Yes, that is correct. A Tax Identification Number (TIN) starting with 98 is typically assigned to foreign entities, suggesting that the entity is likely not a domestic one. In such cases, the entity might need to complete a W8 tax form instead of a W9 tax form, as the W8 forms are designed for non-US individuals or entities to provide their tax information. However, it's important to consult a tax professional or accountant to confirm the appropriate form and procedures to follow for the specific situation, as tax laws and requirements can be complex and vary depending on individual circumstances.