At the time of incorporation/registration of a new company in India, every subscriber to the Memorandum of Association (MOA) and Article of Association (AOA) i.e. promoters of the company, are required to furnish Permanent Account Number (PAN) to the Registrar of Companies (ROC) in form SPICE+. However, since persons of foreign countries are statutorily not required to hold PAN in India, they can provide the undertaking for the same that they are not required to hold PAN as per Indian law.
Below is the format of the undertaking, which is required to be furnished with ROC at the time of incorporation of a company in case PAN is not available with foreign nationals:-
I, [Name of Foreign National], S/o [Father’s Name of Foreign National], citizen of [Name of Country], R/o [Residential Address], having Passport No. [XXXXXXXX], hereby declare as under:
- That I am not required to obtain Income Tax Permanent Account Number (PAN) under the provision of Income Tax Act 1961.
- That in view of the above, I have not been issued any PAN; and
- That I undertake to furnish to the Registrar of Companies, details of my PAN as soon as a Permanent Account Number is allotted to me.
[Name of Foreign National]