The United Kingdom government has recently brought into effect a new form of charity entity - Charitable Incorporated Organizations (CIOâ€™s) which were slated to be introduced under the Charities Act 2006, says Nair & Co.
Online PR News – 05-July-2013 – Sunnyvale, CA – (Sunnyvale, CA) - The United Kingdom government has recently brought into effect a new form of charity entity - Charitable Incorporated Organizations (CIOâ€™s) which were slated to be introduced under the Charities Act 2006, says Nair & Co. which provides international expansion servicesÂ for companies setting up foreign operations. CIOâ€™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 CIOâ€™sÂ (i.e. not conversions) having a yearly income ofÂ ÂŁ5,000 or more. 100 CIOâ€™sÂ were registered for the period ended April 11, 2013.
* The option for converting existing unincorporated charities to CIOâ€™sÂ 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 thanÂ ÂŁ250,000, and the next phase from May 2013 for charities with an income of more thanÂ ÂŁ100,000.
* It is pertinent to note that the schedule and requirements may be changed or even accelerated.
* Conversions of other corporate forms of charity to CIOâ€™sÂ will not be permitted until 2014.
For more information aboutÂ doing business overseasÂ or to know more about our International Expansion Services team pleaseÂ contact us.
SubscribeÂ to regularÂ global tax complianceÂ alerts from Nair & Co.
International Business Guide (IBG)Â is our online platform for companies wishing to optimize their multinational operations and would like to have specific business information for doing business in a particular country -Â Click Here.
Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news atÂ Nair & Co. Industry Alerts.
About Nair & Co.
Nair & Co. provides you with your one touch outsourced finance, HR, legal and global tax compliance department for your international operations. If you are expanding abroad for the first time or increasing your global footprint, our turnkey solutions help you do so with minimal risk, stress and cost. We support 4000+ client operations in over 56 countries and have core offices in U.K., India, China, U.S., Japan and Singapore. Nair & Co. was named among the top 100 outsourcing services providers in the world by the International Association of Outsourcing Professionals (IAOP). Learn more atÂ www.nair-co.com