Frequently Asked Questions
Looking for answers to your questions about VPM's TruLease plan? You've come to the right place!
General
Q: What is TruLease?
TruLease is a specialized address service that partners with commercial building owners to offer you commercial addresses that are recognized and accepted as real physical business addresses by vendors.
TruLease comes with a lease agreement that has similar legal rights and enforcements to any other commercial lease you might see.
TruLease also comes with supporting services such as on-site visits, phone verifications, and a utility bill. This ensures that you can use the service to satisfy most requirements that you may encounter.
Q: Does TruLease offer a real physical address?
Yes, TruLease provides you with a genuine U.S. physical address. It is not linked to a mailbox, registered agent office, or coworking/virtual office. TruLease achieves this by partnering with commercial building owners to offer and lease office suites in their buildings. Therefore, you must sign a full lease agreement, just as you would when leasing any office space.
Q: Will my TruLease address be designated as a CMRA address by the USPS?
No, your TruLease leased address is not classified as a CMRA address by the USPS. You can read more about how address type is determined here.
Q: What are the requirements to sign up for TruLease?
In order to use TruLease, you must meet the following requirements:
- EIN: Obtain a business EIN to authenticate your entity’s existence.
- LLC or Operating Agreement: Provide a copy of your business’s incorporation documents or LLC Operating Agreement.
- USPS Form 1583: Submit a notarized USPS Form 1583 along with two forms of identification, including one with a photo.
- Account Holder: The individual opening the account must be an authorized officer/manager of the company.
Q: Which countries can use TruLease?
TruLease is available to citizens of most countries. However, if you are a citizen of Mexico, the United Arab Emirates, Saudi Arabia, Egypt, or Turkey, you won't be able to use our services at this time.
Q: Do I need 2 separate plans to get a mailbox address and a physical business address?
TruLease comes bundled with 2 addresses: A mailbox address and a physical office address. You do not need a separate mailbox plan in this case.
If you already have a mailbox address, you can upgrade to the TruLease Plan and keep your mailbox address. In this instance, you only need to go through the lease agreement signing process to get the physical business address.
If you would like to keep the physical address separate from your mailbox address (say, it's for personal use), then you would want to sign up for a separate TruLease account.
Q: What information does the lease agreement contain?
The lease agreement is a standard commercial lease agreement. It outlines:
- The date when the lease starts
- The term of the lease, which is usually set to 1 year
- The monthly rent for the lease
- Terms on the use of the office
- Lessor name and signature
- Your business name, your name as the authorized signatory for the company, and your signature
Q: How long does it take to get the lease signed?
It usually takes about 1-2 business days to go through the entire lease agreement signing process. The process can be expedited if you prepare all the required documents ahead of time.
Q: Can I see the lease agreement before I sign up?
Unfortunately, you cannot view the lease agreement beforehand. Each lease agreement is customized for each location based on each lessor's specific situation and terms.
However, you will have the ability to review the lease agreement before signing it. Once you sign up and send us the required documents, we will draft up the lease agreement for you to view.
If you decide not to proceed with it, we will cancel the account and refund you the initial sign up fee. Just make sure to do this within the first 30 days so that it's covered under the cancellation policy.
Q: Will I get a different suite number assigned to me, or do all customers share the same TruLease address?
Yes, each TruLease office address is distinct and has a its unique suite number that differentiates your office from another person's.
Q: Can physical address suite numbers be chosen?
The suite number for the office address is assigned by VPM and cannot be selected.
Q: Do you offer discounts for TruLease?
There are no discounts for TruLease because it is a high-demand product with limited address availability.
Q: Why do other lease agreements charge a one-time fee, while you charge monthly?
Other businesses that offer a one-time fee for a "lease agreement" often provide agreements that don't meet compliance regulations for a physical address. It's rare to find a legitimate office rental for a one-time fee, which raises concerns about the validity of such agreements.
TruLease partners with commercial property owners to offer genuine office suites, following a traditional leasing process. Our method closely mirrors what you'd experience if you leased the office space directly. We're simply making the leasing process easier and more accessible to you.
Use Cases
Q: Does TruLease support fintechs?
TruLease (and any of our physical address products) currently does not support any fintechs. Fintechs are more strict now in terms of what they define as a physical address, which they no longer just call it that. Usually, they now refer to them as the address where you do most of your work. For example, Wise specifically states that they're looking for a "trading address" where you "perform most of your work". Even if you legitimately have an office/home in the U.S., if you don't technically perform most of your work from/near that address, they may not accept it if they can find out that you don't perform your work from there.
Keep in mind that an address is not the only thing that banks look at. They may look at your overall profile to determine legitimacy of the information you provide. For example, if you are not a U.S. citizen, you login to your bank account from another country all the time (IP tracking), and yet you have a home address in the U.S., it's going to raise more questions.
