It appears that selecting a business address package in Singapore is an easy thing to do, just pay a fee, receive an address and be done. However, there is more than meets the eye in this decision, and the lapses can come back to haunt you in the future. Discover more here!
Get it out of the way: your speech is eloquent. By Google mapping your location before having a meeting, people are already creating a judgment. An identifiable CBD location is one that looks very different to a plain and simple industrial building. That decision of a second will lodge. Trust signals form the business culture of Singapore and one of the first messages that you are going to send is your address.
Basic packages include entry-level which include address registration, mail collection and forwarding. Good base but here is what most providers will not boast about; most of the budget packages do not ensure that the registered office hours are in compliance with the ACRA. The law of Singapore places a requirement of your registered address to be available during regular working hours. Bypass that, and you are predisposing yourself to issues of compliance in the future.
Mid-range plans usually entail access to meeting rooms, usually a couple of hours per month. Don’t dismiss this. It can be felt in the energy when you are presenting to investors in a sharp conference room in the Raffles Place, and when you are scrambling to find a quiet nook in a popular cafe. The room is in your favour and even when no one is talking about it.
Packages of higher levels include virtual receptionist, dedicated local phone line and same-day mail scanning. This is not an upgrade but a requirement to founders operating distributed teams or who are managing operations in Singapore but have their base in a different country. As soon as a client calls a local number and he hears a professional voice, trust is established within seconds. None of the email conversations can be duplicated.
The cost is approximately SGD 50 a month when using bare-bones, and SGD 400-600 and above when using full-service. The majority of the providers have annual plans that are 15 to 20 per cent of monthly rates – it is worth calculating before you slip into the defaulting to monthly habit.
Location is something upon which most people put less thought. Shenton Way and Marina Bay are indications of finance and companies sobriety. Tanjong Pagar has an inclination towards technology and startups. Orchard is a natural fit with retail and consumer facing brands. Choose a district which speaks your industry.
Lastly, invariably make sure you have actual physical infrastructure on your provider. Even the paper-thin virtual operations come crashing down when a courier comes with something that has a time limit attached to it.
A fantastic business address package is not prestigious. It is all about being able to position your business in such a way that people are sure that they can take the next step with you.