Can a company buy apartment and use it as a office

RugbyBoy

Registered User
Messages
146
Hi All,

We are a 2 man company and we were wondering if it possible for our company to buy an apartment and use it as our office

Thanks
RB
 
1) There is nothing in the tax rules or the companies legislation to stop your company buying an apartment
2) I would imagine that the rules of the Apartment Block and maybe the planning rules would not allow it.
3) It's crazy for a company to be buying property. Buy it in your own names and let it to the company if the company is using it.This is discussed at length in a Key Post.
 
yes subject to planning restrictions ie change of use from residential to office.

Probably not the most efficient way to do this. Most people buy the apartment and rent it to the company.
 
Head lease in our development forbids it, and the OMC would enforce that covenant if they knew what was happening. Area is zoned residential also. I think it also has implications for block policy of building if use changes from residential.

If it's just the pair of you tapping away on your laptops you'd probably get away with it, but if you start having client meetings etc there it would probably be noticed quickly.
 
Yeah no advisable, you will be double taxed if you ever sell
 
You'd probably find an equivalent size office in an industrial estate or above a shop a lot cheaper to buy / rent.

On the apartment there'd be no issue once its not a "public" office, so it could not be used for meetings etc. However if you also used it for overnight sleeping then BIK could be an issue.

Another option is office share - find a place that is underused and see if they would allow you share office space.
 
The management company of the development where i live uses one of the apartments as an office, and holds meetings there