Are you already thinking of expanding or starting your business in Singapore? What is the first thing that pops in your mind? A modern office space with a neat lobby and beautiful interiors? Everything beautiful has its price. Why pay exorbitant rental bills for office space when you can support your business from the comfort of your home?
Nonetheless, for incorporating your company in Singapore, the most important credential is a registered business address. People who are just starting or expanding to new locations in Singapore must read on to know the answer to all their questions.
We all know that Singapore has a space crunch, and not all businesses can afford a physical office because of very little revenue to spend on an expense that can be so easily avoided. We recommend going for virtual office spaces.
Virtual office spaces are not only manageable financially, but they also give a boost to your business when employees can work from their homes from any corner of the world. IMC can help you attain one such space for your business. There are various packages for such a subscription, and it generally includes a registered business address, communication services like phone and receptionist services, mailboxes, and mailing address.
If you plan to incorporate without a physical address, then virtual office spaces might be the answer. You can own a physical space without coming to the office and paying rent for the entire office space. Meanwhile, you can also carry out all your business using the internet. Whenever a communication arrives at your mailing address, we will let you know.
A virtual office with a registered business address is as real as a physical office space in Singapore. You might have many doubts because we understand that it might be difficult to buy what we are saying. To strengthen what we are saying, we will state the ACRA’s criteria for your business’s physical space.
- The address of the office must be a physical location situated within Singapore.
- The physical office space should be accessible by anybody for at least 5 hours every day.
There are various communications to be done after we bring about the company setup in Singapore. The various regulating agencies might need to communicate with you regarding changes in policies and annual filings with the government from time to time. Any communications done to your mailing address would automatically be communicated to you via our services from the comfort of your home.
There can be various perks while choosing to go for a virtual office space. It offers multiple advantages, but a virtual office space might not always be the most appropriate choice for your business. Below are highlighted some of the pointers which can help you to decide if going for virtual office space is suitable for your business or not.
Saving costs on a rental space can be the top of your mind priority if you start small. If you have an internet business with digital services only, then a virtual office space might do wonders for you. On the other hand, if you are a business that needs most of your staff to be present in the office to conduct business, then a virtual office space might not be of use to you.
Moreover, while selecting your virtual office space package (which can range from a few hundred dollars to thousands of dollars), read the services offered to you in the package. Companies that do not provide the mailing address as a part of the package and ask you to top it up with these services with extra charges applied.
If most of your staff is very comfortable working from home, virtual office space is for you. There are already established software platforms that come ready to use for all your business needs ranging from managing your projects to contacting clients. Moreover, it is an added advantage for the business to operate from home. You can directly cut down on redundant expenditures like electricity, water, rents, etc. Your business will be more eco-friendly, and people would be able to spend quality time with their families and will be able to work from any corner of the world.
Normally, you will observe that for a company’s culture to get ingrained into the employees; it usually takes years. So, these virtual office spaces can help you create a healthy work culture right from the very start. If people typically work from home but sometimes they might need to be more productive, then your business can rent out desks and workstations too. Similarly, holding meetings and carrying other business activities is possible very quickly by making reservations in advance.
While choosing the virtual space office, you must check the testimonials and look after the details of the services offered. The quality of the services provided will affect how smoothly your business runs. For instance, if the virtual workplace’s internet services are not good, that can severely hamper your business online. Moreover, if there are telephone services included in your package, then the staff’s quality, which attends to those calls from your customers and clients, can impact the business.
It is vital to ensure that the virtual office provider’s services should keep your information confidential. The internet should be secure, and enterprises should enable WPA2 encryption for security. If the security type is “No authentication,” then there are chances that the internet is not secure. Companies have a term in their agreement to sell your data when they go bankrupt, so you must look out for these terms.
Going for virtual office space might sound lucrative initially, but things can spin out of control if precautions are not taken. The above tips will help you evaluate if you need such an arrangement for your business. If you need more information or wish to enquire about our services further, you can contact us.