Is a lease agreement sufficient for financial accounts?

In most cases, a lease agreement alone is not sufficient for verification purposes. You'll generally need to provide another document, such as a utility bill, for proof. Since each vendor has their own requirements, you'll need to contact them to find out which documents they accept.

Additionally, some financial vendors require more than just a lease agreement or utility bill. They may want proof that you're actually operating from the office and conducting day-to-day work there. If you're a foreigner or hold a non-U.S. passport, you may face additional requirements as you'll need to prove that you're physically working from the office. Be prepared to provide additional explanation or proof that you perform day-to-day work out of the office. Please note that we are unable to assist with this as it falls outside the scope of our services.

When it comes to opening financial accounts, we recommend the following:

• Don’t rely on just one vendor. Prepare a list of financial institutions to work with. Every vendor has their own underwriting criteria and will accept different documents. Some may be stricter, while others are more relaxed. By working with multiple vendors, you'll increase your chances of success.
• If you're looking to open a bank account, we recommend doing it in person if possible. This proves you're physically in the U.S., which increases your chance of approval. Fintechs, on the other hand, are harder to get approved with because everything is done online, and they rely on other methods to determine if you're physically in the U.S.

• Rent an office and obtain your office address first before you start opening new accounts. Otherwise, there will be more questions as to why you rented an office within a few days after they request for verification documents.

  TIP: If you've already started an application before the lease starting date, you may want to cancel it and submit a new one.

👋 As a reminder, as stated on our TruLease pricing and FAQ pages, TruLease does not support fintechs. Therefore, if you're trying to open a business bank account with a fintech, we do not recommend it.