Applicability of PAN requirement for Foreign Nationals as Director of the Company:
MCA issues General Circular No. 16/2014 Dated 10.06.2014 for Applicability of PAN requirement for Foreign Nationals as Director of the Company at the time of Incorporation.
As per this circular, PAN is compulsory for a Foreign National who is a subscriber / promoter at the time of incorporation of the company. However, if the Foreign National does not possess a PAN, then he / she is required to furnish a declaration / undertaking in prescribed format as an attachment to Form INC – 7 at the time of incorporation of the company.
Further, a National Director of the proposed company shall be required to furnish the PAN details at the time of incorporation.
Prescribed Format is Produced here under for ready reference. The said undertaking / declaration is to be attached with Form INC – 7 at the time of incorporation of the new company.
Undertaking
I. . . . . . . . . . . . . (name) . . . . . . . . . . . . ., son of . . . . . . . . . . . . . (father’s name) . . . . . . . . . . . ., citizen of . . . . . . . . . . . . . (nationality) R/o (Address) . . . . . . . . . . . . . having passport No. . . . . . . . . . . . . . (passport Number) . . . . . . . . . . . . . hereby declare as under:
(i) That I am not required to obtain Income Tax Permanent Account Number (PAN) under the provisions of Income Tax Act, 1961;
(ii) That in view of the above I have not been issued any PAN; and
(iii) That I undertake to furnish to the Registrar of Companies (mention jurisdiction) details of my PAN as soon as a Permanent Account Number is allotted to me.
Date:
Place: (Signature)
Name of the Person
