A startup office business in Singapore is a type of small business started by entrepreneurs with high-growth potential. Startups within the country are generally technology-driven enterprises, which seek to compete in the production of innovative products and services for both domestic and international markets.
The offices of startup office space in Singapore tend to be compact and modest, but they often have areas that can be adapted into meeting rooms or open spaces for brainstorming sessions. In order to attract talent from around the world, many young companies offer perks such as flexible hours, subsidized meals, free onsite laundry service, gym membership discounts, and more.
The conventional size of office spaces around prominent MRT stations are 100 to 500 sq ft from SGD 40 upwards per month. There is no lack of these spaces as the big companies have been outsourcing much of their low profile work to smaller companies since 2008, leaving large empty blocks of space in prime locations.
Renting an office for coworking can be quite expensive, so new companies prefer to join incubator programs where startups share resources with each other at subsidized rates while enjoying mentorship and access to investors. Startupbootcamp Singapore is one such example where it offers free coworking packages with amenities worth over SGD 3,000 monthly if the membership fee was set at its actual value.
If you’re looking for a short-term lease, then you might want to consider a serviced office. Prices start from SGD 100 for a single day, and you have access to individual office units, reception, meeting rooms, and other facilities as well as support staff. This is typically useful if you are still looking for investors or customers but don’t need the hassle of maintaining an office yet.
Measures taken by Singapore government
In an attempt to foster a growth in successful young businesses in the country, the Singaporean government has taken measures to provide suitable office spaces for these companies.
The government’s efforts have resulted in the opening of several startup office space in Singapore, which are launched with the support of private sector development agencies or organizations. The country is also investing heavily in innovation and technology, with the aim of doubling spending on research and development between 2010 to 2020. This move is expected to encourage more people to start their own business, thereby contributing further towards growth in the country.
Company funding
Startup office that have received initial funding from venture capital firms can then use this money to rent larger office spaces for their company headquarters. However, some businesses choose to maintain a smaller office until sufficient cash flow is eventually generated through sales.
Office leasing services
Most companies within the startup office community tend to lease office spaces for a minimum of three years. While signing an agreement, they are usually required to provide details of the business set-up, its financial policies, and future plans, as well as information about investors. Dates and prices of renewal terms are also made available at this time.
Most landlords require prospective tenants to pay for their furniture and equipment separately from rent. Some startup office choose to save on capital by purchasing used equipment from sellers on online auction sites such as eBay instead.
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