What is TruLease?
TruLease serves as your ultimate U.S. long-term physical address, designed to satisfy KYC compliance and proof of physical address requirements.
To obtain these physical addresses, VPM partners with building owners who have unused office space to rent. Then, we work with small business owners, like yourself, to rent those offices. By removing some of the traditional leasing requirements, such as personal guarantees, you are able to get a true physical address that will satisfy federal regulations.
Upon signing up for TruLease, you’ll receive a designated physical address along with a corresponding lease agreement for that space. It’s important to emphasize that the TruLease address differs from a PO box or a virtual mailbox address. While these address alternatives have their uses, they are typically not accepted when attempting to establish business bank accounts or e-commerce stores. Since they are not attached to a brick-and-mortar location, they are not recognized as real physical addresses.
Do I need to sign a lease agreement?
When you register for TruLease, you’ll be required to sign a one-year lease agreement. Really, it’s not as scary as it sounds!
This commitment enables you to effortlessly maintain your financial related accounts, just as you would with any other part of your U.S. business. At any time during your business operations, you may get a notice from your U.S. bank, Amazon, or other merchant account asking for proof of address. That is why TruLease requires a one-year lease agreement.
Additionally, TruLease address spaces are similar to renting a real commercial office or suite unit in the U.S., where you’ll need a lease agreement for the use of the space. However, unlike a brick-and-mortar office that you would need drive to and from each day, TruLease allows you to lease a physical address without the headache of maintenance, mortgages, or other associated building and rental overhead costs.
What states is TruLease available in?
Currently, TruLease addresses are available in three states: California, Delaware, and Florida. Each state brings its own unique advantages to the table. Delaware stands out as a preferred state for incorporation due to its absence of sales tax, while Florida closely follows suit, largely due to its lack of state income tax.
Advantages of TruLease
In addition to providing you with an authentic physical address and valid lease agreement, here’s what you can expect when you sign up for TruLease.
Optional utility bill for proof of address
Perhaps you’re in dire need of a business bank account so you can accept payments from U.S. customers. Maybe you’re finally ready to bite the bullet and start selling on Amazon. If you opt into the utility bill add-on (additional fees apply), you can easily do both.
Your utility bill, whether it be a power, gas, water, or Internet bill, will be in the lessor’s name and list the service address for the building that houses your office. This documentation can be utilized whenever additional proof of address is required.
Reliable access to convenient virtual mailbox services
As a bonus, your TruLease service includes a virtual mailbox, allowing you to access, manage, and receive mail online from anywhere in the world. Online mail management is available 24/7, and you can benefit from services such as remote check deposit, package forwarding, and mail scanning.
Since your physical address is attached to a commercial office building, there will be on-site personnel available to verify your leased space if your bank, payment processing, or other financial institution representative requests a visit or call.
What TruLease is not
While TruLease serves a specific purpose, it’s important to point out its limitations. TruLease is designed exclusively for business use, and as such, the provided physical address should not be used to send and receive personal mail. Due to mail processing procedures, there may be a delay of up to one week (and potentially longer in some cases) when receiving mail. TruLease is also not a one-time service contract, which is often not ideal for obtaining your physical address.
How much does TruLease cost?
TruLease offers a straightforward pricing model. For $100/month, you’ll get a physical business address and accompanying lease agreement. Should you need a utility bill added onto your account for proof of address purposes, you’ll be required to pay a one-time fee of $300. There is also the option to add additional joint tenants if needed. You can find more information on the TruLease pricing page.
What is considered a physical address in the U.S.?
For financial and federal compliance, a physical address must be a physical office or home. It cannot be a P.O. Box, virtual mailbox address, registered agent address, or virtual office address.
What is the difference between a physical address vs. mailbox address?
There are a couple of major differences among the addresses.
A TruLease address is a real physical address. It is not flagged as a CMRA address like a mailbox address would be.
There may be a delay in receiving mail at the TruLease address, while a mailbox address usually ensures mail is available for you to view online within 1 business day.
Your TruLease address is primarily for proof of address purposes and comes with a lease agreement and optional utility bill. A mailbox address does not provide such documents.
The TruLease address can be used to open financial accounts or any service that touches on the flow of cash. This includes bank accounts, merchant accounts (i.e. Stripe or Shopify Payments), Amazon Stores, and CAGE/SAM/DUNS applications. A mailbox address is not accepted as a physical address because it’s not attached to a physical office or home.
Can I use a TruLease address to open a business bank account or merchant account?
Yes, you can use TruLease to open any business financial accounts such as a bank account or merchant account. You will have a legal lease agreement to show that you leased a physical office.
Can I use a TruLease address to open a personal bank account?
Unfortunately, you cannot use a TruLease address to open a personal bank account. This is because banks require personal bank accounts to be opened with a residential address. The address you obtain through TruLease is a commercial office address.
Doola + TruLease: A match made in heaven
Now that you know what TruLease is and how it can help your business, you can use it in collaboration with doola’s services to help you form your LLC, manage your mail, open financial accounts, and more. It’s the secret sauce for maintaining a thriving business in the long run. What are you waiting for? Your journey starts now!