Published 16 August 2016 Category: Compass Cities

Three reasons why you need the right serviced offices in Singapore and the Philippines 

Whether you are building a startup, a small-to-medium-sized corporate or even branching out as a multinational corporation, it is a must to stay agile at the infant stage of any business venture. One of the best ways to achieve this is through controlling the cost, and renting an appropriate space at a serviced office will not only keep your costs under control. It will also bring you extra benefits that will help your business grow. 

1. Get the right address

In Singapore, it is important to find the appropriate address for your business registration as not only will it be the address for any official correspondence or communications. 

According to the Singaporean law, nevertheless, getting the right company address can be very tricky. If you want to use a residential flat or a house for business registration, you must obtain approval of the Housing Development Board; if you want to work from home, you need a licence from the Home Office Scheme; you might also want to verify with the government on whether the premise you occupy is appropriate for commercial use. 

Thus starting out at a serviced office is a wiser option. Not only does it provide you with an appropriate company address for official correspondences and avoid the legal traps, the shared facilities and meeting rooms in a professional setting will create the right vibe for you to focus on your business. 

2. Expand your network

There around 42,000 startups, including 5,200 tech startups in Singapore, and 500 startups are expected to exist in young market like the Philippines. How do you make your business stand out in such competitive environment? 

One big advantage of renting a space at a serviced office is the network. Running a business at a serviced office isn’t just about sharing the rental space and facilities. It is also about expanding your network. 

Many serviced offices are located at grade A commercial buildings, which is home to many regional and international corporations. For example, Compass Offices’ Raffles Place Business Centre at Prudential Tower is near the Singapore Stock Exchange and major financial and government offices. Tower 6789, which houses Compass Offices’ Manila Business Centre, is located at the central business district of the capital of the Philippines. 

Serviced offices like these bring your business into proximity with other large companies, and it will help you expand your network. 

3. Knowledge sharing 

You might wonder if the startup occupying the office right next to yours in the serviced office will become a rival of your business. But that is most certainly not true. Even if you and your neighbouring company under the same roof belong to the same industry, you stand a much better chance to succeed by sharing knowledge and collaborating. 

When searching for an appropriate serviced office space, one thing to pay attention is to whether you could be sharing office with companies that might become your collaborator in future. 

Companies of different background and nature could inspire your business idea and your way of thinking. They might also help you tap into previously untapped markets or resources. In the long run, you are building a new community of your own based on sharing knowledge and experiences.