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Office rental in Singapore - the main points

15 September 2022

How many square meters or jobs are needed when renting an office in Singapore

So, you finally chose Singapore as your business base. What should you do next? Of course, look for an office room! Singapore can be an island state, and you might think that an office can be placed anywhere. Well, it all depends on your availability. Space is a product in such a country as Singapore, and the location of your office will provide you with possible success. Here is the general management of the rental of office premises in Singapore, which you can familiarize yourself with before making a decision.

One of the important things that you should know about the rental of an office premises in Singapore is that this goes hand in hand with the capital paid for your business. How much you can afford to pay for rent depends on the paid capital of your business in Singapore. As a business owner, you would like to be in the center of all amenities. It is very important for you that when finding an office premises, you can take into account the expansion of the business. Indeed, at the beginning of your activity you may need only a small part of a full -fledged office. But when you begin to hire more people on board, the search for a new place for servicing additional staff can cost you more. Thus, in the issue of renting office premises in Singapore, it is extremely important to provide for the possibility of expanding the office space you need.

Office in Singapore

Perhaps you imagined a chic office in Singapore, but probably you could achieve more success in a simple workplace. In general, let's move on to the details of what you may need to rent an office premises in Singapore.

The working space of your office is crucial for business efficiency. You will also need to take into account the number of employees that you have at present or which you plan to hire in the future. In addition, the office should also have a negotiation room (Meeting Room), reception (reception) and engineering communications. Thus, it would be better if you carefully calculated the area of ​​your office ideally. It is also important to rent an office room with an additional room for future growth.

Now that you have the perfect capacity for your office, you can look for areas where your office will be. Again, take into account your employees and customers. Since Singapore public transport is reliable, the office can be in demand with such accessibility. But it will also have an advantage if your customers are nearby. Most likely, they will choose you because of intimacy.

Office rental rates in Singapore

As mentioned earlier, the higher the availability of your office, the higher the likelihood that this place will be the best choice. In this case, rental rates can reach sky -high heights. Nevertheless, if you decide that to rent an office in the area where future customers are concentrated is more profitable, this may be the only way out. Otherwise, being on the outskirts of premium zones, rental rates may be lower. Business parks can also offer affordable rental rates for new startups. If you need a unique facade, then a low -story, mothballed building could be the right choice.

Well, now let's move on to the cost of renting an office premises in Singapore. For beginners, this is not just monthly rental costs. Monthly rental payments will be your regular expenses during your business.

The initial costs of renting office premises in Singapore are as follows:

Warranty deposit - a deposit usually ranges from three to six months of rent.

Property tax - since the lessor or owner of the building annually pays such a tax, he can be included in the lease.

Legal or administrative fees - tenants, as a rule, should have expenses for these fees when preparing a lease agreement.

Certificate - the tenant must pay for a coat of arms under a lease agreement. It can be paid within fourteen days after signing Singapore (IRAS) in the tax department.

The repairs deposit - when renting an office, you may need to carry out some repair work, and the deposit is designed to eliminate any damage caused during the repair work. If there is no damage, it will be returned to you after a complete check.

Office repair - it all depends on what amount of repairs you need for your office. If this is a complete alteration, then it can cost more. You also need to study the type of accessories necessary for your office.

Real Estate Commission - you probably expect an agent to find an office for you, since he has extensive experience and negotiation skills. However, our experts are ready to find for you the best office in Singapore without a commission, absolutely free.

Other expenses that will be included in the agreement include a parking space, insurance, electricity accounts and telecommunications, air conditioning during non -working hours, service fees and goods and services tax. All this, of course, will be part of your monthly expenses when your business will work. When the validity of your Arnda agreement expires, and you move to another place, the lessor may require you to restore the office premises to its original state. This will be part of your costs for moving. Nevertheless, the lessor may want to maintain the repair you made. Ask your landlord about this issue in advance so as not to fall into an unpleasant situation.

Office rental process in Singapore

So, we move directly to the process of renting an office in Singapore.

Form the command. You must be part of the team. Ideally, she should consist of a personnel manager, office manager, financial manager. At this stage, determine the requirements for the office. Give your office the manager to find a good broker in commercial real estate. Let your office manager communicate with the agent daily until you find the perfect office space. When a list of available offices that meet your requirements appears, start choosing together as a team.

Go on a tour of the office premises with the whole team to make sure that everything is on the same wavelength. Take with you a control list of detailed requirements when you go from one office to another.

Finally, you and your team chose the perfect office. Now the time has come for negotiations. Your agent will also accompany you at this stage - will send a letter about intentions with all the essential terms of the agreement. The lessor will consider and check your business. After the lessor is satisfied with everything, he or she will return with a letter-offer (commercial offer).

Having received a letter-offer, you will sign it and return it to the lessor. Now the lessor will provide you with a lease. Before you sign, carefully study it with a lawyer. After you signed the contract, you must pay for the deposit and make payment for the first month of rental of the office. Now you can call into the office as indicated in the lease. Any repair work can begin as soon as you receive permission from the lessor.

So the leadership for renting office premises in Singapore is ready, which will help you find the office of your dreams in this country in the future. If any part of this leadership is confusing you, contact us. We will help wherever necessary.

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