Bored with the same old routine stateside: wake up, get ready for work, drive/endure a soul-crushing commute, work hard to make someone else rich and make ends meet for you*, endure the same soul-crushing commute home, spend too little precious time with your loved ones, pass out from exhaustion, wake up to repeat the same cycle all over again in a few hours?
*Obviously, since you’re a Stacker, you’re in an elite minority who does more with our money than just make ends meet – we, Stackers, do more with our money than the average John or Jane Doe. It’s a fact. Look it up.
If you’re stuck somewhere between “living your best life” and “just barely making it,” you, too, may suffer from a condition commonly referred to as “living the dream” *when muttering this phrase, it is obligatory that you either roll your eyes or show some sign of sarcasm…or go straight deadpan with no expression at all.*
Suggested Treatment for “Living the Dream Syndrome” (LTDS – trademark pending…not really)
If you find yourself in this situation, if you are on autopilot 97-99% of the time throughout your workweek, if you are confident in your professional abilities but just need to refind that vigor for living…have you ever considered doubling down on the dreams of traveling/living overseas and starting a business? While it’s certainly a stretch of the comfort zone for most of us hardworking Stackers, at least learning about what opportunities are out there can be empowering, even life changing.
As an expat entrepreneur myself (¡Viva México!), I understand many of the challenges involved in studying the local economy, identifying a niche, creating a business plan specific to that country/economy, and successfully executing is no easy task. Not to mention adjusting in your personal life, establishing social circles, and learning about local government regulations and how to legally register a company. Shining a spotlight on that last point – finding an entrepreneur-friendly government and ease of registering a company – that I came across Singapore as an option worth considering for my fellow entrepreneurs with itchy feet.
Overview of Singapore
The nation of Singapore is a relatively small island country off the coast of the tip of the Malay Peninsula in Southeast Asia, with landmass approximately 3.5 times the size of Washington, DC. It has one of the highest GDP per capita in Asia, coming in at $107,680 in 2020.
Besides being a wealthy and economic powerhouse, Singapore is considered one of the best places to live in terms of high quality of life, safety, and access to world class healthcare.
A Small Business Friendly Environment
As far as finding a location that’s hospitable to small business start-ups and entrepreneurs, Singapore is worth looking into if you’re dreaming of jet setting and setting up your own business in a far off land. Let’s explore some of the advantages and disadvantages that await.
In addition to being among the world leaders in quality of life, education, technology, wealth, and access to first world comforts and benefits, Singapore’s government is regarded as one of the least corrupt in the world – meaning that your future business and its profits won’t be subject to shakedowns by local authorities.
While the national language of Singapore is Malay (according to the Constitution of Singapore), English is widely spoken – with 48.3% of the population aged 5 and older speaking it at home, according to the most recent census data. Chinese and its variations are spoken by 51% of households – with Mandarin being the most frequently used Chinese variation coming in at 40.2%.
Suffice it to say that committing to starting a business in Singapore will be a life-altering experience. You’ll be meet new people, grow a ton, overcome challenges, learn more about yourself as well as the local culture/language/customs/etc., and you’ll gain the experience of a lifetime!
Action drives results
If this is a move that you are seriously considering, tap your inner researcher. The information is available at your fingertips. But it’s all about you. Only you can decide if the digital nomad lifestyle is your cup of tea.
You can’t sit on the sidelines forever.
Be certain you have researched market demand, profit margins, everything as you would when starting a business anywhere. When you are ready, go ahead and get started to register a company in Singapore. Start learning Chinese, Malay, Tamil, other languages. Educate yourself about US government requirements and resources (or whatever your local government may be). Connect to any local groups. Get your finances in order.
Learn. Grow. Stack Benjamins.