How to create a CIC company: there are several different corporate structures that a business owner can adopt when considering a new venture. For a growing number of entrepreneurs, forming a CIC company (community interest company) offers the best way of maximising the profitability of their venture whilst minimising the amount of paperwork and strict regulations. Flexible and responsive, a community interest company is ideal for a project where profits will be for the community and adaptable operation is a priority. Coddan can not only advise on whether a community interest company would meet your needs, we can also undertake all the necessary paperwork to get your venture started. Read on to find out what's needed to register a CIC (community interest company).
Prepare a community interest statement - this document forms part of the paperwork which is sent to the community interest company regulator and is one of the key factors that will influence your application's outcome. A CIC (community interest company) creation is required to show how their organisation will benefit the community and how it will operate. Getting the wording right and ensuring all the correct details are included can be a time-consuming and tricky undertaking, which is why so many businesses trust Coddan to undertake the work on their behalf.
Bank account and appropriate asset control - in addition to a business bank account and transparent financial processes, a community interest company also needs to produce an asset lock. This document indicates how corporate assets will be acquired and disposed of for the benefit of the community, and limits the amount of profit which can be passed on to shareholders. The technical nature of this report normally requires expert assistance, which Coddan is happy to provide if required.