Planning and setting up your business in Singapore is not limited to coming up with income generating strategies. As an entrepreneur, it is important for you to look for an available office space. Carefully consider all of your options before deciding on renting your office space in Singapore and signing a contract.
Cost of Office Space For Rent in Singapore
One of the first things that you have to consider when looking for an office space is the rent. When discussing the cost of rent with the landlord, remember to ask how the rent is paid. Ask about the base rent, annual rent, free rate, security deposit, the period of lease and renewal options.
The best spots in Singapore come at a high rental price. Last year, the average gross rent in the Marina Bay area quickly rose to SGD12.25 per square foot, per month.
Location and Amenities
Aside from the cost of rent, consider the location of the office space. The success of some businesses can partly hinge on the proximity of the office to their target market or supplier. Research and look around for the most suitable rental location.
Other Options Available
Before deciding to rent, look into other options available. These include co-working spaces in Singapore, virtual offices and home offices. If applicable to your business, these options can help you save money on the high rental costs in the city.
- Co-working spaces
One popular alternative to renting office spaces in urban centres such as Singapore and Hong Kong is the use of co-working spaces. These shared working environments can be practical for work-at-home professionals, freelancers, startups and small businesses.
The co-working spaces in Singapore include The Hub, HiredTurf, PlusConcept Space, TheCo, Collective Works, Kennel and Co-working Singapore. Most of these spaces require membership, but certain venues such as SmartSpace and HackerSpace still allow guests to drop by for short visits.
- Virtual Office
Even without a physical space, a virtual office package gives your business a corporate business address, dedicated phone numbers and fax numbers, personalised telephone answering service, mail handling service, and use of private offices on an ad-hoc basis.
- Home Office
For small-scale businesses, a home office may suffice. A SOHO residential apartment can be practical for sole proprietors and professionals such as consultants, lawyers and real estate agents. To legally use your home as an office in Singapore, you will need to register with the Housing and Development Board for HDB properties or with the Urban Redevelopment Authority for private properties. You will also need to follow certain restrictions to avoid annoyance to your neighbours. For example, you cannot generate smoke, noise and other types of pollution; have more than two employees who do not live in the property; and display external signboards.
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