How to Pursue Singapore Business Incorporation Without Giving Up Your Day Job

For some people, owning a business may really be a dream come true. This applies especially to people who have always worked under fixed work hours for an employer. However, one problem may be standing in your way – you are required to be at work for those fixed work hours. Knowing this, how can you secure a successful Singapore business incorporation?

First Strategy: Take Leave of Absence from Your Job for One Week

We all know that business incorporation will require some time to process. If you want to retain your day job yet still get the incorporation done, you may simply ask your boss for a week-long leave of absence. If you have a lot of leave credits left unused, you might even claim them all, which means you could even go on vacation for more than a week.

This is a sensitive topic for some employers though. Your employer may inquire why you are going on leave and may prevent you from using your leave credits. You may simply say that you just want to go on vacation for a while. There is no need to divulge to your employer that you are setting up your own business. Of course, there are some employers who find it acceptable for their employees to set up their own company. You have to use your intuition to figure out this part.

Follow-Up Strategy: Take Turns Processing Company Incorporation With Your Business Partner

You may find that your boss really requires you to be at work on some days due to work duties. If so, check with your prospective business partner if he/she can handle the company incorporation on some days. Make sure that you have signed all the right documents before your business partner goes to the right government offices. Keep your smartphone near you, just in case your business partner has to call or text about some urgent aspect of the incorporation. By switching places with your business partner on some days, you may realize successful Singapore business incorporation.

Last Strategy: Resign From Your Job Already

There are some employers who really frown on employees aspiring to set up their own company, for one reason or another. If the employer seems to be really strict about this, you might have to resign from that job to ensure a successful entrepreneur career.

Don’t let go of your job if you have no money to survive on yet though. You should make sure you have set in place basic financial “safety nets” first, so that you’re not left destitute. Check if you have at least six months’ worth of monthly pay saved up, which is called your emergency fund. This means you will be able to survive for six months should you decide to leave your job (or get fired).

Other Options (For Those Who Leave or Lose Their Jobs)

Some people who opt to leave one job may want to take on another job that is less demanding on them for the interim. For example, you may want to try assuming a secretary service while the new company is being launched. This would give you more free time that you can devote to your new company. You could look for a home-based job such as freelance writing or ghostwriting that will pay the bills. You could also work on weekends at your new company until it can fully support you.