Types of Offices in Singapore
Have you decided to start a business in Singapore?
In Singapore, it is necessary for all companies and businesses to have a registered business address. This address must always be effective for the delivery of any and all official correspondence to the company, its Directors and its Shareholders. A registered office must be operational and accessible to the public during normal office hours, but need not be where the company conducts its activities. Click here to read more information on: Registered Office Address.
As a new business, it is important to find the right office address for your business. Depending on factors such as budget and purpose, a decision on the right office type for your business or company has to be made.
Before you make your decision, it is important to understand the different office types.
Here, let’s explore the different rental options found in Singapore to give you some basic information to help you identify the right type of office to rent for your needs.
1. Serviced Office / Business Centres
Serviced Officesand Business Centres are ready-made fully-furnished offices in Singapore. Also known as executive offices, managed offices or business centres, serviced offices can be the ideal choice for small companies that need a private workspace with flexible lease terms.
Serviced Offices can be found in the business districts of Singapore, and are managed by specialised service providers that rent fully-equipped and furnished individual offices that are adequate for between 1 to 10 people.
The spaces will normally also include facilities such as conference and meeting rooms where you can meet your guests or partners.
- Available Immediately, Ready-to-move in
- Fully furnished and equipped with amenities necessary for businesses, such as: Conference Room, Co-sharing Areas, Receptionist and Call Answering Service, Mail handling, Registered Business Address, Internet Connectivity and all utilities.
- No Long Term Commitment Required: Serviced offices usually have no minimum lease period, which makes it suitable for companies that are not ready to commit to a long term office.
- Use an office in a prestigious location: Keep up the prestigious image for your company without the hefty price tag of maintaining it
- Flexible options: Upgrade to larger rooms easily and make use of hotdesking space easily for a occasional change in work environment
Click here for more information on: Lionsworld Serviced Offices
2. Conventional Office
A conventional office means renting an empty commercial property for office use. Such space rentals usually require your own furnishing, utilities and IT infrastructure, such as Wifi. Conventional offices take more work to manage, especially since there is the need of renovation. However, if your business is on a stable path of growth, your business can benefit from having a permanent location.
- Office space and layout can be customized to suit the specific needs of your business.
- A conventional lease gives you the security of longer-term tenure at the same premises. Avoid having to relocate your office to a different location which might cause significant disruption to your business.
- Can be cheaper than renting a private office in the long term.
- Long term leases are a norm. If your business is unable to predict its growth accurately, you may end up with an office space that is too large or too small.
- A significant amount of capital will be required initially for the renovation of the office and to build up the necessary infrastructure for business, such as: reception, phone answering, mail handling, utilities services, IT setup and ongoing maintenance, office housekeeping, and so on.
3. Virtual Office / Registered Business Address Service
A virtual office gives businesses a physical address and office-related services without the overhead of a long lease and administrative staff. With a virtual office, businesses can work from anywhere but still keep up the presence of having an official office, such as maintaining a mailing address, phone answering services and use of conference room.
Virtual office is a service provided by most of the serviced office business centres in Singapore.
Usage of a virtual office is a good option for businesses that have just started out, as it is the least risky and the most cost friendly for new businesses.
Most virtual office providers will also have serviced offices, as well as co-working or hotdesking services available in their premises. You can then opt to use such spaces on an ad-hoc basis or to upgrade to the usage of these services easily in the future.
Virtual Office is a suitable rental choice for:
- Entrepreneurs headquartered abroad that need to show a business presence in Singapore but don’t plan to hire any staff.
- Entrepreneurs operating from home requiring an official address for credibility.
- Small startups that have setup a physical office at a budget location but require a business address at a prestigious location for corporate image purposes.
Click here for more information on: Virtual Offices
4. Home Office
If your business operates on a very small scale, you might want to consider working from home. Typical users of Home Offices include individual entrepreneurs, consultants, real estate agents, lawyers and company employees working from home. Singapore’s Home Office Scheme allows people living in a private or HDB property to conduct small-scale businesses within their homes, as long as their business activities do not fall under the scheme’s negative list.
To run a home office, you must be the owner or tenant of a home, or be authorized to stay in the home.
Registration with Housing & Development Board (for HDB premises) or Urban Redevelopment Authority (for private premises) is required in order to use your living quarters as a home office in Singapore.
Click here for more information on: Home Office
Regardless of what office type you choose for your business, ensure that you have sufficient information to make the best choice for your company.
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