9 Virtual Office Benefits To Know (Before You Dismiss the Idea)

Virtual office benefits

When you are first setting out to open your dream business, you are far from having all the answers. It’s easy to feel driven by your vision and not want to get bogged down with big decisions, but sometimes rules and regulations can make it difficult to move ahead. 

Case in point, getting a registered office address when registering a company, as mandated by the  Australian Securities and Investments Commission (ASIC) 

You may not be up to invest and block funds for a lease, so what do you do? 

That’s where a virtual office address comes into play. In our post, we’ll discuss what a virtual office is, the benefits, and how Lawpath can assist you in setting up and running a virtual office in no time! 

Read along! 

Table of Contents

What is a virtual office address?

A virtual office is an address to which all company documents can be sent instead of your personal address. Essentially, it allows business owners and freelancers to work wherever, whenever, and in whatever capacity they desire.

By large, registering a virtual office address also means that your documents will be stored efficiently and securely. 

It also allows you to separate your business from your personal affairs – making the process of running your business smoother.

What are the benefits of a virtual office address? 

There are several benefits involved with nominating a virtual office address as a small business owner. It’s another component of your business you can effectively outsource. 

By registering a virtual office, you’re saving yourself arduous administration, money, and perhaps most importantly – your privacy.

Let’s go through the virtual office benefits here:

1. Enhanced Personal Privacy

Privacy is important for both consumers and entrepreneurs. One thing many business owners aren’t aware of is that company information is visible on a public online register. 

This means that anyone can search online and see your company’s registered office address. This is especially problematic for business owners who use their residential address. 

Beyond protecting your privacy, a virtual office address can be handy if:

  • You own your own office address but do not want to receive ASIC communications there
  • Your occupier has not consented to list the address as a registered office address
  • Your business’s documents will be secure, and your privacy will be maintained

2. Security

Having your documents sent to a physical address isn’t without its hazards. Firstly, there’s the chance that they may be misplaced or accidentally destroyed. 

Many businesses opt to have their formal mail sent to a nominated virtual address to keep them safe and secure. 

Here is an example:

NewBank has nominated its registered address as a virtual office in the city. The virtual office address informs NewBank whenever important documents arrive. This means there’s no opportunity for the documents to get cluttered or lost on the company premises.

3. Cost-effective

Did you know that between 15% and 46% of businesses spend their total money on office rent? 

If you want to save money on overhead costs and commute time travelling to a physical location, a virtual office for your small business is just what you need. 

Just imagine what you can do with the extra 46% of cash savings! The money you save can be spent on other elements to help your business thrive.

4. Professional image and prestige 

In any industry, having a recognised business address makes your business’s brand more credible, legitimate, and professional. Other virtual office benefits include

  • Clients are more likely to trust your business when you provide a dedicated physical address and phone number on your business’s website and business cards
  • It’s an ideal solution as it makes a business more credible and professional while making it more approachable
  • A prestigious address shows credibility to current and future clients

5. For compliance purpose

ASIC requires applicants to disclose a registered office address when registering a company. If you don’t have an address for physical office space, a virtual office address will suffice, and you can get your business running in no time. 

ASIC has a few requirements that an address you nominate needs to fulfill to be your registered company address. These include:

  • It must be in Australia and cannot be a PO Box
  • It must be capable of receiving communications and notices from ASIC
  • If your company does not occupy the address, you must obtain written consent from the occupier

Under these requirements, there is no reason that your registered office can’t be a virtual office address.

6. Backup of Communications

Scanning ASIC communications online ensures that important paper communications are backed up. 

This will benefit your business by reducing the likelihood of losing or misfiling paper communications. Most virtual office providers, including Lawpath’s virtual office option, will also let you obtain your documents in hard-copy format, or you can print them out yourself.

7. You don’t need to use your home address

Did you know that if you use your home address and you’re someone who moves homes frequently, these changes need to be reflected in your business’s details? This process can be:

  • Time-consuming
  • This leads to confusion if you’re in contact with stakeholders 
  • You forget your outdated information somewhere on your website or contact details

Using a virtual office service eliminates the hassle of constantly updating all your information; however, it will still enable you to work from your home office.

