What is a CIC36 form?

What is a CIC36 form?

CIC36: application to form a community interest company The Office of the Regulator of Community Interest Companies (CIC Regulator)’s form for applying to form a community interest company.

How do I fill out a CIC36 form?

The form CIC36

1. make sure you complete each section of the form – A, B, C and D.
2. give a clear description of the community of benefit – A.
3. give a clear description of the CICs activities and how these will benefit the community – B.
4. complete the ‘surplus statement’ on the end of section B.

What is a CIC 34 report?

A CIC34 report is a form used for annual reporting. Each year, you’d submit the report to the Regulator of Community Interest Companies. You’d submit your information to the Regulator by way of the Registrar of Companies in your area.

How can I convert my limited company to CIC?

The company, first, needs to pass a number of special resolutions in order to adopt new articles, change its name and to declare its intent to become a CIC. Of course, the new articles themselves must be drafted, including a suitable objects clause and containing the specific provisions required by the CIC Regulator.

Can CIC directors be paid?

A major advantage of CICs is that their directors can be paid a salary, which means that the founders of the CIC can retain strategic control of the enterprise by sitting on the board as paid directors.

What do you need to register CIC?

To set up a CIC , you’ll need:

1. a ‘community interest statement’, explaining what your business plans to do.
2. an ‘asset lock’- a legal promise stating that the company’s assets will only be used for its social objectives, and setting limits to the money it can pay to shareholders.

How many directors does a CIC need?

Number of directors A CIC limited by guarantee should have at least two directors (trustees). Some banks or funding bodies will prefer there to be at least three.

Does a CIC need a company secretary?

All CICs must be one or other of the two most common forms of company: A company limited by guarantee, or • A company limited by shares. Please note a private company does not need a company secretary, but if it does appoint one, the details must be delivered to the appropriate Registrar.

Does a CIC need an audit?

The accounting requirements for a CIC are the same as those of other companies (the amount of detail, and the extent to which an audit is required varies with the size of the company, and according to whether it is public or private).

Can CIC accounts be submitted online?

Being online allows for submission of documents 24 hours a day. There’s no need to wait for the postal service to be open. More than simply being a way to do a filing, CICs can also submit their annual reports, and even their payment. Everything can happen online.

How many directors are needed to set up a CIC?

two directors
Number of directors A CIC limited by guarantee should have at least two directors (trustees). Some banks or funding bodies will prefer there to be at least three.