Community Interest Companies
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In United Kingdom, 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. CICs can thus be viewed as a type social entreprise, with legal recognition, and corresponding criteria.
Verification takes place by a "community interest test". Along with an "asset lock", this 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.
