Like a business centre, a co-working space consists of a fully furnished office space with shared amenities. However, such spaces are less private with several open desks to be shared among different organizations.

A co-working space will have a range of facilities consisting of private rooms, meeting rooms, lounges, and pantries that are shared.

Co-working spaces are suitable for:

• Individual and start-ups with a small employee strength of 1-10 employees.
• Businesses looking for a temporary set up can benefit from such spaces.
• Companies looking for flexible leasing options and are open to working in a shared business environment.

This is the most common type of office space used by companies when setting up their business in Singapore. These are empty office spaces that needs to be furnished on your own, with a minimum lease period of 3 years. While initial capital costs may be high, in the long term such an option will likely reduce your monthly rental expenses.

Conventional office spaces are suitable for:

• Companies with a steady business growth looking for a long-term rental period.
• Companies with a sizable staff strength.
• Companies looking to tailor the office to best suit their specific needs in terms of brand identity, design, equipment, and size.

Instead of leasing a physical office space, entrepreneurs can make use of a virtual office service provided by many office businesses centres in Singapore. A virtual office package will provide your company with an official business address, phone/ fax numbers, access to meeting rooms on an ad-hoc basis and much more. Such a solution offers you the flexibility to choose between different packages based on your needs and budget limits.

Virtual offices are suitable for:

• Home-based entrepreneurs or small start-ups who are new to the business scene.
• Companies with headquarters abroad looking to have a remote business presence in Singapore.

Companies engaged high-technology and research and development (R&D) can opt to set up their office in a business park. These are clusters of high-tech industrial buildings with a full range of amenities to support high value adding and knowledge intensive activities. Business parks have been established in several locations over the past decade, some of which include the Changi Business Park, the Clean Tech Park, and the Seletar Aerospace Park.

Business Parks are suitable for:

• Companies involved in high-tech, knowledge intensive activities.
• Companies with a stable business growth looking for an office space to accommodate a large employee strength.

Shophouses are small storey buildings that have been conserved over the years with an architectural style resonant of pre-war Singapore. Most shophouses are in the Central Business Districts of Boat Quay, Telok Ayer, Chinatown, among others. With leases ranging from 2-3 years, these office spaces have a size area ranging from 1,200sqft to 1,500sqft. Rental prices are usually much cheaper than conventional office spaces located in the same area.

Shophouse offices are suitable for:

• Small to medium-sized enterprises looking for a long-term rental solution.
• As such buildings have a vintage style, shophouse offices are a perfect solution for companies looking for a creative workspace.

Individuals looking to set up a business in their home can do so under the Home Office Scheme. Under this scheme, owners/tenants can set up a home office in their private home, provided that their business activities do not cause any disturbance or inconvenience to the neighbouring residents. Business owners of this type can hire 2 non- resident employees to work at their home office. A one-time permit is issued which is valid for the duration of the home office business and does not need to be renewed.

Businesses that can operate a home office include:

• Accountancy services
• Architectural services
• Consultancy services (business, engineering, IT, management, or education)
• Design/Advertising services
• Insurance/Financial planning services
• Real estate agencies
• Technology based and knowledge intensive businesses
• Trading office

For more details on how to register for a home office click here. 

Selecting the right type of office space to suit your business needs can be overwhelming. For this reason, it is highly recommended to appoint a real estate agent to guide you through the process. With a thriving market, Singapore has much to offer for all sorts of business owners- from small scale entrepreneurs to huge multinational corporation looking to expand into the Asia- pacific region.