Virtual Office for your PLC in Singapore
Updated on Friday 29th January 2021
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A virtual office is a type of service that allows businesses to enjoy most of the benefits of a physical location, at much lower costs for accessing the office space and additional office services. It allows investors who open a private limited company in Singapore to maintain a favorable business image and have a registered address at a prestigious location in the city.
If you choose a virtual office when setting up a company in Singapore you will have access to office space, meeting room space, secretarial services, and other extra services, as needed or as selected in a special package.
The virtual office allows businesses to run as needed without the actual costs needed to upkeep the premises. Because the services are shared, like the utility bills and the maintenance costs, these are much lower than usual.
Singapore is considered one of the top locations for doing business and investors interested in setting up a private limited company in Singapore can find it more accessible to work via a virtual office, especially since the rental costs can be quite high.
The advantages of a virtual office in Singapore
The virtual office is located in an office building that can be located at a prestigious location or in another area that is convenient for the company founder, as available. Companies that provide virtual office services will usually do so in a modern office building, one that has all of the needed facilities. Most businesses will find that the standard package suits their needs, however, companies that have a higher number of employees can request extra services, such as supplementary office space, as needed.
In most cases, a virtual office package for investors who open a private limited company in Singapore includes the following:
- the registered address: this is mandatory for the registration of a private limited company in Singapore and it is stated upon incorporation.
- the postal address: the address of the virtual office will also serve as a correspondence address.
- prestigious location: when clients or business partners see the address, it will imply that the business is located centrally, at a prestigious location.
- meeting room: office space and meeting room space, as needed for the team according to their meeting schedule.
- phone answering and forwarding: a receptionist answers calls received by your company and forwards them as needed.
- mail forwarding: the same principle also applies to the mail and correspondence received at the address.
A startup or small company in Singapore can maintain a professional business image by working via a virtual office. However, businessmen who are considering setting up a company in Singapore should know that this service is not only beneficial for small businesses. It can be used by all types of companies when it suits their needs.
The top reasons to open a Singapore limited company
The Singapore limited company has the following characteristics:
- it is separate from its founders: the private limited company is a legal entity that can enter into contracts or go into debt in its own name;
- limited liability: as suggested by the name, the founders are only liable to the extent of the capital they invest in the business.
- credibility: the private limited company offers more credibility compared to a sole trader or even a partnership in Singapore.
- succession: the company will not cease to exist when one of the members interrupts his participation in the business; the shares can be transferred.
- taxation: the company is subject to Singapore’s convenient taxation regime with a standard rate of 17% and tax exemption on certain amounts of normal chargeable income.
Our agents who specialize in the registration of a private limited company in Singapore can answer any other questions about the requirements to open this business form, the registered office requirements as well as the advantages of a virtual office.
Singapore is one of the preferred locations to open a business in Asia. The following statistics are relevant to the city-state’s popularity among investors:
- the foreign direct investments value in Singapore at the end of 2017 had a value of 1,567,974 million dollars.
- also in 2017, the earnings of foreign direct investments at the end of the year had a value of 157,260 million dollars.
- the foreign direct investment value in 2016 was 1,354.820 million dollars in 2016.
According to the authorities, foreign direct investment is considered an investment in which the foreign investor holds 10% or more of the ordinary shares in the company.
Contact us for more information on setting up a company in Singapore, about about investments in this jurisdiction and the private limited company in Singapore.