Legal status

Community Interest Companies (CICs)

In late 2004 the Department of Trade and Industry (DTI) introduced CICs as a new legal format for people looking to set up enterprises with social objectives. The legislation which enables CICs to be formed came into force on 1 July 2005. Essentially CICs are commercial companies that compete in the open marketplace, but have a strong social aim. They will often create new ways of selling goods or services with tangible benefits for the local community. See www.cicregulator.gov.uk for more details.