Registered Address

Virtual office

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

  • Mail notification

  • Mail forwarding

  • 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

  • Internet access

  • 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
The above rates are expected to continue rising by five to seven percent in 2015. For areas outside the CBD, prices will typically range from $2 psf to $7 psf per month, but there may be certain restrictions. For example, for certain areas in the industrial parks, companies may be required to commit a certain amount of investment to developing the leased premises. Business owners should therefore first estimate the cost of leasing their own office premises and consider the sustainability of doing so, particularly if they have a limited amount of funds. Other associated costs, such as renovation, installation of pipes and utilities, investment into technology and other equipment, can lead to additional cost burdens. Moreover, as the traditional lease for office space is three years, companies may have to absorb the cost of restoring the office to its original condition before returning it to the landlord. One other key consideration is the ease of accessibility. While office spaces in industrial parks may be more affordable, they are often not easily accessible as they are situated quite far off from the city centre. This may be more problematic for your employees and may not be a practical place to hold meetings with investors and business partners. In contrast, some virtual offices provide a prestigious CBD address at a fraction of the cost. Rikvin in particular, has three virtual offices in the heart of the CBD, complete with meeting facilities, internet access, and video conferencing facilities. More importantly, the CBD is extremely accessible and most financial institutions such as commercial banks or investment houses will be willing to simply walk over to any location within the CBD; and last-minute meetings can be arranged within the hour. Companies can also benefit from the prestige of being able to advertise their exclusive location in the CBD on their business cards, letterheads, and corporate collateral; and can interact and hold meetings with their clients and business partners at the meeting rooms provided. Especially when it comes to dealing with local business partners, financial institutions and suppliers, knowing that one has a prestigious CBD address can be a powerful tool, as it implies that your business is established, has capital and is professional.




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. While the general perspective out there is that only small entrepreneurs and small enterprises can work with a virtual office, companies such as Automattic, the company behind the WordPress blogging software, have proven that even medium sized companies can reap the benefits of a virtual office. Chief executive Toni Schneider has implemented an unusual business philosophy that allows his 123 employees to work from anywhere – allowing him to effectively tap on talent from all over the world. By doing so, Automattic takes full advantage of the global economy and leverages off innovative software to hold meetings, such as Skype, Google+ Hangouts or P2, a blog built in-house that has specific pages for internal discussions. For companies that are leveraging off Singapore’s strategic location in the Asia Pacific region to reach out to the growing economies of Southeast Asia, having a virtual office also provides one with the freedom to travel, and assurance that the office will remain open and fully functioning while overseas.
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. Certainly, when it comes to deciding between a virtual office and a physical office, business owners will need to take into account the nature of the business operations, the unique needs of their business, and the needs of their employees.




Looking to rent a Virtual Office in Singapore?


Our virtual offices are located in the heart of the Central Business District, with prices starting from as little as S$50 per month. Get a prestigious and professional address along with supporting business services when you use Rikvin’s virtual office services.




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 info@intracorp.com.sg and the officers will get back to you in 24 Hours.
Why Use Our Virtual Office Address/Registered Address Services? Enjoy cost savings by working from home without the high overhead costs associated with monthly rentals of office premises. The price is fixed, no increase with automated renewals We are Singapore’s most affordable and reliable virtual officer provider — you can trust us! Whom Should I Inform Regarding a Change of Address and How Should I Do It? The following parties should be informed about a change of address:

  • 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.
  • Customers
  • Suppliers





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