UK Allows Incorporation of Charitable Incorporated Organizations: Update from Nair & Co. International Expansion Team (Sunnyvale, CA) - The United Kingdom government has recently brought into effect a new form of charity entity Charitable Incorporated Organizations (CIO’s) which were slated to be introduced under the Charities Act 2006, says Nair & Co. which provides international expansion services for companies setting up foreign operations. CIO’s only need to register with the Charity Commission and they are exempt from filing obligations with the Companies House. Key Highlights: Charitable Incorporated Organizations (CIO's)
From December 10, 2012, the Charity Commission started accepting CIO registration applications. The CIO regulations became effective from January 2, 2013 and the first registrations were also done on the same date. The registration process was initially allowed only for fresh CIO’s (i.e. not conversions) having a yearly income of £5,000 or more. 100 CIO’s were registered for the period ended April 11, 2013. The option for converting existing unincorporated charities to CIO’s has also been made available based on
annual income, starting with the largest. The first phase commenced during March 2013, for charities with an income of more than £250,000, and the next phase from May 2013 for charities with an income of more than £100,000. It is pertinent to note that the schedule and requirements may be changed or even accelerated. Conversions of other corporate forms of charity to CIO’s will not be permitted until 2014.
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