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For years, I’ve run SVA as a sideline to my own VA business…  I don’t charge for the time I spend on it, it saves fees in terms of different bank accounts/accountants/CRMs etc.  However it’s become clear that in order to access some of the funding we’re entitled to, we need a more formal basis.

We’ve been working on this behind the scenes for a while, and I’d like to thank in particular BTO who generously advised on a pro bono basis in support of the project.

Many other VA organisations work as limited companies, but I wanted to be open about how the money we generate is being used and ensure that my motivations for doing this aren’t based around creating a commercial entity which could be sold or manipulated for profit. SVA has never been run on that basis, it has always been about working together to improve the VA industry in the UK, so it was important to me that the legal entity reflected that.

Community Interest Companies (CICs) are:

  • Designed to give back to the community it serves.
  • Regulated annually by the CIC authority to check we are complying with our community obligations.
  • Any profits generated must be reinvested into the business, they can’t be taken as dividends.
  • The business cannot be sold as a commercial venture for profit to the owners, the money would go to the CIC and be retained in the business.
  • If the company winds up, any profits are distributed to a nominated charity, ours is Princes Trust who help young people start businesses.
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Who will SVA Virtual Assistants CIC help?

I’m delighted to announce that the CIC authority approved our application on 21 April, and we’ve committed to help:

  • UK based virtual assistants who offer freelance admin services.
  • Clients considering hiring a virtual assistant.
  • People considering entering the virtual assistant industry in the UK.
  • Organisations wishing to find information on the UK VA industry.

What activities will SVA Virtual Assistants CIC be committed to?

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Our nominated charity is Princes Trust who help young people set up businesses in the UK and helped me start my business back in 2004.

What does this mean on a practical basis?

Not a lot – you may notice the name at the bottom of the emails change a bit. We will continue to ask for feedback and put out open access calls for specific issues such as data protection, training, standards etc. so that everyone can take part. This is basically formalising how SVA has always been run… However, any questions, please email info@societyofvirtualassistants.co.uk

22 Comments

  1. Heather Greig on 4 May, 2020 at 3:04 pm

    Excellent news Caroline – and fantastic all your hard work has been recognised.

  2. Jona Hysa on 4 May, 2020 at 3:09 pm

    Fantastic work!

  3. Jen Workman on 4 May, 2020 at 3:17 pm

    Well done Caroline!

  4. Alison Murray on 4 May, 2020 at 4:25 pm

    What wonderful news Caroline, top trumps to you!

  5. Di Howard on 4 May, 2020 at 4:27 pm

    That’s fantastic and an awesome achievement. Thank you for sharing

  6. Louise Myers on 4 May, 2020 at 5:57 pm

    Brilliant work! Well done!!

  7. Jill Vernon on 4 May, 2020 at 5:59 pm

    Excellent, well done Caroline

  8. Sarah Davies on 5 May, 2020 at 12:55 pm

    Well done Caroline!

  9. Stephanie Evans on 5 May, 2020 at 7:12 pm

    That’s fantastic Caroline, thank you for always working so hard for VA’s everywhere!

  10. KEIRA Simpson on 5 May, 2020 at 10:53 pm

    This is amazing. Thank you for organising this. It is so helpful. You should be very proud. Well done.

  11. Becci Brindley on 6 May, 2020 at 9:35 am

    Great achievement! Well done – thank you for all you do for us all and your commitment. Fantastic way to show just how much hard work you put into this.

  12. Nicola Driscoll on 7 May, 2020 at 9:38 am

    Caroline, you’re an inspiration! Congratulations on your acceptance by CIC.

  13. Joanne Manville on 7 May, 2020 at 1:25 pm

    Great next step to formalise all your hard work, thank you.

  14. Emma Midwood on 7 May, 2020 at 3:09 pm

    Well done Caroline, a great inspiration to us all!

  15. Janet Walker on 7 May, 2020 at 6:36 pm

    Brilliant news!

  16. Jeannette Morgan on 11 May, 2020 at 12:04 pm

    Brilliant news Caroline. your hard work is obviously paying off

  17. Pip Doleman on 12 May, 2020 at 9:05 am

    This is great step forward. Well done and thank you, Caroline

  18. Chloe Jessamy on 17 May, 2020 at 10:31 am

    This is brilliant. Congrats Caroline and thank you for everything that you do.

  19. Melanie Morrison on 1 June, 2020 at 2:21 pm

    Well done Caroline.

  20. Amanda Jackson on 22 June, 2020 at 2:36 pm

    Brilliant work Caroline. It shows you have a passion for running your own VA business and SVA.

  21. Hazel Moran on 27 July, 2020 at 9:09 pm

    Well done Caroline, a great step for the community. Thank you!

  22. Hannah Collins on 20 August, 2020 at 11:27 am

    Nice Article.
    Keep update this type of article.

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