It's therefore our recommendation that you don't work with fintechs. If possible, work directly with a bank. Even better, open a bank account in person at a bank that has local branches where you can walk in to do this due to their stringent requirements for physical addresses.
Q: What are fintechs?
Fintechs are financial technology service companies that leverage software to provide financial services. They are not traditional banks and do not hold FDIC insurance themselves. Instead, they work in partnership with traditional banks, meaning your accounts are technically held with those partner or underwriting banks.
Q: What types of addresses do fintechs usually accept?
Fintechs typically require physical addresses where you do most of your work or where your business is actively conducted, such as an office, warehouse, or even your home. Banks may also accept international addresses. However, the following addresses are not accepted:
- PO boxes
- Virtual mailboxes or virtual addresses
- Coworking centers
- Registered agent offices
- Virtual offices
- Law offices
Q: What are the risks of working with fintechs?
The primary issue with fintechs is how new they are. Because they are fairly new in the industry, many policies and processes have not yet been solidified. Therefore, policy updates may happen quickly in order to comply with the laws. This translates to less reliability and predictability on what's going to happen to your account. Traditional banks are much more established and have polished their procedures and processes over years and decades.
In addition to that, fintechs work with banks and other partners to provide you financial services. This means they have less control over what happens to your account. Traditional banks own their accounts and have more decision control over their customers, so they tend to be able to work more closely with you to get things resolved.
If you are adamant about using a fintech, we recommend that you consider opening a second bank account with a traditional bank to help mitigate risks.
Q: What documentation might I need to provide when using a physical address?
You may be required to provide proof of address, such as utility bills, lease agreements, or other official documents showing that the address is linked to your business operations. Some banks may also request additional verification to ensure compliance.
More and more financial institutions now require you to provide a utility bill that's under your name. Since TruLease help you rent a real office, you can actually setup a utility service under your own business name through our custom utility bill service. We help you setup and install the utility service.
However, setting up your own utility service does take time, so it's best that you do this in advance before you need it. Budget about 1 month to get a utility service setup and obtain that first utility bill from the service provider.
Q: Can I use this plan to open a merchant account to accept credit card payments?
Yes, you can use TruLease to open merchant accounts such as Stripe or Shopify Payments. However, some merchant service providers may request for additional proof such as a utility bill or an on-site visit. For this reason, TruLease can offer you a utility bill and both phone and on-site verification.
Q: Can I use the physical address for SAM/CAGE?
To successfully register or renew in SAM.gov, your entity must have a Commercial and Government Entity (CAGE) code assigned by the Defense Logistics Agency (DLA). The CAGE code rules now require a "physical address," not just a mailing address. Recent changes have tightened these requirements, emphasizing the need for physical address validation.
Acceptable physical addresses include residential addresses, commercial office addresses, business incubators, co-working spaces with a dedicated desk, storefronts, warehouses, and industrial sites. Unacceptable addresses include PO boxes, virtual mailbox addresses, temporary housing, shared residential addresses, and registered agent/incorporator services addresses.
Avoid attempting to bypass these requirements. The DLA reviews your CAGE information annually during renewal, and issues with your address can delay your renewal and have severe consequences. Ensure your physical address meets the criteria with the required documents for legitimacy and proper identification.
Q: Is it possible to obtain a driver’s license through TruLease?
No, obtaining a driver’s license is not possible with TruLease. Furthermore, state regulations require a residential address and proof of address, which cannot be established with a commercial address.
Q: I want to work with a specific vendor. What if they don't accept me?
It's highly recommended that you do not depend on one single vendor when there are other alternatives available. For example, different banks have different risk tolerances and underwriting requirements. So while one bank may be more friendly to internationals, another bank may not. The same goes for merchant accounts.
Therefore, we recommend that you prepare a list of vendors to work with whenever possible. This is not possible with Amazon (there's only one) so in such a case, we take special care to work with you to get your Amazon account up and running.
Q: Can I use TruLease for a Google Business profile?
Neither the TruLease office address nor the mailbox address are allowed for use as your Google Business location. Google My Business (GMB) requires that you service walk-in traffic. This requirement is stated in the Google Business Profile Terms, which prohibits online-only businesses from being eligible for a Business Profile.
As the office suite is not for general walk-in traffic or to serve such traffic, you cannot use it to list yourself on GMB.
Q: Can I receive mail at the physical office address?
Yes, you can receive mail at the physical office address. In fact, many financial institutions will ship their initial welcome packet and credit/debit cards only to the physical address.
Mail received at the office address will be forwarded to your mailbox on a weekly basis. With the extra transit time, mail may take 1-2 weeks to show up in your online mailbox. Once it's in your virtual mailbox, you can process the mail and either read the mail online or forward it to another destination.
Q: Do I get fax service with TruLease?
Unfortunately, VPM does not offer fax services. However, there are several online fax options that are available. Here are some that you might find useful:
Q: Do I get a phone number with TruLease?
