In Ireland, company directors and individual shareholders who receive dividends are required by law to apply for and obtain a Personal Public Service (PPS) number. The PPS number is a unique identifier used for taxation and other purposes, similar to a Social Security number in the United States. In this article, we’ll go over the requirements for obtaining a PPS number and how Abbey Blue Formations can assist company officers in obtaining one quickly.
All Irish company directors who own more than 15% of a company’s shares or receive a salary from the company are required to have an Irish PPS number. Individuals who wish to draw a salary from an Irish registered company must also apply for a PPS number to register with the Revenue Commissioners. Individual shareholders who receive dividends from an Irish registered company are also required to obtain a PPS number.
If an individual does not already have an Irish PPS number, they must make an application with the Department of Employment Affairs and Social Protection. Due to a significant backlog of applications, this process can take several months. However, Abbey Blue Formations can assist company officers in obtaining a PPS number on their behalf, reducing the waiting time.
A PPS number is always composed of seven numbers followed by one or two letters. This format is used for all individuals who require a PPS number, including Irish citizens, foreign nationals, and non-residents.
While company directors are not presently required to obtain a PPS number when incorporating a new Irish company, proprietary directors are encouraged to apply for a PPS number as soon as their company is registered. This will allow them to avoid delays in the future when applying for a PPS number.
It is worth noting that future PPS number requirements for company directors are forthcoming. While directors are not currently required to have a PPS number when incorporating a new Irish company, it is likely that this requirement will be introduced in the near future.
Any beneficial owner holding more than 25% of an Irish company is obliged to file their details with the Central Register of Beneficial Owners (RBO). If a beneficial owner is also a shareholder receiving dividends, they must register for a PPS number. If not, they must complete a BEN 2 form to obtain an RBO transaction number to use in the absence of a PPS number. Abbey Blue Formations can provide further information on this process.
Obtaining a PPS number is an essential requirement for company directors and individual shareholders who receive dividends in Ireland. Abbey Blue Formations can assist in obtaining a PPS number quickly and efficiently, reducing delays in the application process. With future requirements for PPS numbers on the horizon, it is wise to ensure that you have a PPS number as soon as possible to avoid any future issues.
€125.00
