CICs can be established either as a company limited by guarantee or shares.
However, there are some particular features associated with these type of companies in order to safeguard the social mission:
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a CIC has to carry out activities which fulfil a 'community purpose'
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a CIC also has a lock on its assets, which prevents profits from being distributed to its members or shareholders other than in certain limited circumstances. However, the board of directors will still be paid.
Note that these cannot be charities. CICs are regulated by the CIC Regulator.
You can register your CIC with Companies House online.
A CIC is required to file a community interest report each year, which will include details of how it has pursued the community interest and involved stakeholders.