In the past, having a virtual office address in Singapore is simply a way to bootstrap and kickstart the business. It was really popular and helped a lot of businesses reduce costs in order to invest in other critical areas such as marketing or product development. According to statistics, half of the businesses fail within 3 years of starting up. We can concur with this as we deal with new business owners on a daily basis.
The COVID-19 pandemic however has changed the business landscape entirely. We are seeing big businesses giving up their office spaces in favour of working from home. Pre-covid, offices are being renovated to give a homely cozy vibe. So why not just work from home altogether? Many big multinational companies have declared that working from home will be a permanent fixture in some form or another. Even so, the amount of office space required will be shrinking. This will send office rents plummeting.
A picture speaks more than a thousand words, in the graph below, it clearly shows the office price index from URA decreasing for 6 consecutive quarters. Recovery(if any) will be muted and gradual.
So what does this mean for small businesses? Is it time to ditch the virtual office subscription and get a new office space? Not quite really. Read on and find out why:
1. Go with the trend and not against the trend
It is now considered acceptable(if not fashionable) to let your clients and associates know that you are operating out of anywhere and everywhere. Virtual meetings or discussion at cafes are the norms now. So having a virtual office address is the way to go!
2. The future will be rough
The worst is not behind us yet and business trends are still changing. So it is better to continue to bootstrap and have those extra pennies in the bank for emergencies.Virtual office Singapore packages cost a fraction of physical office rentals.
3. Shield your home address
Some might be tempted to use their home addresses for ACRA registration. It is legal for private properties but HDB addresses are subjected to application and approval. The question is also if things go awry, you might have people coming to your home and knocking on your doors. Why not leave such possible scenarios to our building security? Virtual office addresses are the perfect way to protect your privacy and security.
4. Save on travel time and cost
If you spend 45 minutes to get to and fro office, that is 90 minutes gone every day. The 90 minutes could have been better invested. With 90 minutes, you can sneak in 30 minutes of cardio, 15 minutes of reading and an extra 45 minutes worth of sleep. Multiply that by a year and you will know how much you have been losing out. Having a virtual office address saves you time.
5. Work anywhere
Having a fixed office means working in the same place everyday. There are plenty of options to work from now from free ones to paid ones. There are free working space at community hubs or open desks in some malls! If you need a cuppa, there are numerous cafes around the island to work from. Last but not least, there are plenty of co working spaces which you can sign up for a single day pass or hot-desking options.
6. Scale your business, not your furniture
The growing pains of a business is moving from office to office as your business grows. The costs of office restoration, renovation and moving will all pile up and make a dent on the balance sheets. The money can be better used to grow and expand the business strategically.
Check out our affordable virtual office packages with a premium Suntec business address! We have an office so you don’t need to!
PS: Some questions we get asked quite often about virtual office in Singapore:
Question 1: Are virtual office Singapore addresses legal?
Answer: Yes, virtual office has in Singapore for decades and many companies use virtual office addresses.
Question 2: How many virtual office customers do you have in Singapore?
Answer: Many. The more we have, the lower your cost. The premium virtual office address you are enjoying at the affordable rates are achieved via economy of scale.
Question 3: Can we just use your virtual office address without signing up?
Answer: No, it is illegal to use any virtual office address in Singapore without signing up. We routinely check the records with ACRA and also get mails for companies who did not pay/renew the virtual office packages. We reserve the rights to take legal actions against illegal use of our virtual office address.
Question 4: Is the address a virtual address or an actual office space in Singapore?
Answer: It is a physical office space as stated in our address.
Question 5: Can I pay for the virtual office packages monthly?
Answer: No, the prices indicated are for per annum bulk discounted to a monthly fee for easy comparison.
Question 6: There are cheaper virtual office Singapore addresses. Can you match?
Answer: No, we are unable to match their prices. We are the cheapest virtual office address in CBD and any options cheaper than us are usually located outside of the premium virtual office addresses.
Question 7: Can virtual office addresses receive parcels?
Answer: Yes. Virtual office addresses like us are able to receive parcels, dimensions and weight restrictions applies and varies between the different virtual office address providers in Singapore.