On June 11th the CRO released new requirements for all company directors. These disclosures will now be legal obligation for all company directors. Thankfully, Irish Formations have now chosen to provide this new VIN registration free in any company pack.
What are the new requirements?
The CRO now requires all company directors to provide a PPSN. A PPSN is a personal public service number and is used to verify the identity of individuals. As many non resident directors will not have PPS numbers, they have created a new entity known as the VIN (verified identity Number). Every company director will have to have a number to use as correspondence with the CRO.
How do I apply for a VIN?
While some company formation agencies are choosing to advise their clients to go directly to the CRO to obtain their number, we know that this can be a daunting process. We have thankfully opted to provide this service for free for those who are looking to incorporate. We will handle everything and this will be the first step before we begin your incorporation process.
How does the application process work?
The support team here at Irish Formations will prepare your documents for you. The application is straightforward and it requires basic details such as your name, address, date of birth and nationality. The forms will have to be signed and stamped by a public notary. Once this is done you can send them back to us and we can submit them to the CRO (Companies Registration Office). The CRO processing times have been varied for this application.
Is this unavoidable?
- As previously stated, anyone who has a PPS number does not have to attain a VIN. The VIN is merely an alternative. There is also another number which will suffice and this is an RBO number.
- You will have an RBO number if you are part of a previously incorporated Irish company. When incorporating a company you need to register your beneficial owners with the RBO. A beneficial owner is anyone who has 15% or more shares in the company.
- When you register these beneficial owners you will receive a number known as an RBO number. If you have one of these, it will suffice on all CRO correspondence.
- If you have neither a PPS number or an RBO you will inevitably have to apply for a VIN as it has become a legal obligation.
Why is this a new requirement?
This is an attempt by the CRO to identify company directors to see that they are alive and a natural person in line with AML procedures and fraud preventive policies. It is now a legal obligation and everyone must comply with it.
Will my information be protected from public viewing?
Yes. Your information will be encrypted and be kept strictly confidential on the CRO system.
Will the secretary need to provide a number?
No. The requirement is only for company directors.
How Irish Formations can help?
For any of the company formation packages whether basic, standard or premium we are offering FREE VIN Processing. Many other company formation agencies have opted too merely advise clients to go to the CRO and obtain this themselves before starting the incorporation process. Some other agencies are opting to charge for the service. Here at Irish Formations we are including it in your total pack price. It is important to us that our clients start off their journey with their best foot forward. Correspondence with the CRO can often be daunting for those who haven’t used the portal before. Our team here are very familiar with the CRO and will be able to assure the accuracy of your documents before submission.
