Since their inception in the early 2000’s, community interest companies (CICs) have been seen as the corporate form for organisations to adopt that wish to operate for a community purpose with the added advantage of an asset lock.
However, until recently registering as a CIC has been hindered by the requirement to make a paper application to Companies House.
Now, with over 15,000 CICs on the companies register, a new CIC can be registered using the .gov.uk service.
Here at Co-operatives UK we welcome this new service that makes it easier to register as a co‑operative using the CIC form. This step by step process enables a CIC to be registered quickly, communications with the registrar more straightforward and leaves less room for human error when completing paper forms.
In addition to this new online registration service, small CICs which means those CICs with...
- Turnover: not more than £10.2m
- Balance sheet total: not more than £5.1m
- Average number of employees: not more than 50
...can file their accounts and annual report (CIC34) online. It is estimated that this change will enable over two-thirds of CICs to comply with their filing obligations.