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Formation of a CIC company with a registered office address: if you want to start-up a CIC (community interest company) but don’t want to base it from your home, Coddan can help you by organising a registered office address.
Community interest companies are business enterprises that have social objectives, but they allow you to pay directors the market rate, which means you can pay yourself a significant salary or attract the very best employees. Interest and dividends can also be paid out to investors, although there is a limit of 35% of the distributable reserves. Loan interest can also be paid up to 20%, which means there are a number of ways to use a CIC as a tax-efficient vehicle for business, as well as achieving your social objectives.
A full-blown charity can be an attractive alternative in some ways, but the community interest company allows you to undertake any and all trading activities and that can make it a better structure as charities face significant limitations. Charities also face some restrictions on directors' pay.
For successful CIC company start-up, you'll need approval from the community interest companies Regulator, which means the paperwork needs to be right. We can help with the red tape to make sure you get approval and ensure that the asset lock provision (which is an essential part of a community interest company) is in place.
Like a limited company, the community interest corporation is legally separated from the members and can be limited by shares or guarantees. This means it can legally be wound up with limited liabilities if and when the time comes. With the community social enterprise having clearly defined aims and social objectives, it is obviously going to have contact with the local community. You may wish to protect your home address from the public record and a registered address is the ideal way to keep your affairs private.