On November 28, the Government of Nova Scotia introduced the Community Interest Companies Act, which will allow businesses formed under the Companies Act to be designated as community interest companies. They will have characteristics of both businesses and non-profits, combining entrepreneurship with a social purpose.
“With this act, the government is helping Nova Scotia respond to 21st-century opportunities and trends,” said Mr. MacDonell. “We are making it easier for Nova Scotians to start businesses that can benefit the economy and create employment, while contributing to a social good.
“Social entrepreneurism is a global trend that our government is paying close attention to and is committed to growing in Nova Scotia.”
Social enterprises are businesses whose primary purpose is the common good. They use business practices to advance social, environmental or community goals. Examples may include farmers’ markets, used clothing banks, community-owned wind farms and businesses run by charitable organizations. They often have a buy local focus and are gaining momentum worldwide as people seek to create, and support businesses, that contribute to the common good.
“Nova Scotia is a national leader in the development of community and social enterprise,” said David Upton, president, Atlantic Council for Community and Social Enterprise.
“The Community Interest Companies legislation is another tool that empowers communities to undertake initiatives that meet their needs. It will enable new types of partnerships and will allow community organizations to access additional sources of capital without eliminating any of the existing sources.”
Read more from the Government of Nova Scotia website >>
Overview by Miller Thompson’s Charities and Not-for-profit group >>
