What does CIC stand for in business?

Community interest companies
Community interest companies ( CICs ) A CIC is a special type of limited company which exists to benefit the community rather than private shareholders. To set up a CIC , you’ll need: a ‘community interest statement’, explaining what your business plans to do.

What are the benefits of a CIC?

Compared to a standard company, a CIC specifically provides several advantages:

  • 1 A clear commitment to social goals.
  • 2 Access to certain forms of finance.
  • 3 Limited liability and protection.
  • 4 Familiarity.
  • 5 Flexibility of limited company structure.
  • 6 Continuity of purpose.
  • 7 Quicker to set up.

What does CIC mean UK?

community interest company
A community interest company (CIC, colloquially pronounced “kick”) is a type of company introduced by the United Kingdom government in 2005 under the Companies (Audit, Investigations and Community Enterprise) Act 2004, designed for social enterprises that want to use their profits and assets for the public good.

Who owns Cambridge Innovation Center?

The company was founded in 1999 by Massachusetts Institute of Technology (MIT) graduates Timothy Rowe and Andrew Olmsted. HB Reavis, headquartered in Luxembourg, has given funding of $58 million to Cambridge Innovation Center (CIC) to expand its coworking spaces globally….Cambridge Innovation Center.

Type Private
Website cic.com

What does CIC stand for in finance?

The term chartered investment counselor (CIC) refers to a designation awarded to qualifying financial professionals by the Investment Adviser Association (IAA). In order to become a CIC, candidates must meet certain professional criteria, including holding the Chartered Financial Analyst (CFA) designation.

How does a CIC make money?

Firstly, unlike charities, which are typically reliant on grants, donations and fundraising for a large proportion of its income, a community interest company is usually not dependent on these alone. A CIC receives income from a variety of sources including contracts, trading income and grants.

Can a CIC make profit?

A community interest company (CIC) limited by guarantee is a ‘not for profit’ company, this means that it does not operate for private profit. Any profit generated is used to grow and develop its business which is benefiting an identified community, or goes directly to benefit that community.

Can a CIC pay staff?

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.

Can a CIC be owned by a company?

Accordingly, a CIC must be registered both with Companies House and the CIC Regulator. A CIC can be any type of company – even a PLC – although in practice, most are companies limited by guarantee.

What does CIC stand for in M&A?

Capital Investment Committee (various locations) CIC. Consumer Information Center.

What does CIC stand for in school?

Curriculum & Instruction Council
Curriculum & Instruction Council (CIC)

Can I pay myself as a CIC?

In summary: You can pay yourself while retaining control as the director of a CIC, but you usually can’t get paid to be on a charity board.