8. Centralised Storage

Transitioning to a virtual registered office will allow you to receive notices digitally and facilitate centralised storage of essential communications. You can store all of your important ASIC communications online in one place.

9. Other perks and advantages of a virtual office

Other key benefits of having a virtual office address include:

  • If you’re a startup business and don’t have a physical and traditional office space just yet but need an address to register your business with ASIC, a virtual office is perfect
  • A virtual office address gives you anchor if you’re remote working or have remote workers and need an online virtual office space
  • You will have a centralised mailing address where all your mail can go. This will ensure nothing will get lost

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FAQs around virtual office address 

What is a registered office address?

A registered office address is where your company will be registered with ASIC.

Requirements for a registered office address:

  1. Must be in Australia and cannot be a PO Box
  2. Must be able to receive communications and notices from ASIC
  3. Written consent from the occupier is needed if you do not occupy the address yourself

This means that a virtual address will be suitable for your registered office address with ASIC.

Do virtual offices have meeting rooms?

Virtual offices do not have physical locations such as meeting rooms, coworking spaces or conference rooms. The virtual work environment is intended to assist with all your administrative and compliance requirements.

What is a principal place of business?

A principal place of business is the address where your company conducts the majority of its business (i.e. a warehouse, office or home). Requirements for a principal place of business address:

  1. Must be where your company mainly conducts its business
  2. It cannot be a PO Box

Due to the need for a principal business address to be where a company mainly conducts business, a virtual address is unlikely to be appropriate.

Why do I need a virtual office address?

As your new business grows, you can maintain the same virtual office without having to continuously update your details with banks, ASIC, providers, and suppliers

A virtual office address is also ideal for someone who owns their own office address but does not want to miss any important correspondence.

How can Lawpath help? 

The Lawpath Virtual Office is an exclusive offering made only to Lawpath members. 

This service will provide your business with a prestigious office address in Surry Hills, NSW and give you peace of mind knowing you won’t miss any important correspondence for your business.

How does the Lawpath Virtual Office work? 

Here is a clear guide on how the Lawpath virtual office works:

  • Once you’ve added the virtual office to your account, a Lawpath consultant will send you information on how to update your address. 
  • After your address has been updated, all future business documentation will be sent and received at the virtual address. 
  • Your documents will be uploaded to your Lawpath Mailbox, where you will receive an email notification each time a piece of mail is uploaded. 
  • All documents for your virtual office are securely stored and accessible anytime.

Lawpath’s virtual office in comparison to other providers

As you can see, Lawpath’s virtual office option is far more affordable compared to other service providers. However, the price isn’t the only benefit. For just $25 per month, you’ll also get access to: 

  • Prestigious office location in Surry Hills, NSW
  • Lawpath manages all of your mail
  • All important mail is uploaded to your Lawpath account for easy access
  • Immediate email notification whenever you receive a new piece of mail
  • Increased privacy on the ASIC register
  • Digitally sign all mail with Lawpath’s eSignature

Where is the Lawpath virtual office located?

The virtual office address is provided to you upon registration. It is an office address located in central Sydney.

Even if your main business activity is performed out of your house, which is in another state, you can still use the virtual office.

What does the virtual office include? 

Lawpath’s virtual office includes many fantastic benefits. These include:

  • Our service includes exclusive use of our address for your business or company
  • With the virtual office, your plan includes up to seven uploaded documents per month – 99% of subscribers do not exceed this limit
  • If we do receive more than seven documents in a month, we will get in touch and see if you’d like us to upload or forward the mail for an additional cost.

Conclusion

With the world of business rapidly changing, the benefits of having a virtual office are evident. Virtual office benefits include:

  • Protecting your business without being tied down
  • Protecting your business’s privacy with an address dedicated to managing your important communications
  • Get email notifications whenever you receive mail and log into your Lawpath account to view

To top it off, Virtual Office with Lawpath is only $25 per month, which is substantially more affordable than other providers. Create your virtual office today with Lawpath, and let us handle your business needs.

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