A virtual office is a component of the flexible work industry that also includes home-based jobs and businesses. Traditionally, the businesses were supposed to have their physical office, but the concept of the existence of companies have changed in modern time.
Virtual office services were started in the 1960s as serviced offices, but they gradually evolved as a technology-oriented system. In an era of advanced digital technology, the virtual office concept acquired a new profile that was highly accepted by the modern business world.
Emerging concept of registered business office
The concept of the virtual office, the roots of which emerged during the Industrial Revolution, has become commonplace in the modern business world, especially in the developed countries like United State, parts of Europe, parts of the Asian continent like Singapore, and some other countries. This concept is presently in use in many businesses and industries.
The registered office address is a statutory requirement when some business is required to be registered as a company in Singapore, but all companies, and foreign companies in particular, that have incorporated under the company legislature of the Singapore Government don’t have their registered office address in the physical form.
Virtual address and virtual operation
There are hundreds of companies in Singapore that have been registered with their virtual address as the registered address in the Government’s record. Many professional and consulting firms in Singapore do their operation through virtual address. Though virtual address and virtual operation are two different things, yet most virtually operating companies have an only virtual address.
Take an instance of Accounting company Singapore that can operate its business virtually on the internet platform, and as a company, it can have its virtual address as the registered office address. It, therefore, doesn’t make a difference, but the most important is what type of business can be operated virtually.
The virtual address is a legal address
There are many companies in Singapore that are having a proper registered address which actually means that they have their physical office address as registered address, but virtual registered office address is also accepted during the company’s incorporation in Singapore. Thus, a virtual address can’t be considered as an improper address.
The concept of virtual business address has been accepted in the legislation and for the incorporation of the company which is a legal entity. So, you can incorporate a company and operate the business in Singapore, no matter whether you have a physical office for your business or you operate your business through a virtual address.
Virtual accounting business in Singapore
Most companies like accounting companies in Singapore operate their business in the virtual address and on the virtual platform. These companies are usually called virtual accounting companies that render services to their clients on an online platform. This way of business is cost-effective for both virtual company and its clients. Your business needn’t be in Singapore, but you can seek the support of the virtual accounting company Singapore from any part of the globe.
These services have the versatility for the users. The users also have the advantage to use web-based applications launched by the virtual accounting company. This concept is fast progressing and both big and small companies are getting the advantage.