If you operate a company in Singapore, you likely understand the significance of having a registered office address. This address is where official correspondence from government agencies and other authorities will be sent, making it crucial to have a trustworthy and reliable location.
However, renting a physical office space solely for this purpose may not be practical. In such cases, a virtual registered office address could be a viable solution.
In this blog, we look at virtual offices in greater detail and explore the advantages of having them in place of a physical registered office address in Singapore.
What is a Virtual Office Service in Singapore?
Virtual office services in Singapore provide businesses with a professional business address without needing a physical office space. This setup allows companies, especially startups, freelancers, and small businesses, to establish a corporate presence in Singapore while operating remotely or from another location.
Why is Your Registered Office Address Important?
A registered office address is essential for a business operating in Singapore. This is the professional office address where official correspondences from government agencies and other authorities will be sent. Hence, your business must have a reliable and distinguished address for this purpose.
However, since not every company owner may want to rent a physical office, they can consider using a virtual office address instead.
Can a Virtual Office Be Used as a Registered Office Address in Singapore?
Yes, a virtual office in Singapore can be used as a registered office address. The Accounting and Corporate Regulatory Authority (ACRA) mandates that every Singapore-incorporated company must have a registered office address within the country where communication and notices will be addressed to.
The address must also be operational and accessible to the public during regular office hours. A virtual address complies entirely with these regulations. Many virtual office providers in Singapore offer various services, such as document scanning, mail forwarding, and mail collection.
What Are the Benefits of a Virtual Office Address in Singapore?
There are several benefits of a virtual office address in Singapore, which are:
Brand Image
You can still maintain a professional business image even if you work from home or in a co-working space such as WeWork, giving clients and partners confidence in working with you.
Cost-Effectiveness
Renting a physical office space in Singapore can be expensive, especially for startups and small businesses. With a virtual office address, you only pay a fraction of the cost of renting an actual office while still having a registered address for your business.
Confidentiality
Having a virtual business address prevents you from revealing your home address on public records and protects your privacy. This is especially beneficial for entrepreneurs who work from their homes.
Convenience
As many virtual office address providers in Singapore also provide complementary services such as mail handling and forwarding, you can opt for them and benefit from the added convenience while focusing on core company tasks.
Who Can Use a Virtual Office Address in Singapore?
As long as the service provider is a registered filing agent with ACRA, any business in Singapore can use a virtual office address. The service provider, such as InCorp, must be authorised to perform certain transactions on your company’s behalf.
Virtual office solutions are also widely preferred by foreign companies that want to establish a presence in Singapore. Such companies can have a local address and local phone number that helps to foster trust with potential clients and partners in the Lion City.
How to Determine If You Should Use a Virtual Office Address
If you are contemplating between a physical and virtual office address, here are some questions to consider that may help you find the solution to your dilemma:
- Can Your Staff Work Remotely?
If your staff can work remotely, getting a virtual office can be a strategic decision and alternative to a physical office space. Your staff can get a virtual phone number and call answering service, while using the virtual office address as your registered office address, to maintain a professional image.
- Do You Want Flexibility?
As your company expands, your office space needs will likely also change along with it. A virtual office can be a flexible choice for such businesses because you can upgrade it to include other services such as meeting room rental and hot desking.
This can provide your growing business with the resources it needs for the long term. If you need to downsize or shift your location, you can also cancel any service without going through the trouble of breaking a lease.
- Do You Want Affordability?
Renting a physical office space in Singapore is notoriously expensive, especially in prime locations like the Central Business District. With a virtual office address, you can benefit from having a registered business address at a more affordable price.
Moreover, with virtual offices, you do not have to worry about utility bills or other associated costs that come with maintaining a physical workspace.
How to Choose the Right Virtual Office Address Provider
- Location and Reputation: Choose an address in a reputable business district, such as the Central Business District (CBD) in Singapore, to enhance your company’s credibility. A prestigious address can create a positive impression on clients and partners. You should also engage a reputable virtual office provider with a track record of reliability and excellent customer service.
- Services Offered: Look for providers that offer reliable mail and package handling services, including options for forwarding, scanning, or in-person pickup. Some virtual offices offer reception and call-handling services, making your business appear more established and professional. Other providers may also offer additional services such as accounting, secretarial, or administrative support, which can benefit your business.
- Pricing and Flexibility: Compare the pricing of different virtual office packages. Make sure the plan aligns with your budget and offers good value for the services provided. You can opt for providers that offer flexible contracts, allowing you to scale up or down as your business needs change.
- Legal Compliance: Ensure the provider is registered with ACRA if you plan to use the address as your registered office in Singapore. Verify that the virtual office address complies with the legal requirements of being your registered office address in Singapore. This includes being staffed during normal business hours for legal and statutory notices.
- Customisation: Look for providers that offer customisable packages that can be tailored to your specific business needs, allowing you to select only the services you require.
Get Help With Your Virtual Office Address With InCorp
Choosing the right virtual office address involves balancing prestige, services, and costs while ensuring that the provider aligns with your business goals. Make sure to assess the flexibility, reputation, and additional features offered to make an informed decision. At InCorp, we have the experts to help you get your virtual office address sorted. Get in touch with us to find out how you can get started!
FAQs about Virtual Office Address in Singapore
- Yes, you can use a virtual office address as your registered office address, provided that your virtual office provider is registered with the Accounting and Corporate Regulatory Authority (ACRA). By opting for a virtual office plan, you can easily meet Singapore's legal requirements while enjoying its benefits and flexibility.
- The price for a virtual office address varies depending on your needs. Contact us to find out more!
- You can get the ideal address with some professional advice. Enlist our assistance to make an informed choice now!
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