It is a well-known fact that Singapore is one of the most progressive cities in the Asia-Pacific region with robust IT, finance and commercial industries.
Although small in terms of area, Singapore proves to be a good starting point for many startups because of the support entrepreneurs get from the city’s business-friendly environment, courtesy of the Singaporean government itself.
This is the reason why many entrepreneurs who are looking to establish their startup choose Singapore as the hub for their business activities. This is because:
- Singapore’s cost of living and tax rates are lower as compared to European, American and other Asia-Pacific (like Australia) countries.
- The country acts as a gateway to many other Asian and International markets.
- Singapore also has a lively and thriving workforce from all over the world.
- The country is known for its safe, clean and well-disciplined streets.
- Singapore has a lively tourism industry and lifestyle amenities including high-end hotels and shopping complexes.
Singapore also has a robust Serviced Office industry and its coworking spaces have seen a surge in growth during the past two years. This means that entrepreneurs have more affordable and flexible options when looking to find an office space in the city.
Today we take a look at some of the popular areas for starting a business in Singapore. Although the areas below are well known urban centres, your perfect location will also depend on your niche and your business goals.
This business center also has several other regions within it that caters to different sectors. While the center of Raffles Place is home to many bank offices and IT-related businesses, the Orchard and Tanjong Pagar area focuses on marketing and the real estate industries respectively.
Raffles Place is home to numerous skyscrapers and iconic landmarks, including the UOB Plaza, and the Thian Hock Keng Temple. Its Central Business District (CBD) is well-known for its state of the art building designs and high levels of cleanliness. It is also adjacent to the famous Marina Bay area.
The advantage of getting an office space in the CBD is that you are situated in Singapore’s busiest commercial area and have easy links to various modes of transportation.
Within the CBD is also home to the well known Orchard Road. This is more of an entertainment and leisure area where many event and marketing companies have opened shop. Orchard Road is sometimes dubbed Asia’s most famous shopping street and this could be a good starting point for businesses that aim to serve the retail or tourism industry.
Also within the CBD is Tanjong Pagar which is near Chinatown and the city’s busy wharf. It also has a number of historically significant buildings that were converted into bars and restos which makes the area a lively tourism and nightlife centre. The area is also home to many media, finance and real estate businesses.
A convention and exhibition centre is also located in the area giving entrepreneurs access to a variety of networking events and expos. A number of IT corporations have also set up their offices here.
Serviced office spaces in Singapore can be quite expensive, with a price range of SGD 1,000 to 5,000 (that translates to around USD 700 to USD 3,600). The price also depends on the actual size, location, amenities and other extra services offered by the space or building.
The main advantage of these spaces is that they’re already well-furnished so there’s no need to shell out additional money for utilities, office tools and furniture.
Entrepreneurs can also avail another affordable option in the form of coworking spaces. Luckily, Singapore has a flourishing coworking industry equipped with various amenities and boasting state of the art architecture.
Coworking spaces are a great choice for freelancers and can also work for startup companies who have a few people in their team. Aside from being cheaper, coworking spaces also have more flexible terms when it comes to rent – it more than possible to rent the space on a daily, weekly or monthly depending on your needs.
The Working Capitol, a coworking space which is located in the CBD, has a starting rate of $150 per work station. Aside from its work desks, office furniture and modern minimal interior design, the place also has other extra amenities such as an in-house cafe, screening rooms, and even a hangout garden where drinking beer is allowed.
A coworking space outside the CBD such as the Make Space offers a more affordable option with a daily rate of $30 per day ($375 per month). Make Space is however a more homely and cafe-like work space which also offers bike parking areas, coffee, shower rooms and personal lockers aside from work stations and office furniture.
Furthermore, there are coworking spaces that actually target and cater to a particular group of workers or business people. A good example of this is the Trehaus which caters to working parents who also need to keep an eye on their kids.
Trehaus is a family-friendly coworking space which, along with the usual office furniture, has play areas for kids that can distract them while the parents are working nearby. They also have a pantry area stocked with food and drinks.
Another one is Woolf Works, a coworking space exclusively for women. The space is targeted for women who aspire to be CEOs and business leaders. It starts at $200 for a once-a-week use per month and can go high as $400 for a thrice-a-week use every month.
Looking for the perfect serviced office and coworking space requires a lot of patience and leg work. Its best to do some research online before heading out to the streets.
You can easily browse available office space in Singapore via findmyworkspace.com. Search for an office in Asia-Pacific’s most business-friendly country now!