Obtaining a registered address is an essential step in setting up your business. It is a statutory requirement for setting up a company in Singapore. Without it, you cannot incorporate. However, small start-up businesses often find it difficult to rent a physical premises. If this is the case, a virtual office may be a good alternative.
Benefits of having a registered office address in Singapore
Having a registered office address in Singapore is one of the many advantages of doing business in this country. In addition to being a legal requirement, having a registered office in Singapore can also help you increase your credibility in the local business community. Companies that are based in Singapore are required to maintain a register of shareholders and officers. Moreover, a registered office address allows you to interact with your clients in a professional and prestigious setting.
Although it is possible for Singapore residents to use their home address for their business operations, this is not recommended because it requires approval from the government. In addition, it is possible for a business to change its registered office address, if necessary, if it grows, moves, or is sold. Therefore, it is imperative to have a physical office address in Singapore.
Requirements for having a registered office address in Singapore
A registered office address is an important part of running a business in Singapore. It fulfills the legal obligations of a company, and it is the place where people can contact your company and request for documents. Additionally, a registered office address is where you’ll receive important government mail and notices. As a result, you should make sure you have someone at your registered office address to answer any inquiries.
A registered office address is also essential for international businesses. A registered office in Singapore is required by the Companies Act. It must be a physical address in Singapore and must be open to the public for at least three hours during business hours. You cannot use a post office box as a registered office address. Furthermore, you can change your registered office address anytime during the life of your company, but you need to notify ACRA of the change within 14 days.
Options for obtaining a registered office address in Singapore
If you run a business in Singapore, there are many options for obtaining a registered office address. Among these are the Home Office Scheme, a programme run by the HDB and URA. This scheme is intended for individuals and businesses to use their residential address as a registered office. However, there are criteria to meet in order to be eligible. Violations of the conditions can lead to a revocation of your permit.
Alternatively, you can use a virtual office service. This service can save you money by eliminating the need to rent a business premises. It also provides services such as mail notification and forwarding. However, if you are operating a business from an overseas location, you might want to avoid the hassle of a physical office in Singapore.
Cost of obtaining a registered office address in Singapore
For a business to function legally in Singapore, it is vital that it has a registered office address. A registered office address is a physical location that is open to the public during business hours. It also fulfills a number of important functions. People can visit the office to make inquiries, and there must be someone on duty at all times. In addition, the registered office will receive notices and communications from government bodies. It will also receive correspondence from banks.
Obtaining a registered office address in Singapore can help you create a professional first impression for your company. For only S$120 a year, your business can establish a presence in the financial and commercial hub of the city. Furthermore, having a local registered office address will be advantageous for the company as it receives mail from government entities, such as the Accounting and Corporate Regulatory Authority of Singapore.