Frequently Asked Questions

Opening an account with Truly Financial is quite simple. Having the following on hand can help you complete the account application process in under seven minutes:

1. Registered business name
   • if incorporated, this is your company name
   • if operating as a sole proprietor, this is your registered business name
   • if operating as a freelancer, this is your own name or a registered business name if you have one
2. Trade name or Doing Business As (DBA) (if different from the registered business name)
3. Company incorporation number – IRS (US)  or CRA (Canada) number
4. EIN (US corporations only) number, if applicable
5. Registered Business Address – address of incorporation
6. Communication Address (if different from registered business address)
7. Ownership details that include all owners/stakeholders having >= 25% ownership
8. SSN number – for all US persons who are a large stakeholder or controlling party.
9. In addition to the above you will need to provide:
   • Purpose of Account – confirm if the account is intended for operations, payment invoices/suppliers, repatriation of overseas earnings etc.
   • Source of Funds – select from the available choices
   • Industry category your company belongs to
   • Nature of Business (a brief description of the business you are engaging in)
10. Verify Identity – Online ID verification is required for each Director holding 25%. or more and every Controlling party (e.g., CFO). This is done via email/sms sent to each individual.
11. We may ask for the following information if we determine that
    • Company Financials or Bank Statement (only if requested by us after we receive your application)
    • Company Certificate of Incorporation and/or Articles of Incorporation (only if requested by us where we are not able to verify the Company information on our own).