A SCIO can only be a charity. OSCR is the regulator of a SCIO’s legal form, not just its charitable status. Removal from the Register equals dissolution.
Is a Scio registered at Companies House?
Do SCIO’s have to report to Companies House now? No. OSCR will still be the single regulator for all SCIOs and will provide updates to Companies House directly.
Is an SCIO a company?
A SCIO is a corporate body which is a legal entity and same rights as a natural person, therefore the charity will enter into similar transactions as a company would such as contracts and employing staff.
What is an Scio?
A Scottish Charitable Incorporated Organisation, or SCIO, is the newest type of charitable vehicle available in Scotland. … SCIOs resemble charitable companies in some respects, but unlike charitable companies they are only regulated by the Office of the Scottish Charity Regulator (OSCR) and not by Companies House.
What is a Scio in Scotland?
The Scottish Charitable Incorporated Organisation is a legal form unique to Scottish charities and is able to enter into contracts, employ staff, incur debts, own property, sue and be sued. It also provides a high degree of protection against liability.
Can a Scio prepare receipts and payments accounts?
SCIOs with an income below £250,000 can prepare Receipts and Payments accounts. You can use our example set of Receipts and Payments accounts, and adapt them for your charity.
How long does it take to become a SCIO?
In the case of converting companies, the former entry on the Company Register will show that the body has been converted into a SCIO and will state the name and charity number of that SCIO. In most cases, the process of conversion will be completed within three months.
What are the benefits of a Scio?
Some of the advantages of becoming a SCIO are:
- Liability of charity trustees is limited and members are not liable to contribute to the assets if it is wound up.
- It has a legal personality and can undertake transactions in its own right.
- Single regulator – OSCR.
How do I register my Scio?
To apply to become a charity, you need to log in and complete the application form to become a charity. You will need to upload completed and signed trustee declaration forms for each of the proposed charity trustees. If you are applying to be a SCIO you must have a minimum of three charity trustees.
What is a community interest company UK?
Community interest companies ( CICs )
A CIC is a special type of limited company which exists to benefit the community rather than private shareholders. To set up a CIC , you’ll need: … to get your company approved by the community interest company regulator – your application will automatically be sent to them.
What is a single tier Scio?
Similar to the structure of a traditional trust, a single-tier SCIO leaves complete control of the organisation in the hands of a small group of individuals, including control over future changes to the constitution, and over who serves on the SCIO board.
Can a CIC become a SCIO?
Once the CIC’s resolution and amended articles have been filed at Companies House, the assets can be transferred to the SCIO without the involvement of the CIC Regulator’s Office.