What is CIC?

The full name of CIC is Community Interest Company. CICs, like most companies in the UK, are limited companies, meaning that the liability for company debts is limited. CICs are established through a designated registration process under the UK's Companies Act 2006. Since CICs are not charitable organizations, they can generate income through activities or donations for operational purposes and as future funds for community activities, while also being subject to taxation. (For more details, please refer to https://www.gov.uk/)

The establishment of all CICs requires two important declarations:
1. Political Neutrality: The first guarantee ensures that your CIC does not act as a political party or its affiliated organization.
2. Commitment to Community Benefit: The second announcement describes the actions that the enterprise will undertake for the benefit of the community.

In simple terms, CICs are social enterprises that deduct costs and utilize profits and surpluses for the public good.

Due to the aforementioned conditions and limitations, "Bringing Life Closer" classifies itself as a "community arts, culture, and activities" organization, with the nature of business (SIC) being 85520 - Cultural education, 90010 - Performing arts, 91011 - Library activities, and 91020 - Museums activities. The aim is to disseminate the true history of Hong Kong, preserve language and culture, and provide a gathering point for the Hong Kong community in the UK, while offering various forms of assistance and services.