When you said an office is needed, do you mean we have to incorporate first and rent an office, or just a virtual office (same as the license holder’s office) while there is likely no staff (of us) to work there?

A license office requirement means that applicants must maintain a real physical office in the country where the license is registered. Virtual offices are not accepted in most jurisdictions, as regulators require a tangible operational presence to ensure compliance, oversight, and proper business activity.