Are you running into problems with showing the right Proof of Address for your startup?
You aren’t alone. This might seem simple, but lately, it’s becoming a bigger pain. The problem is that you might not know what to use or often don’t have the right form of documentation or need a lease agreement to show to your bank.
Whatever, the case in order to open a business bank account, you will be required to provide proof of address. That’s why we’ll detail what is accepted and what is not accepted for proof of address, so you can make opening a business bank account smoother.
1. What are valid forms of Proof of Address
You have many options to choose from when providing valid forms of Proof of Address. Below, are the most common documents used for Proof of Address.
- Valid Driver’s License: It legally verifies that you can operate a class-specific vehicle in a state, defines the place of residence in which the vehicle is registered, and is one of the most common forms of identification.
- Property Tax Receipt: It is a tax paid on property owned by an individual or other legal entity.
- Utility Bill: These utility expenses generally include electricity, gas, water/sewage, and garbage disposal, or internet. Your utility bill should be recent and have your name and exact address.
- Lease Agreement/Mortgage Statement: Your lease agreement/mortgage statement both prove your place of residence by showing that you have a designated address.
- Postal Mail With Name of Applicant: This is mail sent to your address with your legal name proving that you live at the given address.
- Insurance Card: These include homeowner's, renter's, or life insurance policy and should state that the owner uses the property as the primary residence.
- Voter Registration Card: When you register to vote, you are required to give your legal address and name, so you will be able to use this card for Proof of Address.
As you can see, you have a plethora of options that will work as your Proof of Address. Next, it’s time to explore what will NOT work as Proof of Address because that’s just as important for you to know.
2. What is NOT Accepted as Proof of Address
Make sure you do not show up to the bank with a document that is not accepted to provide Proof of Address. Check out what are considered unacceptable Proof of Address documents below.
- Pension or insurance documents
- General receipts
- Invoices for any goods you have purchased
- Handwritten bills
Another thing to note is that you cannot use specific addresses for your Proof of Address. The addresses that are not accepted are PO Boxes, mailbox rental stores, and virtual mailboxes.
Now we know what you can’t use, so what actually works?
3. How Can You Get Proof of Address
In order to open a business bank account in the U.S., you will need to have a physical address located here. A physical address is an address for a tangible building, which can be a home or office building or even an office suite inside a corporate building. If you don’t have one, don’t worry!
TruLease, provided by VirtualPostMail (VPM), offers an easy way for you to obtain a real physical address.
With TruLease, you are provided a legal lease agreement (remember we listed above that a lease agreement is accepted as Proof of Address) so this can be used as Proof of Address for your U.S. business bank accounts. We partner with building owners to provide you a real physical leased space. The lease agreement was thoroughly reviewed by lawyers to ensure everything is fully legal and the contract has all the necessary proper terms and conditions of a lease agreement.
Conclusion
A business bank account is essential for running your startup. In order to open the account, you will need a government issued ID, your social security card, and Proof of Address.
There are many options that you can choose from to provide Proof of Address, but it needs to be attached to a U.S. physical address. VPM’s TruLease provides you with a legal lease agreement and lease address that you can use to open a business bank account.
Get Proof of Address Today
Use VPM’s TruLease plan to obtain a physical leased address, and open a business bank account today!
