Singapore Serviced Office
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This sector of the property market is positively electric. The popularity of serviced offices is increasing at a phenomenal rate - more and more companies are deciding that a serviced office provides everything they need and that the costs are genuinely very competitive.
Here are just a few of the benefits of using Serviced Offices:
- Decide Your Own Lease Length
- Totally Flexible Terms
- Fully Equipped & Furnished
- Latest Technology
High Speed Internet Access
- No Management
Costs
- Expand or Contract to Suit Your Business
One of the biggest attractions of a Serviced Office is FLEXIBILITY. You don't need to sign a long lease when you don't know how fast your business may expand or contract in the future. If you need more space you can just expand within the building you have chosen, almost overnight, and you only have to pay for what you use.
Serviced Offices should no longer be thought of as a "back room" option. Some years ago a Serviced Office suggested that you weren’t big enough, or successful enough to have a “real” office. Now a company that uses Serviced Offices projects the image of an organisation that is on its toes and is moving with the times.
Large multi-national corporations are using Serviced Offices more and more. They see the importance of having some flexibility for expansion and contraction within their real estate portfolios. These companies have learned some painful lessons in past years, finding themselves responsible for office space that they aren’t using any more. They have been unable to divest themselves of all of the associated costs of these surplus offices because of long lease commitments. Serviced Offices have provided the perfect solution for these companies in the future.
There is also an increasing trend for some Serviced Office operators to offer unbranded offices which means that your visitors have no way of knowing whether you are using one office or fifty in the building. These unbranded offices are generally four and five star centres projecting a high quality image to your clients.
What is a Serviced Office?
This is probably the fastest growing and most exciting sector of the european property market today. The rate of growth of the serviced office market has been nothing less than explosive over the past few years.
Serviced Offices are a total solution in the sense that they are fully fitted and furnished, ready for immediate occupation. The building operator takes responsibility for all of the services to the building, and, in addition, provides a range of business services including reception and telephone answering services, secretarial support, conference and meeting facilities, video conferencing and high speed internet access.
Whilst costs may look high initially, the rent that you pay includes almost all of the costs that you would normally expect to pay on top of rent in a traditional office. There are no additional costs for business rates, lighting & power, security, cleaning, building & plant maintenance, elevators, insurance etc. The only additional costs, on top of rent, are for telephone/internet usage which are normally charged at standard BT rates.
Neither are there any charges for furnishings which are normally the latest workstations with chairs, filing systems and tables for meeting rooms. This is usually a significant cost for any occupier and is included in the serviced office rent. Almost all serviced offices are fully fitted out with Category 5 wiring for computer networking.
A major difference between serviced offices and traditional offices, which is one of the main reasons for deciding to use them, is the length of the lease. A serviced office lease may be as short as 3 months, or more typically 9 or 12 months. This is very different from the 15 year lease normally associated with a traditional office and gives many organisations the much needed flexibility to shrink or expand as their business dictates.
Who uses a Serviced Office?
A huge range of organisations are electing to use serviced offices today. Don’t fall into the trap of thinking that these are only small businesses, or that the space being offered is "back-street" stock – this could not be further from the truth in today’s market.
Flexibility is one of the key drivers that persuades an organisation to use serviced offices. Many new, but not necessarily small, businesses cannot accurately predict their headcount figures over a two or three year time span. These companies take flexible leases in serviced office buildings where they will be able to take additional space when it is needed. A traditional office may feature in the next stage of their property strategy, but for the time being they don’t want large overheads with high set up costs.
Existing businesses are beginning to make use of serviced offices as a part of their property strategy. Short term project work may call for short term offices, or maybe the traditional property market is so overheated that many companies cannot find the offices that they need. In these cases the serviced office market comes to the fore – flexible solutions at fixed prices.
In addition there are many companies who have decided that they want to reduce their exposure to property. Real estate often consumes capital and time that could be better invested in a company’s core business. Serviced offices virtually eliminate real estate capital expenditure and leave property management headaches to the property owners.
Check out our various resources and articles on Singapore business
incorporation, Singapore business formation, Singapore
company formation,
accounting outsourcing, auditing, bookkeeping outsourcing,corporate
secretarial, internal udit, liquidation, tax compliance, tax
planning, payroll outsourcing and other financial advisory
services in Singapore.
At a Glance
- Excellent tax benefits from small-to-midsize companies: 0% taxes on 100K annual profits (first 3 years), approx. 9% tax on annual profits up-to 300K
- Low overall tax rate of 18% on profits above 300K
- Zero taxes on capital gains in general
- We can incorporate a Singapore company in one day
(after incorporation documents are signed by you)
- 100% foreign shareholding allowed
- Minimum paid-up capital of $1 only
- Singapore rated as #1 in ease of doing business in the world
- Singapore rated as the best place to work and live in Asia
- Immigration visa (entrepreneur pass) available for company owners wishing to relocate to Singapore to run their new Singapore company
Procedure and timeline for Singapore Company Registration
The basic steps are as below:
- Get company name approval
- Prepare registration documents
- Client to sign company registration documents
- Register company
- Open bank account
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