Do you want a thriving work environment while enjoying the advantages of permanent office space without the high cost? Renting a coworking space is the way to go. They offer businesses a space with desks, conference rooms, and basic office supplies.
Not just that, but coworking spaces keep your workday interesting and fresh with all the networking opportunities and amenities they provide. You don’t have to stick to a cubicle or corner office all day. In today’s world, it’s not just about being productive at work. It’s also about disconnecting and enjoying your life outside of the office. That’s why coworking spaces are becoming increasingly popular in India, especially in Bangalore.
If you are considering renting a coworking space for your business, you’re in the right place. Wondering how to make the process of renting a coworking space seamless? You must keep your business requirements, number of employees, and non-negotiable amenities in mind. But wait, there’s more. When renting a space, there are some documents that you must present to the owner, proving your and your business’s identity.
Here are the documents you need to rent a coworking space in Bangalore.
What Are the Documents Required to Rent a Coworking Space in Bangalore?
The process of renting a space can be exciting but also incredibly terrifying. You may have great plans for your business, but not knowing where to start could hinder them. While you have decided to rent a coworking office space in Bangalore, you should know that these steps are involved.
You need proper space specifications based on your business’s size, employee count, financial stability, and other resources. Once you know what your coworking space should look like and the amenities it should have, it’s time to assemble all the mandatory documents.
Following are some of the documents you might need for a coworking space.
1. Identification Documents
Proper identification documents are vital for renting a coworking space in India, as these documents help establish your identity.
The government of India recognises various identification documents as follows:
- PAN card
- Aadhar card
- Voter ID card.
You must ensure that these identification documents are valid and up-to-date. Further, you must ensure the identification name is correct. The government-issued documents will make your renting process smooth and easy.
2. Address Proof Documents
There are various documents needed to own a rental coworking space. One of the most important documents that you need is an address proof. This document acts as proof of your original address and is necessary to rent the coworking space.
You can establish that you’ve been living at a particular address by providing utility bills such as electricity, telephone, and water. Rent agreements indicate that you’re renting space in your building.
3. Business Documents
While renting a coworking space, you must have a few documents in your hand. As a coworking space tenant, you must establish your company’s existence with a certificate of incorporation (for a company) and GST certification. These certificates will help everyone understand that it’s an official business. It also shows that you will conduct genuine business deals at the coworking space.
4. Bank Documents
Your financial credibility and ability to rent a coworking space are essential for the coworking space owner to trust your business. You can show your financial standing as a tenant through bank documents. A number of documents must be provided, including audited balance sheets, bank statements for the past six months, income tax returns for the past three years, and profit and loss statements for the past three years.
5. Guarantor Documents
When renting a coworking space, you must submit several documents to the owner. Guarantor documents are required if you, as a tenant, need a guarantor to secure the rent. The first is proof of identity and address proofs of the guarantor(s). Next, you would need the income tax returns of the guarantor(s) for the last three years and six months’ worth of bank statements.
These documents are necessary to ensure that each guarantor has the means to cover the cost of your rent should you delay it, which would require them to pay back whatever amount you could not pay plus interest.
These are documents that you are required to provide when renting a coworking space, but with myHQ, you can easily rent a coworking space without submitting many documents, such as guarantor documents and other formalities. All you need to do is submit the basic documents, and you can begin your business operations hassle-free.
FAQs on What Documents Are Required To Own a Coworking Space in Bangalore?
The following is a list of some frequently asked questions.
How does coworking work?
Coworking spaces help small businesses and freelancers work and network together. As a result, it facilitates the involvement of local businesses.
Are coworking spaces worth paying for?
Yes. The kind of work environment, stability, structure, and employee relationships it brings in are incredible. Also, when your employees work in a coworking space, it can help increase their productivity.
Why should one rent coworking spaces?
Rental coworking spaces offer you usage flexibility in a work environment. You can end the agreement at any time and leave if you are unsatisfied. On the other hand, if you are happy with your business’s functioning in the coworking space, you may extend the contract.
Do coworking spaces have a future in India?
While coworking spaces only made up 14% of office leasing in 2019, according to Savills projections, by 2023, coworking spaces will make up 20% of all office leases in India.
Bangalore, the tech hub of India, is home to a thriving co-working space culture. This city has some of the best coworking spaces in India, offering an affordable and flexible environment for entrepreneurs and freelancers to work in.
Shared office spaces in Bangalore provide a collaborative environment with opportunities for networking and collaboration. These spaces help boost productivity and creativity by providing a place for professionals to collaborate and share ideas.
Owning a rental co-working space in Bangalore requires careful planning and compliance with legal requirements. Renting a coworking space can be a rewarding experience with the proper preparation and approach. It provides various benefits and opportunities.
Take the first step towards exploring coworking spaces in Bangalore and, find the one that suits your business needs and preferences.