Community Interest Companies in North welcomed
A new type of company set up to help the community can be established in the North following the introduction of new legislation, it was announced today.
The legislation, which came into effect with the start of the new tax year, enables the establishment of Community Interest Companies [CICs] which are designed specifically for those wishing to operate for the benefit of the community rather than for the benefit of the owners.
John Hanlon, the UK CIC Regulator and expert on the new type of company, welcomed the extension of the legislation to the North.
"I would encourage all Social Economy Enterprises in Northern Ireland to take steps to become CIC," he said.
"Around 850 companies in Great Britain have already availed themselves of the benefits including independently verified assurance and assets being locked into the local community to prevent asset-stripping for personal profit and safeguarding the future of the business.
"There is clearly a high level of interest in CICs in Northern Ireland and I am glad that this legislation has now taken effect."
Representatives of the local Social Economy sector have been given details of the benefits of becoming a CIC at a seminar organised by the Department of Enterprise, Trade and Investment.
DETI deputy secretary Noel Lavery said: "It was important we provided the delegates with information on how to become a CIC and ensure that the local social economy sector was aware of this new legal form of company which offers a flexible business model for social enterprise."
