Companies Act 2013 read with Companies (Incorporation) Rules 2014 required the foreign nationals to mandatorily quote PAN (Permanent Account Number) if they were to be the promoters or first directors of the company. As the foreign nationals were quite reluctant to apply for and quote their PAN whilst incorporation of the companies, MCA vide General Circular 12/2014 dated 22.05.2014 has made mandatory PAN requirements for only those foreign nationals who are required to hold a PAN as per requirements of Income Tax Act 1961. In furtherance to the above requirement MCA vide General Circular 16/2014 dated 10.06.2014 requires foreign nationals who do not hold PAN and intends to be the promoters or first directors of the company are required to file a declaration in the prescribed proforma and attach it with the Incorporation form (INC-7).
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