Personal Public Service Numbers
Personal Public Service numbers or PPSN are required for Resident and Non-Resident Proprietary Directors of Irish Companies under certain circumstances. Proprietary Directors are those who control, either directly or indirectly, more than 15% of the share capital of a company. As such a Proprietary Director has to file an income tax return based on earnings in respect of the directorship.
A personal public service number a unique identifier for use in any transactions you may have with an Irish public body or persons authorized by those bodies to act on their behalf. PPSNs are given by the Department of Employment Affairs and Social Protection (DEASP). Use of the number eliminates the possibility of confusing one person with another and makes it possible for public bodies to operate more efficiently and effectively with their customers.
A PPS number is very useful also when completing the Register of Beneficial Owners filing, this return has to be completed within 5 months of incorporation of a company, closing date for existing incorporation’s was on the 22nd November 2019. A Beneficial Owner of a Relevant Entity is a Natural person who ultimately owns or has control of 25% plus one share of the equity or voting/control rights either directly or indirectly. If you do not possess a PPS number at the time of submission, the beneficial owner will require a specific form to be notarized etc. which can be costly and time consuming. Having a PPS number already in place takes all the pain out of this return.
It makes sense for companies to apply for PPS numbers for Directors and/or Beneficial Owners when they incorporate a new company.
We can do this for you here at IRISH FORMATIONS. It can take approx. 4 to 6 weeks to receive same once application has been made so we would urge you not to delay. For more information click HERE