Community Interest Companies (CICS) are limited companies with special additional features, created for the use of people who want to conduct a business or other activity for community benefit and not purely for private advantage.
This is achieved by a "community interest test" and "asset lock" which ensure that the CIC is established for community purposes and the assets and profits are dedicated to these purposes.
Registration of a company as a CIC has to be approved by the Regulator who also has a continuing monitoring and enforcement role.
More info: http://www.cicregulator.gov.uk/index.shtml
CIC's produce accounts for Companies House as well as completing the annual CIC report (CIC34), with a £15 fee.
Steven Cox
