One of the most important things you can do as a small business owner or entrepreneur is to obtain a business address to build trust with your customers. Unfortunately, not everyone’s able to own a physical office due to the high cost and logistics associated with it. That doesn’t necessarily mean you can’t have an office. In this blog post, we’ll discuss various ways you can obtain a business address to comply with legal requirements, safeguard your customers’ privacy, and create a professional image for your business.
Obtaining a Business Address in Singapore
While a traditional office is the answer to this problem, it isn’t always feasible or affordable. Luckily, there are several ways to get a professional business address that does not require the overhead of an office.
Virtual Business Address (VBA)
A virtual business address (VBA) is the ideal combination of flexibility and security for small businesses. With it, your business will have a real physical address without needing a physical office space. This means you can still conduct your business from the comforts of your home or even a cafe without needing to be physically present at your office address.
In addition, some VBAs offer additional services like mail forwarding and meeting room rentals to provide a more complete business experience. Most importantly, some VBAs also help you manage sending and receiving physical mail. This makes it a lot easier to securely send and receive important mail without giving away your actual address and safeguarding your customers’ privacy.
Co-working Space Address
Co-working spaces, on the other hand, are designed for businesses looking for a collaborative and dynamic environment for their employees. Here, you have access to shared office space, usually arranged in a wide, open office layout where everyone can work closely with one another. You also get various basic amenities such as internet access, plug points and even printers. The ability to expand or contract the workspace as required adds an extra layer of convenience.
However, co-working spaces tend to be more expensive than VBAs and may likely need you to sign up for a membership agreement. Another downside is that the co-working space you are using as your address is not necessarily a “permanent” one. For instance, if you relocate, you will most likely have to change your address as well, which can make it inconvenient for your clients and vendors.
Home Office Scheme
This government scheme falls under the Urban Redevelopment Authority (URA). It allows Singaporeans to use their home address as their business address, making it a cost-effective option for sole proprietors and partnerships that are just starting up. However, there are limits to the kinds of business activities you’re permitted to conduct. The URA has a helpful list on their website, which you can find here.
While it is beneficial when you’re just gaining your footing, it can adversely impact your company’s professional image to clients and potential partners. Moreover, you’ll need to be very mindful of your neighbours as well; the URA makes it clear that your business shouldn’t affect the “character, ambience and environment of the residential estate” or “cause disturbance to the residents or [members of the] public.”
So Why Opt for a Virtual Business Address (VBA)?
Cost-Effectiveness
For new businesses and startups, VBAs give you a significant cost-savings advantage, since you won’t need to worry about overheads associated with a physical office:rent, utilities, furniture, and so on. You can divert your business funds to invest in key areas of your business, such as hiring top talent to help your business grow, as well as expanding your influence and customer base.
Professional Image
For one, VBAs offer an actual street address, usually in a commercial building in a bustling business area. Attaching your business to this address can give it a sense of professionalism to prospective clients and partners. This is particularly useful for online-only businesses or those with a limited physical presence, or even for those who simply want to expand their business presence in a specific area.
Convenience and Flexibility
VBA providers also have plenty of convenience features that can sort out various logistics needs of your company. Most notably, many of them offer robust mail management options available, where they can help you forward and receive mail and even send you mail alerts via e-mail. Even better, they can even perform digital mail scanning, effectively digitizing your mail and enabling you to view it from wherever you are.
Enhanced Security
For any business, it’s usually a good idea to keep your home and business addresses separate. The URA’s Home Office Scheme does have its needs, but having this separation ensures your home address is kept away from public records, thereby keeping unwanted spam or unexpected visitors away. Also, unlike relying on public mailboxes, the VBA allows you to more securely receive important mail without worrying about possible theft.
Some VBA providers do also offer mail screening services to identify suspicious packages or deliveries.
Streamline Business Operations
All the advantages of a VBA can help to streamline your everyday operations, making it easier for you to focus on your core business operations. Your VBA will help you micromanage the more mundane tasks, like handling your mail, while you drive your company’s growth with marketing and other endeavours.
Enhance Your Business Presence with a Virtual Address from My Office
Establishing a strong business identity can do wonders for how your company is viewed, especially for fully remote businesses. Traditional offices offer a physical space for your work, but their hefty price tag can be off-putting, especially if you’re on a tight business budget. Don’t hesitate: a virtual business address from My Office can give you plenty of advantages while still keeping your operational costs low. Contact us today and let us help your business thrive!
Frequently Asked Questions (FAQs)
1.What is a virtual office?
With a virtual office, you don’t need to worry about breaking the bank to afford a physical office space for your business. Instead, you can have a professional-looking business address, efficient mail management, and access to other business support services at an affordable rate.
2.Why do I need a registered business address in Singapore?
Per the Accounting and Corporate Regulatory Authority (ACRA), all companies are legally required to have a business address to receive important communications and notices, as well as to store important records. This address must also be accessible to the public for at least three hours a day during normal business hours on business days.
3.Is it alright to use my home address as my business address?
You can, but this can be seen as a rather unprofessional move. Moreover, you should have a disconnect between your personal and professional life for the sake of your
peace of mind. You’re also reducing the risks of identity theft as well!
4.Who can benefit from a virtual office?
Our virtual office packages are ideal for:
- Startups
- Businesses expanding to Singapore
- Companies looking to reduce overhead costs
- Businesses with remote employees based in different regions
5.How do I sign up for a virtual office package from My Office?
It’s very simple! Choose your chosen virtual office location from three prominent locations: International Plaza and Woods Square. From there, submit your company information to us and we’ll reach out to you within three business days to confirm your registration and help you update your registered business address.