No, phone numbers or SIMs are not provided as part of TruLease. TruLease only includes a physical address and lease agreement for business use, as well as services to help manage your mail.
If you need phone service, we recommend that you check out the VOIP services out there that can provide you a number at competitive rates. It's recommended to use OpenPhone.
Utility Bill
Q: How can I get the utility bill?
First, you’ll need to sign up for the TruLease plan. Once you have fully executed the lease agreement to rent an office, you can then request a utility bill. The bill will usually be provided to you on the same day or the following business day.
Q: Can I get the utility bill by itself without the lease?
No, the utility bill is not a standalone product. It is an add-on to TruLease and only works when paired with a lease agreement. You must have both a utility bill and a TruLease lease agreement together for the service to be valid.
Q: What is a custom utility bill?
A custom utility bill is a utility bill issued under your business name. To get one, you need to install a landline phone or internet service directly in the building where your office is located.
Q: How does custom utility service work?
We help you find the right utility provider, set up accounts, and handle the installation process, saving you time and effort.
The process involves three simple steps:
- Consultation: We discuss your utility needs and preferences.
- Provider Selection: We present you with options and help you choose the best provider.
- Setup and Installation: We handle the account setup, paperwork, and coordinate with providers for the installation.
Q: How much does it cost to install a utility service?
Costs is broken down into 4 major components:
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VPM Service Fee: A non-refundable service fee charged by VPM to help you order, schedule, and install the utility service for your office. Currently, during our private preview period, we are not charging any service fees.
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Utility Service Installation Fee: A non-refundable installation fee charged by the service provider as part of setting up your utility service.
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Utility Service Monthly Fee: This fee is charged by the utility company. The cost depends on the service procured for your office. We will find the most affordable option that meets your needs. You will pay this fee directly to the utility service provider.
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Utility Service Contract Term: Some service providers will offer cheaper monthly fees and may even waive the installation fees if you sign up for an annual contract. Some providers will allow month-to-month contract but you would normally pay more for this.
Q: Can I get a utility bill under my business name?
Yes, you can get a utility bill under your business name through the custom utility service add-on.
Q: How long before I get the custom utility bill?
Setting up the utility service takes 1-3 weeks, depending on the provider's installation process. Once installed, the provider will start generating monthly utility bills for your service. We recommend budgeting about one month to get your first utility bill.
Q: Can I cancel the utility service?
Yes, you can cancel, but there are certain restrictions. Some utility services require a 1-2 year contract, while others have month-to-month contracts. We will inform you of the costs and terms when we set up the service.
You can either cancel this on your own or have us assist you with canceling the service. We will charge a separate service fee to assist you with doing this work.
Q: Can I set up the utility service again after I cancel?
Yes, you can set up the utility service again after cancellation. However, you must have properly canceled your previous service without any outstanding balance to the provider. Otherwise, the provider will likely not do it for you unless you pay off your owed balance. We will also charge our service fee for setting up the service again.
Cancellation
Q: What is your cancellation policy?
Our cancellation policy allows for cancellation within 30 days of sign up if the lease agreement has not been fully executed. If it’s past the 30-day mark and the lease agreement has not been fully executed, you may cancel your plan; however, refunds will not be provided for past subscription fees.
If the lease agreement has been fully executed and you have NOT yet received any mail AND not obtained a utility bill AND not installed custom utility service, then we will allow you to terminate the lease earlier. However, there will be no refunds for any past payments. Those on the TruLease Annual plan will have their rent prorated to the nearest month and the remaining unused portion of the payment will be refunded.
For all other cases, you must fulfill the contract for the entire term. No early termination will be allowed.
Fintechs are no longer supported and not covered by the cancellation policy.
Q: Can I cancel the service before the contract term ends?
With TruLease, you are required to maintain the service for at least one year.
Note: To meet the periodic address verification requirements of any financial institution or vendor, you must keep the TruLease service active for as long as the leased address is on file with them.
In the event that your account is closed before the term ends, you will be permanently banned from using our service.
Q: Can I use the physical address after I cancel TruLease?
You are no longer authorized to use the physical address after cancellation. You must update all uses of the address to another address. In the event that VPM continues to receive mail at your assigned physical address, you will be billed for the TruLease fees as it constitutes continued use of the address, meaning you have begun using the service. Therefore, you cannot cancel your subscription.
Q: What happens to my mail received at the physical address after I cancel?
When your account is closed, any mail received will be returned back to the sender. Your mail will get returned to the sender with wording indicating that the individual/company is no longer at this address. This helps to notify the sender that you're no longer at this address. Important mail senders like your financial institutions will usually reach out to you to obtain new address information.
Q: Can I reactivate again after I cancel TruLease?
If you complete the contract term and close your account without any outstanding balance, you can reactivate your TruLease address service. The reactivation fee will be 75% of the TruLease Annual plan cost. For example, if the current TruLease Annual plan fee is $3,600, then the reactivation fee will be $2,700.