Singapore office solutions for MAS-licensed companies in 2023
Since 2003, Healy Consultants Group assists multi-national Clients to register their financial services business in Singapore. All companies licensed by the Monetary Authority of Singapore (MAS) are legally required to lease physical office space in Singapore. Healy Consultants Group assists our multinational Clients fulfil this legal requirement, while minimising business set up costs and administrative hurdles.
What are the MAS physical office premises regulations?
- The company must have a physical office in Singapore.
- The office must be ‘dedicated’, meaning it cannot be shared with another company.
- The office must be secure and accessible only by company directors and Staff.
Because of the above statutory requirements, multi-national Clients are obliged to rent physical office premises in Singapore and suffer high annual rental costs.
Detailed guidelines on MAS licensing, registration and business conduct, including the legal requirement to have physical office space, is available here.
How can Healy Consultants Group’s assist?
- At a low monthly rent and a flexible short term lease renewal, we offer our multi-national Clients a dedicated, secure and exclusive office space in central Singapore.
- This low-cost flexible lease agreement strategy is ideal for financial services start-ups.
- Included in the monthly rental is a receptionist whose responsibilities include i) telephone answering and ii) mail collection and forwarding.
No Office size Monthly rent? How many staff? Lease renewal? 1. 500 sq feet S$ 1,000 2 Every 3 months, the lease is automatically renewed, until our Client no longer needs the office and they are ready to lease their own permanent office space 2. 500 sq feet S$ 1,500 4 3. 1,000 sq feet S$ 2,000 6 4. 1,250 sq feet S$ 2,500 8 5. 1,500 sq feet S$ 3,000 10 6. 1,750 sq feet S$ 3,500 12
- Until our multi-national Clients are ready to permanently lease their own full time physical office premises, Healy Consultants Group flexible office lease strategy is a simple, practical, low cost solution.
- The office is in a prestigious building in downtown Singapore, close to other financial services/fintech firms. It is an excellent location which looks good to your Clients and Staff.
- In addition to front desk security in the building, the office is equipped with CCTV etc.
- Healy Consultants Group helps our multi-national Clients with recruitment of local staff to place in the Singaporean office. For example, as per MAS guidelines, fund management companies must i) have at least 2 Singapore resident representatives who conduct the regulated activity of fund management and ii) have dedicated compliance staff based in Singapore.
- Monthly and quarterly Government reporting including sales tax and employee payroll.
- When our Client is ready to leave our office and move into their own permanent office, Healy Consultants Group assists our Clients i) find a permanent physical office premises and ii) aggressively and skilfully negotiate a fair and reasonable monthly rental and iii) review and approve the terms and conditions of the lease agreement and iv) complete Know Your Landlord due diligence and v) assist with hiring local companies to help with renovations, telecommunications and electrics.
To secure their MAS regulatory license and get started in Singapore, multi-national Clients use our short-term low-cost flexi-lease office rental solution. Healy Consultants Group supports financial services start-ups until our Client is ready to invest and expand their own Singaporean operations.