5 documents to prove income, even if you are self-employed or work on your own
This article was translated from our Spanish edition. Opinions expressed by Businessman the contributors are yours. This article was last updated on September 19, 2021
Admission Test It is a document that certifies the salary or income received by an employee or service provider, whether of a company or public body. In Mexico, people normally salaried or not, need one of these vouchers to obtain a credit card or Bank loans , auto credit plans , rental of real estate, and in some cases, as a requirement to process scholarships or other benefits such as insurance.
It is about showing the credit institution that you have the financial solvency to meet monthly payments, says Bernardo Prum, director of Coru.com . When you are an employee, your salary payment receipt works as proof, but what happens when you have your own company, are self-employed or work on your own? “Most likely, you will not generate these types of documents, so it will be difficult to officially prove the income you receive, regardless of the amount,” he adds.
5 ways you can formally prove your income
In order to guide people who do not have a conventional income test, the financial services comparator Coru.com, explains the following alternatives that can also work to cover this requirement before most banks and finance companies in Mexico.
1. Payroll receipt
It is the payment receipt delivered by the company where you work, whether public or private, detailing the salary, benefits, tax withholding and other items that are handled.
2. Bank account statements
Another good way to verify stable income is with the bank account statements where our money is managed. The ideal is to make frequent deposits to that account, thus, in addition to demonstrating that there is a constant income, the amount to be verified can be even higher than what a payroll receipt may indicate.
3. If you receive cash payments or your work activity is not registered in the SAT
In this case, it is best to open a basic savings account and deposit all your income, so that the statement of that account serves as proof. If you choose this option, keep in mind that the same amount of money must be deposited for at least three months to verify that you have a fixed income.
4. Annual tax return
In the case of entrepreneurs or owners of their own businesses, merchants or independent workers who carry out a work activity registered in the SAT, income can be verified with the annual tax return. Remember that the declaration must be done digitally.
5. Credit card statements
If you have a bank or departmental credit card, the statement that arrives month after month serves as proof to show that you have the ability to pay and a constant cash flow. It is important to keep your payments up to date to maintain a good credit history.
For some types of business credit, the business inventory report may be sufficient support for a financial institution to consider approval of the credit product. Another financing alternative is low-requirement online loans. In these cases, it is best to first check that it is a company endorsed by the Financial Institutions Bureau. Remember that you should never give money to apply for a loan, since these types of requirements are a sign of fraud.