Ministry of Finance
VICTORIA – Companies now can register to become a Community Contribution Company (CCC or C3), a new business model for British Columbians who value a balance of social responsibility and profit, Minister of Finance Michael de Jong announced on Monday.
"This new model will unlock new ways to generate meaningful, local employment in B.C. and generate economic wealth for our province by encouraging private investment in B.C.'s social enterprise sector,” said Minister of Finance Michael de Jong.
Regulations for the C3 business model are now in effect. Designed to bridge the gap between for-profit businesses and non-profit enterprises, this innovative business model is the first of its kind in Canada.
This new type of hybrid business model responds to an emerging demand for socially focused investment options. C3 status signals that a company has a legal obligation to conduct business for social purposes and not purely for private gain. This obligation will help attract capital not currently accessible to the social enterprise sector by appealing to philanthropic investors who still expect some financial return.
Social enterprises can exist in many business areas and have many different objectives, including health, environmental, cultural or educational. For example, a social enterprise could provide recycling services in a community with the social objective of generating employment in collecting recyclables and applying most of the profits to a local charity.
The regulations were developed in consultation with members of the B.C. Social Innovation Council. Public consultations held in 2010 supported the idea of a new business model like the C3, and the resulting amendments were well-received by the social enterprise community.
