One of the requirements for registering a company in Singapore is that it has a registered address. Typically, legal entities rent a real space to use as their office. However, recently some companies have decided to use virtual offices, where a business address is rented and used as their own.

Virtual offices have become increasingly popular over the years, especially for smaller companies. While service packages may vary, they typically include services such as a business address, communication services (telephone and reception services), and business meeting facilities.

Next, we will review 8 points that business owners should consider when choosing one or another virtual office service package:

1. Price

The first important point when considering virtual office services for business owners is the cost. It can vary from a few hundred to several thousand dollars a year.

However, it's worth remembering that the cheapest virtual office packages sometimes include a mailing address only, with the option to add other services. Unlike more expensive options, their addresses may also be outside the city centre.

Also, you must ensure there are no hidden costs in the virtual office package you sign up for. For example, some companies that provide such services charge an additional fee for mail forwarding.

Therefore, you should carefully check the terms and conditions when entering into an agreement to avoid such hidden fees.

2. Services included in the package

Unlike renting an actual office space, using a virtual office provides more flexibility for business owners as it allows them to choose the types of services they would like to add to their subscription. These services may include mail forwarding, corporate secretarial services, and office phone.

Therefore, it is crucial to know the services included in each package and whether or not they will be enough to meet your business needs. In addition, it is essential to check if the virtual office provider can add services in case they are needed in the future.

3. Subscription term

Another important factor to consider is the subscription period. Some virtual office providers deliver their services for a minimum of 6 months. However, you can negotiate with your service provider for a longer or shorter service period according to your business needs.

4. Termination of the subscription

It is also important to consider the terms of termination, renewal and the possibility of receiving a refund of the reimbursement payment in case of termination of the agreement. It will allow you to change virtual office providers if you need to.

5. Office location

While your business may be conducted remotely, customers may still need to visit your office. Therefore, your virtual office must be accessible. Your virtual office's location can also influence your business's branding.

For example, being in the centre, the appearance of the building and premises can affect customers' attitude towards your company. It is important to consider what image you want to create and find a virtual office that suits your needs.

In addition, you may want to visit a virtual office to see if it is suitable for potential clients and what the first impression is.

6. Provider reliability

You should also check the reliability of the virtual office provider. There have been times when virtual office services companies couldn't cope with difficult economic circumstances and closed down. So, to prevent disruptions in your company activities, you must ensure that the service provider is trustworthy and legally exists.

One way to find out could be to look for reviews from previous users of the virtual office service or even visit the company's office before entering into a service contract. Among the main points to pay attention to is the condition of the objects and their correspondence with the descriptions on the Internet.

In addition, you can also find out which companies use the address of a given virtual office. There have been instances in the UK where virtual office addresses have been used for fraudulent purposes. Registering your company at the same address with scammers can negatively affect your reputation.

Eltoma Corporate Services has been officially on the market for over 15 years and is a licensed service provider. The specialists of our company constantly improve their level of expertise and professionalism and are ready to solve any, even the most complex, tasks. You can always apply for a preliminary free consultation on any communication channel on the website. We are waiting for your requests!

7. Quality of services provided

The quality of the service provided by the virtual office service provider is another crucial factor as it will affect how smoothly your company will function. For example, it may be necessary for your business that your virtual office services include state-of-the-art tools such as high-speed Internet access, printing and fax.

If you subscribe to a service package that includes a telephone line, the quality of the staff employed by the service provider will also affect your customer service. Therefore, consideration should be given to staff's language and communication skills and whether staff receive professional development training.

8. Confidentiality

It is vital to ensure that the information processed by the virtual office provider remains confidential. For example, you would like to check if the provided Internet access channel is secure. Companies must enable WPA2 encryption. If the security type of the service being provided sounds like "no authentication", it may indicate that the network is not secure.

In addition, if you plan to subscribe to a mail forwarding and processing service, you should check for any circumstances under which the provider may take advantage of access to your mail.

Some virtual office companies have terms in their agreement that allow them to sell your information in the event of bankruptcy.

To summarise, we would like to note that virtual offices can be a cost-effective option for businesses. However, while the above factors may help you find the right virtual office, they are not exhaustive and depend on your business needs.

With so many plans available, it's important to research them carefully to find the virtual office that best suits your business needs.

Eltoma is always ready to find the best solutions for your business. We work without intermediaries; we are the ultimate service providers, which positively affects the cost of our services. We will advise you on any issues related to the services of a virtual office abroad, allowing you to quickly interact with partners, banking and other structures in foreign jurisdictions. We are waiting for your requests!