With Singapore’s emergence as a ‘Key International Business Centre’ and ‘Asia’s Regional Business Hub’, the growth of business enterprises has never been greater. One of the prerequisites for expanding business in Singapore is that it ought to have a registered office address.
Customarily, businesses would lease physical office space for an average of 3 years contract. However, according to the current trend, a few companies have used another alternative which is cheaper, more beneficial, and has shorter-term leases. This is because renting offices in Singapore can be an overwhelming task especially for small or medium-sized businesses.
When it comes to setting up a physical existence in the Singapore market, businesses, particularly foreign companies are regularly inexperienced with Singapore office rental procedure and the partner cost when leasing an office space. As a newbie in the market (and of course the area), you'll want to know if this is a place where your business can thrive and develop. So what factors should you to consider?
Location plays an important role towards your business for your brand image, visibility and credibility! It has been an imperative component of setting up a business. The significance of location goes beyond your business' physical location and your site rank in Google search results. It reaches out to the placement of your advertisements.
Many of the foreign companies will look for the Central Business District area in establishing an office. Across Singapore, the most popular areas are Raffles Place, Tanjong Pagar, City Hall, Bugis, and Suntec.
Here's snapshot of the top serviced offices and coworking spaces available within those areas:
The office space size or spatial needs rely upon the number of staff, what sort of workspace is needed - whether you need a flexible office space or a more conventional office - and other factors. In addition to the amount of workspace you need, assess whether you'll require meeting rooms, a holding room, or other customer-oriented spaces. Lastly, include space for office administrations like a photocopy room, breakout area, pantry, and file and mail rooms.
Estimate a budget for your office based on average local rental costs - type of buildings, districts, your needs for space and services, and financial constraints. If you've not rented an office space before, make sure you plan out your finances fully. Determine your ideal budget by multiplying the average local price per square foot by the space your business needs, found in step one. Then, add in maintenance and utility costs and review your financial records to estimate a realistic budget.
Office rental procedure requires an attentive financial assessment of numerous factors - such as goods and services tax, service fee, legal fee, security deposit, utilities, fixture installing, access to assets, anticipated incomes, target overall revenues and many more to be aware of! Leave the headache behind as fortunately, you can opt for short-term office spaces with flexible lease terms where you can minimize the effort, time, and of course the cost!
Finding a new office space can sometimes feel like a daunting task, but that's where FlySpaces comes in. You can save up to 25% of office space with short-term and flexible solution. FlySpaces will simply provide on-demand workspace solutions that empower you business with choices, flexibility, price transparency, and convenience. Get in touch with our Space Expert for some personalized advice and tips on the possible office that best suits your business.