For business owners, different addresses can have different purposes. While an established company with a large office usually has the same physical and mailing address, the same cannot always be said about smaller businesses. Small business owners in Singapore may be unsure about the differences between a physical and mailing address. What are the key differences between them, and does your business really need both? Let us figure it out together in this guide below.
Mailing Address vs Physical Address
A mailing address is an address senders use to send postal mail to a business. On the other hand, a physical address is the actual location of a business. Business owners who run a small or home business, and want to keep their physical location unknown, may opt to keep their mailing and physical addresses separate.
Why a Mailing Address Matters for Businesses
No matter the size of the business, having a mailing address helps build trust and professionalism. By providing an accurate mailing address for business correspondence, you eliminate any potential confusion and lost mail, ensuring smooth communication with clients, customers, and stakeholders.
Aside from receiving mail, a mailing address also has a crucial role in helping businesses establish their online presence. For instance, if your business is located in Robinson Road, include ‘Robinson Road’ as a keyword when providing information about your business on your website or social media. As many online directories classify businesses based on location keywords, doing this helps narrow search results and makes it easier for potential customers to find you.
Does Your Business Need a Physical Address?
Unlike larger enterprises that always have a physical address, not all aspiring business owners might immediately see the urgency of having one. This includes businesses that do not require a physical space to run their operations, such as consulting businesses, online businesses, or home businesses.
However, the Companies Act 1967, states that all Singapore-based companies must have a registered office address that corresponds to where the company is physically based. For home businesses, the owner’s residential address can actually be registered as the physical address under the Home Office Scheme. This may not always be a convenient decision for business owners, especially if they prefer to keep their home address private for various reasons.
Fortunately, having a virtual address works as a solution to this dilemma. Today, business owners can rent a virtual office and obtain a registered physical address to use, building credibility for their business while diverting their funds to growing their business.
Virtual Address: Ideal for Virtual Office
Despite its name, a virtual address is a real physical address that business owners can use by renting a virtual office. A virtual office offers an ideal solution for small to medium businesses that want to prioritise growth and save costs, but still need a physical address. Here are the reasons why you can benefit from having a virtual office:
Getting your business registered
For Limited Liability Companies (LLCs) in Singapore, having a virtual address helps fulfil the requirement of a physical address. It offers a shortcut for registering your business without having your own physical building.
Strengthening business reputation
An address says a lot about your business, especially when you are still in the early stages and want to establish a strong reputation. Despite an attractive product offering, customers might feel wary to make a purchase from you if they cannot find your address, or if you only have a mailing address available. Having a virtual address significantly builds your professionalism and credibility, especially addresses located in a prominent business district.
Convenient mailing services
Although much correspondence in today’s business landscape happens digitally, businesses still need to keep up with postal mail. A virtual address can also work as your mailing address to accept mail on your behalf. This way, you do not have to share your personal address with customers or partners. Virtual offices like My Office also offer mail forwarding services to keep you updated with the mails you receive every day and avoid clutter.
Receptionist services
A virtual office provides supplementary services to ease your business’ daily operations. Aside from having a virtual address, you also get access to a virtual receptionist at your front desk, receiving any visitors or important calls that need your attention.
Reduce overheads
One of the most valuable benefits of a virtual office is the cost savings. Without the need to rent a physical space and buy furniture, you can significantly reduce costly overheads and allocate your funds to growing your business.
Flexible access
Business needs change every day. On some days of the week, you may have more meetings that require a physical setup, while on other days, most of the tasks can be done at home. A virtual office offers flexible access to physical facilities that you can conveniently use only when you need it.
Scalability
Virtual offices are a sustainable solution for businesses that anticipate expansion. As your business grows, you will deal with more mail and need access to larger meeting rooms. This is where virtual offices can help you accommodate, without the commitment of a long-term lease or investing in physical office space.
Get a Virtual Address for Your Business with My Office’s Virtual Solutions
Ultimately, the decision between having just a physical and mailing address or both depends on your business’ specific needs. My Office understands the importance of a trusted, established physical address for every business. That is why we are here to offer virtual office solutions to take your business to the next level. Looking for a virtual office in Singapore? Contact us today to explore our services!
