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With the popularity of virtual office solutions now sweeping across Asia, it’s important for entrepreneurs to understand what they have to offer.
While the term ‘virtual’ is used in many contexts within the business world, in this case, it refers to a specific kind of service. It’s popping up more and more often in Singapore, so it’s time to take a closer look.
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You’ll find several providers in this region, but Servcorp virtual offices are some of the most high end and prestigious. They are located in various spots around central Singapore, close to the major retail and financial districts.
Despite their status, they come with low rates and flexible terms, which is only possible because of the unique way in which they operate.
Keep reading to find out why virtual offices are so special and what they can do for your small business or startup.
A New Breed of Corporate Workspace
There’s a reason why these premium, luxury facilities are able to offer customers surprisingly low rental rates. They are designed to be used in a very specific manner.
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While virtual offices do exist as physical workspaces, their primary purpose is as off-site support systems.
The idea is that flexible (often home based businesses) get access to a range of software, communication tools, and administrative services which are usually restricted to traditional private offices. They can be used remotely by logging or checking in to central servers.
Maximum Flexibility and Control
The popularity of virtual offices is related to their unusual level of flexibility. Very few commercial leases can be altered on demand, in the way that virtual solutions can. It is, in part, due to the fact that the physical space doesn’t ‘belong’ to any one tenant.
However, it’s also because these providers are committed to offering tailored services. They want to put businesses in the driving seat, rather than behaving like traditional landlords. So, there are no early termination fees, no ‘lock in’ leases, and terms are, technically, negotiable.
Access to Premium Meeting Spaces
For many small businesses, the opportunity to access world class conference facilities is worth the cost of membership alone. If you’re a home based company, you might perform perfectly well without a formal workspace, until it comes time to pitch to investors.
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If this is the case, you can always register with a virtual provider and hire meeting spaces for your appointments. That way, you get to host influential guests in the best possible environment, but it costs you a fraction of what it might to lease a full-time conference area.
‘Best in Class’ Tools and Software
It’s also worth remembering that virtual vendors have a responsibility to provide the best possible software and technology. They are able to do this because, even though the rental rates are low, there are many tenants paying them. The cost gets spread among all users.
So, your business could end up accessing software and tools which would normally be beyond its budget capabilities. Virtual offices contain a wealth of resources, with communication, HR, accounting, automation, business intelligence, ERP software, and more up for grabs.
The Beauty of Going Virtual In Singapore
Over the last two or three years, rent rates have been falling in Singapore. This is good news for entrepreneurs and small businesses. Nevertheless, launching a company here can still be very expensive, and virtual facilities are a great way to reduce and control initial setup costs.
They don’t have to be a long term solution. The virtual providers in Singapore are happy to work with tenants on short term growth plans. Depending on the type of vendor, they might even be able to help you upgrade to a private serviced suite when ready.
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