Applicability of PAN requirement for Foreign Nationals - MoCA Clarifies
IN Circular No. 12/2014 dated 22.05.2014, the Ministry had clarified that PAN details are mandatory only for those foreign nationals who are required to possess "PAN" in terms of provisions of the Income Tax Act, 1961 on the date of application for incorporation. Where the intending Director who is a Foreign National is not required to compulsorily possess PAN, it will be sufficient for such a person to furnish his/her passport number, alongwith undertaking stating that provisions of mandatory applicability of PAN are not applicable to the person concerned.
In continuation of the above Circular, the ministry now further clarifies:
The provisions of the above Circular are applicable to a Foreign National who is a subscriber/promoter at the time of incorporation of the company.
In case the said subscriber/promoter, does not possess Permanent Account Number (PAN), he/she shall furnish a declaration in the prescribed proforma, as an attachment to the Incorporation Form (INC-7).
Further, in case of a Resident Director of the proposed company he/she shall be required to submit PAN details at the time of incorporation.