This section talks about what you need to set up a community company.
What are the basic requirements for incorporating a community company?
- The requirements are the same as for incorporating any private company including submitting the names and details of shareholders and directors, and company contact details through the electronic process on this website. A set of company rules must also be provided if they differ from the model rules in the Companies Act.
- The principal objective of the company must be that it promotes a community interest, so a statement of the company’s community interest must be included. The meaning of community interest is further detailed below.
- The name of the company must have the words “Community Company Limited” or “CCL” at the end in all communications. This is important because people who deal with Community Companies must know that they are dealing with a Community Company.
- The community company must have at least 1 shareholder and 1 director. The director must be a person and cannot be another company.
- The requirements for operating a private company also apply, and details of this can be found here in the Learn what a Company is section.
- No fee is required for the incorporation of a company.
If the application is accepted by the Registrar of Companies, then they will be made publicly available in the Register, and the Community Company will receive a Certificate of Incorporation.