What is a CIC?

Community Interest Companies (CICs) are limited companies with the following special features:

• they must trade in the interest of the community they were set up to benefit;
•  they have a statutory asset lock - this means that profit distribution is restricted and on winding up assets cannot be divided among the members;
•  they are regulated by a Regulator who oversees the activities of CICs.

CIC's are a new legal form for social enterprises i.e. enterprises wishing to trade and use the profits/assets for the benefit of the community. They can have shares or guarantors. A share structure allows for investment by those wishing to use their money to fund services of benefit to the community.

Focus on Faringdon CIC is a new Community Interest Company. The company has been set up by Faringdon Chamber of Commerce to create, develop and manage activites and events to promote Faringdon, its hinterland and the market towns within the Vale of the White Horse in Oxfordshire, as a tourist and visitor destination.

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