What is a CIC?

 

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. The CIC is a suitable business structure for a Social Firm. For more information see www.cicregulator.gov.uk where there is a frequently asked questions page.