Singapore is a massive financial hub in Southeast Asia and Asia in general. With a highly competitive, free economy, low taxes and a highly skilled, well-educated workforce, it’s a great place for those looking to break into the Asian marketplace. It’s strategic location, with one of the world’s busiest ports as well as being a major aviation hub in Asia makes it a great location to consider for business expansion.
If you want to break into the Singaporean marketplace, you’ll need to source a place to conduct business. This can prove difficult in a location that’s among the world’s 30 most expensive cities to rent office space in. But did you know there are alternative options when it comes to finding office space? Find out more about these alternative office space here www.servcorp.com.sg/en/.
But what are the main office space options in Singapore today? Let’s take a look.
Traditional Office Space
A traditional office space is exactly as it sounds, a brick and mortar office space that you would sign a long-term legally binding lease or rental contract for, often for 5 years or more. Your rent could even increase by a small percentage every year if the lease demands. The costs and responsibility of fitting out the office space to make it workable usually fall on the tenant. This can be quite expensive especially in those tentative early days of business when finances are limited.
Conventional office spaces offer little in terms of flexibility – you’re stuck with the space you have as per the terms of your lease. Or you’ll need to invest a huge amount of capital if you wanted to buy office space outright. Should you need to upgrade if your operation grows, that doesn’t leave much room for manoeuvre. You’ll also have to spend quite a bit of time searching for the space you need in the desired location, as well as sort out all administrative issues like phone and internet lines and hire all your support staff yourself. This can all be quite daunting when getting a business off the ground or expanding into the Singaporean marketplace.
Serviced Office Space
A serviced office space is basically the same thing as a traditional office space, providing all the same facilities and services. One huge difference, and a major advantage over traditional offices is that you don’t have to sign a lease, enter into a binding rental contract or invest in actual office real estate. You also don’t have to spend precious time seeking out office space or dealing with set up tasks like fitting out your office or setting up phone and internet lines. With a serviced office all of this is taken care of for you by your service provider.
You’ll gain massive flexibility as serviced offices are offered on a month by month basis, meaning you’re free to upgrade, downsize or even cancel your services as per your business needs. Serviced offices are extremely cost-effective too as you pool resources with other businesses in the building and support staff salaries and overheads are all included in one concise monthly rate. You’ll gain instant access to premium locations in Singapore’s CBD with none of the stress and hassle of setting up a traditional office space.
Virtual Office Space
Virtual office space provides a great option for those looking to test the waters in a new marketplace, or those whose business model allows them to work remotely. You gain access to the best addresses in Singapore to use on your business correspondence and marketing materials without actually having a physical office in the location. This creates a great impression on potential clients and investors and there’s the option to upgrade to a serviced office in the same location if things go well.
Make the Right Choice for Your Singaporean Business Ventures
It’s plain to see that alternative office spaces such as serviced offices and virtual offices are paving the way for the future of business.
With added flexibility and convenience, instant access to ready to go corporate setups, all while saving money, it seems the traditional office may be getting left behind when it comes to sourcing office space in Singapore.