Virtual Office

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DEFINITION of 'Virtual Office'

A business location that exists only in cyberspace. A virtual office setup allows business owners and employees to work from any location by using technology such as laptop computers, cell phones and internet access. A virtual office can provide significant savings and flexibility compared to renting a traditional office space. Meetings can be conducted via teleconferencing and video conferencing, and documents can be transmitted electronically. Some companies even provide virtual office services to give virtual offices the prestige associated with physical offices, such as an important-sounding address, a professional phone-answering service and even occasional rental of office space and conference rooms.

BREAKING DOWN 'Virtual Office'

If the business has employees, each employee can work from the location that is most convenient for him or her, and the business is not restricted to hiring employees that live locally. The virtual office arrangement thus expands job options for employees and hiring options for businesses.

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