In this ever-evolving landscape of corporate compliance, it is essential to keep up to date with all the latest regulations. There have been a great many changes to how business is done, and payments are made in the last couple of months, and it is essential to not fall behind the times on regulations. One such change that came into effect on June 11th, 2023, is the requirement for company directors to provide their PPSN when filing specific forms to the Companies Registration Office (CRO). Here at EcovisDCA, we are committed to keeping you informed and helping you to navigate these changes seamlessly.
What You Need to Know:
The new requirement for a PPSN to be provided in several key situations:
- Company Incorporation – When registering a new company.
- Filing of Annual Return
- Directorship Changes – When a new director appointment is made, or any changes are made to the current director’s details.
In a case where a director does not have a PPSN but has a Register of Beneficial Owners (RBO) number, the RBO number can be used in place of a PPSN. In the event that a director has neither, an Identified Person Number (IPN) can be applied for.
The IPN is a unique number issued by the CRO to directors or beneficial owners who don’t possess either a PPSN or RBO number. Consult the CRO website for further information.
Preparation is Key:
To ensure a smooth and compliant filing process, it’s vital to verify all information related to your company’s directors well in advance of the filing date. If it’s necessary to apply for an IPN, it should be done as early as possible also. Whilst the CRO strives to process IPN applications promptly, processing times can vary depending on application volumes. The sooner you apply, the better.
Another important point to note is that a director may use a different name on the CRO register than the one held by the Department of Social Protection (DSP). To avoid delays in the registration process, ensure that all director data on the CRO form is accurate.
At EcovisDCA, we understand the importance of staying compliant with the latest regulatory changes. We’re here to guide you through these transitions, ensuring your company operates smoothly and within the law. Stay informed, stay compliant and let us be your guide through this journey.