Michael Dee
09/01/2005
I’ve lived in New York, London, Hong Kong, Singapore and now Houston, and I can tell you from experience that the drive into Singapore from Changi Airport is a rare pleasure. The roadways are lined with colorful flowers and shady trees that grow together over the streets—very tropical, lush and clean. Best of all, that lovely drive defines what it is like to live in Singapore.
When I moved my family there in 2000 for a four-year stay, we adjusted easily. Singapore is a family-friendly place that is practically designed for overseas executives. We had a beautiful home with a pool—some called it a single-family resort—right next to the Bukit Timah Nature Reserve. Once a large monkey came and sat on the wall near the pool and watched us swim. We always felt close to nature.
Singapore is a unique place of outstanding civic order. The politicians are phenomenal administrators who take the long view, even when it is unpopular. They are extremely skilled at alig
| When you deal with the government, they do what they say they will do and, as a businessperson, that’s what you want. |
The prosperity that Singapore has achieved in a very short time compared to anywhere else in Asia is truly extraordinary. Hong Kong has a higher profile because it has always been marketed better, but Singapore is safe, clean and practical—everything works. That doesn’t make for an exciting marketing campaign, but it makes for a great place to live. (Note also that the tax rate is 20 to 22 percent, with no capital gains tax and no tax on interest income.)
I found Singaporeans very deliberate in their approach to business.
They think things through very carefully because they understand poor decisions
have far-reaching consequences given the volatile nature of Asian economies.
They want consistency in policy. Most importantly, the business environment is
one of integrity. People are extremely honest. When you deal with the
government, they do what they say they will do and, as a businessperson, that’s
what you want.
While Singapore still has a manufacturing base, it has
suffered the same loss of jobs to India and China that we have. They respond by
working even harder to move up the value-added chain. Education of the workforce
is one of the highest priorities. Eighth grade children consistently rank
highest in the world in math and science. English is the official language,
which is a tremendous advantage for Western companies relocating there.
I
was surprised at how open Singaporean society is. You need not be a citizen to
become involved because they want the best ideas regardless of where they come
from. I served on the board of the Asian Civilization Museum (an absolute must
to visit) and the government’s Economic Development Board. I was also a member
of a separate government entity called the Economic Review Committee, which
looked at taxes, wages, land use and the pension system. As a foreigner I was
very comfortable being outspoken at these meetings. We had very robust
discussions. And that is true of Singapore as a whole. There is excellent public
debate that is civil, productive and very oriented toward the commercial life of
the country.
The weather is one of Singapore’s very few negatives. It is hot
and humid all year because of its proximity to the equator. But I adjusted and
was able to do long runs and play golf (despite the monkeys running all over the
course). At home we could eat on the patio every night of the year. The
country’s location also makes it a great hub for visiting the rest of Southeast
Asia.
Michael Dee served as Morgan Stanley’s Singapore- based regional CEO for Southeast Asia. Today he is a managing director for the firm in Houston.