11/04/2007

Community Interest Companies for NI

A new type of company, a Community Interest Company, has been introduced in Northern Ireland, following the implementation of new legislation here.

The legislation, which came into effect on 6 April, 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.

The Department of Enterprise, Trade and Investment (DETI) recently held an information seminar on the implications of legislation for representatives from the local Social Economy sector.

Delegates heard details of the new legislation and the benefits of becoming a CIC from DETI Deputy Secretary Noel Lavery and leading CIC expert, the UK CIC Regulator, John Hanlon.

Mr Lavery said: “This new legislation now enables Community Interest Companies to be established in Northern Ireland. It was therefore important that 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.”

Keynote speaker, John Hanlon, was pleased that Northern Ireland is now included in the CIC legislation. Mr Hanlon said: “I would encourage all Social Economy Enterprises in Northern Ireland to take steps to become a CIC. Around 850 companies in Great Britain have already availed 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.”

Anna McAleavy, Chairperson of the newly incorporated Social Economy Network, also spoke at the seminar and updated the delegates on the work of the Network.

For more information on Community Interest Companies, visit the CIC regulator website at www.cicregulator.gov.uk.

To learn how to register a CIC in Northern Ireland, visit the Companies Registry website at www.companiesregistryni.gov.uk.

(SP/KMcA)

Related Northern Ireland News Stories
Click here for the latest headlines.

12 March 2020
Budget: Extra £210m For NI Public Services
Business and political leaders have been giving their reactions to the Budget, with an extra £210 million allocated for public services in Northern Ireland. The Chancellor, Rishi Sunak, yesterday pledged a £12 billion package of measures aimed at tackling the spread of coronavirus across the UK.
11 March 2020
Flybe Workers To Rally At Stormont
Flybe workers will today hold a rally at Stormont to demand government intervention to secure their jobs. A trade union has called on the Northern Ireland Executive to defend the long-term connectivity of Belfast, including the now under-threat roles at Belfast City Airport.
16 March 2020
Covid-19: Seven Further Cases Confirmed
Seven further cases of coronavirus have been confirmed in Northern Ireland, bringing totals to 52. It comes amid continued controversy over whether schools should follow suit with the Republic of Ireland and close their doors. Several local schools have taken the option to close along with bars and restaurants across the region.
10 March 2020
Coronavirus Closes Schools & Belfast Call Centre
The coronavirus outbreak has caused the temporary closure of two schools and a Halifax call centre. The business in the Belfast Gasworks area closed for deep cleaning today, Tuesday 10 March, after a colleague was diagnosed with Covid-19. It's understood employees have been told not to attend work at the south Belfast site.
19 February 2007
NI technology in global focus
Ten Northern Ireland companies took part in the 3GSM Exhibition, the premier event for the mobile telecommunications industry, in Barcelona last week Six companies visited the show for the first time to look at new products, services and potential partners that they may use to develop their own business in this fast growing sector.