Options you have for office spaces
If you are about to start your new business, the first thing that may come to your mind is renting an office space. It may seem daunting and a huge commitment – time wise and budget wise. However, it has never been easier and more flexible to rent an office than today, thanks to the rise of alternate office spaces such as co-working spaces and virtual offices. In this post, I will introduce the different office options you have and the pros & cons of each one.
Why do you need a physical address for your business?
- Filing for incorporation
When you file for incorporation in Singapore, you have to provide a local address as the registered address of your company. This address can either be a commercial address or a residential address.
If you are running your operations from overseas and do not plan to have a physical office space in Singapore, you can sign up for a virtual office service. They will provide you with a local address that you can use for your registration and it usually comes with other useful services such as mail receiving and forwarding, and even a phone line for your company.
- Mailing service – handle official mail and documents
This is an obvious one. You need a physical address to receive mail for your business. Even if you are running your business from home and do not need a physical office space, you might want a separate mailing address for privacy reasons.
Be careful though – not all co-working spaces and virtual offices provide mailing services, check with them before you sign up.
Having a physical address listed on your website and name card will help make your company appear more legitimate and credible. People tend to trust a business more if they have an address listed. This is especially important if your company is providing a service where you maintain a long-standing relationship with your clients. Potential clients will be less wary that you will disappear without a trace when you have a physical address which they can contact you at.
- Meeting place with clients & investors
You will want a location where you can set up business meetings with your clients and investors regularly. While it is possible to meet them at coffee shops or other places, it gives off a more professional image and leaves a better impression if you meet them at an actual office.
P.S: We provide a local registered address which you can use for your company for 1-year when you sign up for our EasyFast Incorporation or EasyFast Jumpstart package. The Jumpstart package also gives you 100 hours of access to a co-working space where you can work from.
Types of offices for your business:
- Commercial offices
Renting an actual commercial office for your business might seem the most straight-forward choice when choosing an office space, however it might not be the most suitable choice for every business.
Firstly, it is the most costly option. While it might provide the most comprehensive range of services, it also means you will be paying for additional services which you may not need. In addition, it requires a longer-term commitment from you. Commercial offices usually require you to rent them for a minimum of 6 months or even a year. Besides,
- Co-Working Spaces
Co-Working spaces are good options for entrepreneurs just starting out. It allows you to rent a desk in a shared office space. Not only is it more economical than a commercial office, it also allows you to meet and connect with other like-minded entrepreneurs like yourself. It is a good alternative to working at home or at coffee shops where you might get the stares from baristas or having to buy a drink every other hour. You can either rent just a single seat or a table if you have employees.
Many co-working spaces these days also provide many other amenities which help make your stay more comfortable and conducive to work in. For example, many of them have stocked pantries, lounges, kitchens and even showers.
- Virtual Offices
This is a good option for entrepreneurs who are starting their business in Singapore but is running operations from overseas. It is a requirement to have a local address when you register your company in Singapore. Hence, signing up for a virtual office allows you to register your company without having to physically move here.
How it works is that when you sign up to a virtual office provider, they will provide you with an address which you can use as your company’s registered address in the registration forms for incorporation. These providers usually charge on a monthly basis which gives you the flexibility of changing address should you require.