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Last updated: 16 April 2009
CICs were introduced in July 2005 as a bespoke legal form for social enterprise, combining the flexibility of a limited company with a community purpose. The business model enables social enterprises to attract investment by issuing shares and paying returns to investors, while a limit is set on those returns to guarantee the majority of profits are put back into the community.
There are now more than 2,600 CICs in the UK, offering a wide range of goods and services and making a real difference to the lives and wellbeing of people across the country.
In Real Help for Communities, The OTS announced that the CIC regulator would be undertaking a review of the limits on distributions of CICs. The Regulator of Community Interest Companies, Sarah Burgess said: “I’ve heard anecdotal evidence about the impact the current limits have on a CIC’s ability to secure investment. I now want to gather wider evidence so I can take an informed view about whether or not the limits should be changed and, if so, how.”
Anyone with experience to share should respond to the review. The review will run for 12 weeks, closing on 19 June 2009.