CIC company formation

Why form a CIC Company

A CIC Company is a limited company that is set up to serve a community with a view to fulfil a Social purpose or Mission. 

Your CIC can be limited by guarantee or shares. Each has its main benefit.

Once your application has been successful, you will get a CIC registration Number.

The community Interest Test

Before registering your CIC on the CIC register, 4 Criterial MUST BE met.

• Why is this CIC being set up/reason?
• Which activities will the CIC undertake?
• Who will benefit from these activities?
• Your CIC can not be a charity and must be a limited company registered with the Companies House.

Timescale to register on Community interest register

On Average, provided your cic activities and benefits are satisfactory, it will take around 5 working days to complete a CIC Registration. We normally help you ensure your CIC Meets the community interest test.

CIC Funding

CIC Funding is a more specialised type of funding. It can be frustrating if you do not know were to look or you do not have an advisor to point you in the right direction.

If you are looking for funding to help you get CIC or social enterprise up and running, there are a number of organisations who offer grants to social enterprises, charities and community projects as well as organisations who are offering social investment. 

We cover below details of organisations that offer this type of support. As such sources of funding often change, this list is intended only as a starting point and is not a definitive list.

Arts Council Funding

The Arts Council England is the national development agency for the arts in England, distributing public money from the Government and the National Lottery

www.artscouncil.org.uk/funding

Big Lottery Fund

Gives grants to community groups and projects that improve health, education and the environment.

0845 4 10 20 30
general.enquiries@biglotteryfund.org.uk
www.biglotteryfund.org.uk

BBC Children in Need

Gives grants each year to organisations supporting disadvantaged children and young people in the UK.

0345 609 0015
pudsey@bbc.co.uk

www.bbc.co.uk/pudsey

CAN Invest

CAN provides finance; business advice and support; investment readiness advice and support. Support is available to social enterprises; charities; cooperatives/mutuals. CAN provide grants from £25,000- 200,00 for working capital; development capital

www.can-invest.org.uk

City Bridge Trust

Gives grants to organisations and usually only supports work which most closely measures up to its published priorities and delivers good outcomes.

020 7332 3710
citybridgetrust@cityofl ondon.gov.uk
www.citybridgetrust.org.uk

The above list of funding providers is not exhaustive. We are pleased to offer advice and assistance on any CIC matters.

At KG Accountants we provide a cost-effective, high value solution to meet all of your CIC needs.

Once you have completed your CIC Registration, you may be able to obtain funding to support your business

At KG Accountants we provide a cost-effective, high value solution to meet all of your CIC Tax needs.

All our CIC fees are fixed.

By giving you a fixed and competitive price, we can take the worry away when it comes to running your CIC; allowing you to concentrate on running your organisation.

Arrange a FREE CIC Tax initial consultation.

0207 078 7477

How we can help

Call us today on 0207 078 7477 or complete our enquiry form to book a FREE initial CIC consultation.

Require more information about CIC?

If you would like more information or would like to ask us a question about a CIC then call us on 0207 078 7477. To ask us a question online click here.