Community Benefit Society (BenCom) Registration

Overview:  Community Benefit Society (BenCom) conduct business for the benefit of their community. Profits are not distributed among members, or external shareholders, but returned to the community.

Purpose:  Registration of Community Benefit Society (BenCom)

Main specifications:

• can raise funds by issuing shares to the public
• must submit annual accounts
• managed by the members
• must have social objectives to conduct a business or trade.

Registering authority: the Financial Conduct Authority (FCA)

Term of registration: 7-10 working days

Personal presence: Optional

Conditions for registration:

• Member – Minimum 2 (maximum – unlimited) natural/legal person of any nationality/jurisdiction
• Registered office address in the UK

Required documents:

• Passport or European ID card (for all associated persons)
• Proof of residential address not older than 3 months (for all associated natural persons)
• Extract from the Trade Register not older than 3 months (for all associated legal persons)
• Document, authorizing to use of the registered office address (Copy of the Rental Agreement, Authorization Letter from the Owner, Certificate on Property)
• Confirmation of the fulfillment of minimum share capital requirements (deposit of £ 50.000)
• Power of attorney (in case of remote registration)
• Signed copy of the Rules