The digital era has brought with it a wealth of innovations that can transform the way you do business.
From online technology that supports long-distance communication and collaboration to advanced hardware that streamlines practices and workflow — the 21st-century has presented the commercial world with a treasure trove of powerful tools ripe for the plundering.
One such innovation that has seen an increasing rise in popularity in recent years is the virtual business address. In this blog, we explore what these addresses are, how to get a virtual business address, and why you’d even want one.
What Is a Virtual Business Address?
A virtual business address isn’t actually a digital space —it’s a genuine location registered to your business. You can even use it when you register your company name with Companies House, providing you commit to renting it for at least one year. You can also use it for other business activities, such as a postal address or as your address when listing your business on online directories.
A virtual address behaves in a very similar way to a PO box. It’s not an office or a place you can go and work, but a location you rent and use for official business process.
Often, your virtual address will be part of a larger property owned by an organisation that rents you a small part of it. This allows you to have a defined and legal address without having to acquire full-scale office space.
How Do You Get a Virtual Office Address?
The process of acquiring a virtual office address is simple. All you have to do is find a provider of virtual office space, such as Mint Formations. You can then arrange a rental plan with them for your virtual office address, pay the associated fees and that’s it — you’ve gained access to your new address.
The process is simple because — unlike the acquisition of actual property — you are essentially just buying an address line rather than a building space. This means there are very few legal elements to deal with. Renting virtual office space is also low cost and low risk, which naturally lends itself to a much easier process.
In terms of business asset acquisition, the complexity of the process is similar to buying a new phone line than it is buying property.
How Much Does a Virtual Office Address Cost?
Physical office space is expensive.
If you’re looking into major cities, you could be paying up to £1500 a month for somewhere in London. Even places like Manchester, Bristol and Leeds could set you back £400 per month.
A virtual office, by contrast, is incredibly cheap.
Prices from Mint Formations for a London virtual office start at £15 per month, with costs decreasing to as little as £7.50 per month when you lease virtual space for a year.