Richard, originally from the UK, has called Singapore home for over 25 years. After leaving his corporate job, he ventured into entrepreneurship, launching several businesses. A decade ago, he received an offer of citizenship from the Singaporean government, which he accepted, relinquishing his UK passport. In this article, Richard shares his experiences, hesitations, and perspectives on life in Singapore.
Encounters with Lee Kuan Yew
Richard recounts meeting Lee Kuan Yew in 2005, describing him as a "frighteningly sharp intellect" and a "terrifying human being" in a respectful way. He highlights Lee Kuan Yew's incredible memory and his laser-like focus. He recalls that Lee Kuan Yew knew who you were and where you're from without having to tell him.
Singapore's Rapid Transformation
Richard witnessed significant changes in Singapore, particularly with the legalization of gambling and the subsequent development of Marina Bay Sands and Resorts World Sentosa. He observed the mega-construction projects from his Microsoft office, which overlooked the bay, and the transformation of Sentosa into an area of high-end residences. He found these changes fascinating.
The Citizenship Offer and Hesitation
Around 2006, Richard received a letter from the Singaporean government inviting him to consider citizenship. He humorously notes that such letters are now given for good driving. Despite the honor, he hesitated due to personal life changes, including a divorce and career considerations.
Weighing the Decision
The offer remained open for three years. In 2009, after reassessing his life circumstances, he accepted citizenship. The following year, he purchased and redeveloped a house. He considered it a hugely positive decision, especially with his two sons who would need to fulfill their national service obligations.
National Service Experience
Richard acknowledges the varied experiences his sons had during national service. One son faced challenges due to an injury, while the other excelled and received an award. He believes national service provided them with maturity and valuable life experiences.
Reasons for Citizenship Offer
Richard believes the government offered him citizenship due to his employment at a multinational corporation, his potential sons for national service, and his tax contributions. He jokingly dismisses the idea that his looks played a role. He also acknowledges that the assessment criteria for PR and citizenship have changed, and age is a significant factor.
Renouncing UK Citizenship
The process of renouncing his UK citizenship involved applying to the British High Commission. He had to pay a fee to receive a letter acknowledging his decision to take Singaporean citizenship.
The Potential for UK Global Taxation
Richard expresses his strong belief that the UK government will eventually implement global taxation for its citizens living abroad, a move he anticipates will be controversial but potentially lucrative for the UK.
Sirius: A Glimpse into the EV Market
The transcript includes a promotional segment for Sirius, a Chinese EV brand. The Sirius ATO M9 has seen significant sales and employs advanced manufacturing techniques. The brand has expanded globally, including a presence in ASEAN with a factory in Indonesia.
Singaporean Identity and Perspective
Richard notes that people are often surprised when they see his Singaporean passport. He sometimes uses it to show his commitment to Singapore. However, he identifies as a guest in Singapore due to his UK origins, emphasizing the importance of kindness, politeness, and avoiding entitlement.
Areas for Improvement in Singapore
Richard believes that the expansion of government involvement and regulation, particularly in response to COVID-19, has been detrimental to businesses. He acknowledges the efficiency and helpfulness of many Singaporean government agencies but notes the increasing regulatory burdens.
Positives of Singapore
He praises Singapore's transport system, healthcare (although he believes people should pay for health), safety, and security. He appreciates the "tax for choice" system, where choices like owning a car or consuming alcohol are taxed, contributing to better public services and infrastructure.
The Entrepreneurial Spirit in Singapore
Richard agrees with the view that Singapore may have a less pronounced entrepreneurial spirit due to the education system's lack of emphasis on lateral thinking and the risk-averse filial structure. He notes that career choices in food and beverage are often discouraged by families.
Venture Capital and Innovation
He suggests that Singapore's "gilded cage" environment may not encourage risk-taking and innovation. He feels that Singapore is often chosen for its organization, beneficial tax environment, and IP protection, rather than for its innovation.
Richard's Business Ventures
Richard has launched six businesses in Singapore, including Rabbit Carrot Gun, a decade-long "MBA on the hoof" in the food and beverage industry. He also launched a SAS platform in live commerce, property development, and a floristry business during COVID-19.
Advice for Switching from Corporate to Entrepreneurship
Richard advises choosing partners wisely and being willing to take risks. He emphasizes patience, knowing when to cut losses, avoiding legal troubles, and complying with government regulations. He compares the entrepreneurial journey to raising a child, with initial excitement followed by challenges, but ultimately rewarding.
Whiskey Cask Investment
Richard shares his experience with investing in whiskey casks through Whiskey Cask Club, highlighting it as a potential alternative investment. He mentions the potential for annual returns and the insurance and security measures in place.
Financial Success and Business Lessons
Richard identifies property as his most financially successful venture, attributed to timing and luck. He also reflects on the hard work and creativity involved in building Rabbit Carrot Gun, highlighting the challenges and rewards of the food and beverage industry.
Restaurant Revenue and Profitability
Rabbit Carrot Gun generated between $2.2 and $2.4 million in yearly revenue, with potential profits ranging from a loss to 20%. He notes the competitive pressures and challenges in the food and beverage market, with convenience-focused businesses often having better margins.
The Value of Vocation
Richard illustrates that the difficulty in finding qualified staff. He told Gordon Ramsey himself that he would not be able to employ him. This is because academics are valued more than a vocation.
The Future of Asia: Malaysia
Richard believes Malaysia has significant potential, particularly if it can address corruption. He highlights Malaysia's passport mobility ranking. He acknowledges his bias towards Malaysia due to his business interests there.
Southeast Asian Development
Richard recognizes the rapid development and increasing investment in Southeast Asian cities like Jakarta, Ho Chi Minh City, Manila, and Bangkok. He notes that these cities offer opportunities in the digital sphere and boast a young, entrepreneurial population.
Reflections on Life and Meaning
Richard acknowledges his flaws and mistakes but believes his positive choices outweigh his regrets. He values his wife and health. He hopes his life contributes positively to the world, leaving things better than he found them. He concludes that the meaning of life is to do your best and contribute more positively than negatively.
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