The basic requirements for incorporating a community company are the same as those for a private company. This includes 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 requirements for operating a private company also apply, and details of this can be found here in the Learn what a company is section.
Community companies do have special requirements including:
- 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” 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.
A Registration 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.