Singapore company cannot be incorporated without first having a registered office address in Singapore, which is one of statutory requirements.
A registered office address should fulfill the following criteria:
It is open for at least five hours during ordinary business hours on each business day
It should be a physical office address located in Singapore
It cannot be a P.O. Box
In addition, given that all government bodies and entities will be sending their correspondence to the company’s registered office address, the company should ensure that the incoming mail sent to its registered office address (or registered office address service) is checked regularly.
Examples of correspondence that a company may receive from government bodies and entities would include timely reminders to comply with annual requirements, new government incentives, changes to policy, etc. In addition, banks may also send the correspondence to the company’s registered address as well, unless advised otherwise. It’s self-evident that conscientiously corresponding from your registered office in SIngapore, or employing a responsible registered office address service, is not only an issue of regulatory compliance but of good business practice.
Physical Office vs Virtual Office
Generally speaking, companies can consider two options:
1) To have a “live” and active office, with at least one administrative personnel to attend to and act accordingly to all official correspondence sent.
2) To opt for a virtual office service that provides mail notification and mail forwarding services.
One of the primary key considerations that business owners have to take into account is cost. Given Singapore’s land scarcity, renting office premises is extremely expensive. However, for companies that have sufficient capital, Option 1 would be the preferred choice.
That said, there are situations where inexperienced administrative personnel may not know the importance of certain mails received. For example, the e-services Access Code sent by the Inland Revenue Authority of Singapore (“IRAS”) is often overlooked and misplaced, particularly since the company will not utilize it until it needs to file its Estimated Chargeable Income or Income Tax Returns.
Alternatively, foreign investors or entrepreneurs who wish to start with minimal overhead costs or do not foresee the need to invest in a physical office address in Singapore can go for Option 2. The benefit of a virtual registered office address service is that companies can choose from a variety of services that they wish to opt for. For example, Rikvin provides the following services at its virtual office:
Registered office address
Dedicated phone line
Dedicated fax to email
In addition, as compared to physical offices, virtual offices can be set up in a far shorter time – Rikvin in particular, can set up your virtual registered office service within one hour. Hence, many companies find this to be far more convenient.
Some business owners may have the misconception that a virtual office will not be able to provide them with the facilities that they require to meet clients, prospective investors, etc.
However, while virtual office services such as Rikvin’s provide a registered office address in Singapore at a fraction of the cost of a physical one, it also provides the following facilities that companies can use, as and when required:
Meeting room facilities to accommodate different groups from 4 pax to 14 pax
Video conferencing facilities
Unlike the costs associated with leasing or renting your own office space, the costs associated with a virtual office service can be adjusted in tandem with your needs and budget. In the long-run, business owners can afford to invest more in their marketing, product development and business expansion plans.
What you need to know about Office Rentals in Singapore
As previously mentioned, Singapore is a small country and rental in the Central Business District (“CBD”) is extremely expensive. For companies that have chosen Option 1, obtaining office premises in the CBD will be a significant investment – average rentals typically range from:
$9 to $15 per square foot per month for Grade A locations in the CBD *
$4 to $7 per square foot per month for Grade B locations in the CBD
Freedom that Caters to Your Needs
With the portability of technology available today, a virtual office blends the comfort of home, with the professionalism of a corporate office. With a virtual office, employees can gain freedom from the negatives of a daily commute and will not be bound by restrictions such as quotas for leave and the need to constantly maintain a corporate image.
Particularly for those in the import and export business, or base their manufacturing operations overseas, frequent travel may be required as part of the business.
Looking to rent a Virtual Office in Singapore?
How we can help?
If you do not have a local Singapore registered address to meet the requirement of the Singapore Act, you can still engage our Registered Address Service. We will provide the Singapore Registered Address Service for you, provided the followings conditions are met:
– For Company and Branch Office, you must subscribe to our annual secretarial service
– For sole-proprietorship/partnership/limited partnership/limited liability partnership, you must engage our business setup services.
If the above conditions are met, you can signup for Virtual Office Address/Registered Address Services at our office with our friendly in-house customer service officers or email us at email@example.com and the officers will get back to you in 24 Hours.
MOM – Should you have an EP online account, you can submit the change of address online. Alternatively, you can download the form from: Request Form for Updates of Company Particulars and submit a hardcopy to update the changes.
ACRA – To be updated by the company secretary
CPF – if you have CPF account, you can submit the change of address online. Alternatively, you can download the form from Change of Employer’s Principal Place of Business / Contact Details and submit a hardcopy to update the changes.
IRAS – No update is required as it is updated automatically and linked to your ACRA record.
Bank – You can visit any branch office of your bank to complete and submit their form for the change of address.