--- title: Why These Singaporeans Chose to Build Their China Dream — And Why They're Still Coming Home description: Two Singaporean entrepreneurs who spent over a decade building businesses in China open up about success, setbacks, and why they still plan to return home. Here's what they learned. image: https://asiasociety.org/sites/default/files/styles/1200w/public/2024-12/GettyImages-664338806.jpg --- [Skip to content](https://www.thefinancialcoconut.com/blog/singaporeans-china-dreams#main-content) [![Full\_COlour](https://www.thefinancialcoconut.com/hs-fs/hubfs/Full_COlour.png?width=456&height=80&name=Full_COlour.png)](https://www.thefinancialcoconut.com/) - [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/) - [Events](https://www.thefinancialcoconut.com/events) Show submenu for Events - [For Investors](https://tfcmysterymeetup.com/) - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/) - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series) - [TFC Events](https://www.thefinancialcoconut.com/events) - [Shows](https://www.thefinancialcoconut.com/tfc-shows) Show submenu for Shows - [Wise and Shine](https://www.thefinancialcoconut.com/wise-and-shine) - [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show) - [Chills with TFC](https://www.thefinancialcoconut.com/chills-with-tfc) - [Blog](https://www.thefinancialcoconut.com/blog) Show submenu for Blog - [Work Smart](https://www.thefinancialcoconut.com/worksmart) - [Invest](https://www.thefinancialcoconut.com/invest) - [Retire Well](https://www.thefinancialcoconut.com/retire-well) - [Business](https://www.thefinancialcoconut.com/business) Open main navigation Close main navigation - [Retirement Marketspace](https://retirementmarketspace.thefinancialcoconut.com/) - [Events](https://www.thefinancialcoconut.com/events) Show submenu for Events - [For Investors](https://tfcmysterymeetup.com/) - [For Business Owners & Creators](https://ipcreatorunite.peatix.com/) - [For Salaried Workers](https://www.thefinancialcoconut.com/thought-leadership-series) - [TFC Events](https://www.thefinancialcoconut.com/events) - [Shows](https://www.thefinancialcoconut.com/tfc-shows) Show submenu for Shows - [Wise and Shine](https://www.thefinancialcoconut.com/wise-and-shine) - [The Business Show](https://www.thefinancialcoconut.com/tfc-business-show) - [Chills with TFC](https://www.thefinancialcoconut.com/chills-with-tfc) - [Blog](https://www.thefinancialcoconut.com/blog) Show submenu for Blog - [Work Smart](https://www.thefinancialcoconut.com/worksmart) - [Invest](https://www.thefinancialcoconut.com/invest) - [Retire Well](https://www.thefinancialcoconut.com/retire-well) - [Business](https://www.thefinancialcoconut.com/business) - [Contact us](https://www.thefinancialcoconut.com/contact-us) [Contact us](https://www.thefinancialcoconut.com/contact-us) Jun 5, 2025, 9:22:26 PM # Why These Singaporeans Chose to Build Their China Dream — And Why They're Still Coming Home ![Picture of The Financial Coconut](https://www.thefinancialcoconut.com/hs-fs/hubfs/Square%20(2)-3.png?width=50&name=Square%20(2)-3.png) [The Financial Coconut](https://www.thefinancialcoconut.com/blog/author/the-financial-coconut) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://www.thefinancialcoconut.com/blog/singaporeans-china-dreams) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://www.thefinancialcoconut.com/blog/singaporeans-china-dreams) [envelope icon](mailto:?body=https://www.thefinancialcoconut.com/blog/singaporeans-china-dreams) [Share this page](https://twitter.com/intent/tweet?url=https://www.thefinancialcoconut.com/blog/singaporeans-china-dreams) [![Follow The Financial Coconut](https://no-cache.hubspot.com/cta/default/46975693/interactive-182431637553.png)](https://cta-service-cms2.hubspot.com/web-interactives/public/v1/track/redirect?encryptedPayload=AVxigLL2CjCe42iR2RH2MpVX0Ej%2BKJQ%2F3A0Z7pXnUs35To%2Bo6nbKcpBVq9I98X5NUungVEwfs5YCKuM%2FaP97VxIITkTlihT57%2F%2F4XDW9rT3VR4MatSLDi%2BMU5mbQqihfX3LRRz83ij8K19OiD8UXy8sdct4t0Q%3D%3D&webInteractiveContentId=182431637553&portalId=46975693)   What compels a Singaporean to leave the comfort of home, set up a business in China, and stay for over 20 years—only to still plan on retiring in Singapore? That’s the question at the heart of an unfiltered conversation between podcast host Reggie and two seasoned entrepreneurs—[Roy Lim and Keith](https://www.thefinancialcoconut.com/blog/chillswithtfc-219)—on [*Chills with TFC*](https://www.thefinancialcoconut.com/blog/chillswithtfc-219). With candid reflections on cost, culture, education, bureaucracy, and long-term plans, this episode dives into what it really means to chase the “China Dream.” ![Xi's “China Dream” Proves a Hard Sell | Asia Society](https://asiasociety.org/sites/default/files/styles/1200w/public/2024-12/GettyImages-664338806.jpg) ## The China Dream, Singaporean Edition “I’m a serious entrepreneur, but more on the social side,” said Roy Lim, who has spent over 13 years in China building a digital platform to connect master tailors globally. Roy’s journey began with curiosity—and a $120 suit. “My secretary told me her boyfriend makes very cheap suits in China... I bought ten suits in different colours. That got me interested.” Then there’s Keith, who inherited the family business in sofa manufacturing. He’s been based in Kunshan, near Shanghai, since 2002. “I was the unfortunate one because I graduated in 2001… then 9/11 happened,” he shared. With limited opportunities in Singapore post-crisis, China became a pragmatic pivot. Their stories are a snapshot of two paths: one grounded in family legacy, the other in personal vision. But both converged in China. [![](https://www.thefinancialcoconut.com/hs-fs/hubfs/image-png-Jun-05-2025-01-09-12-2918-PM.png?width=801&height=407&name=image-png-Jun-05-2025-01-09-12-2918-PM.png)](https://www.youtube.com/watch?v=SAYM_4TGFKs) ## Why China? Here’s what kept them there: ### 1. **Market Scale** “The 1.4 billion population will definitely be attractive to any entrepreneur,” Roy emphasised. Keith agreed, adding, “Nobody produces better, faster, more efficiently, and with more variety than the Chinese.” ### 2. **Talent Pool** Roy, who actively hires local Chinese, highlighted: “I’ve met top talents in China… exceptionally brilliant, self-taught, and progressive. That attitude attracts me more than what I can find in Singapore.” [![Why China will become the world's AI powerhouse - Investment Monitor](https://www.investmentmonitor.ai/wp-content/uploads/sites/7/2021/11/china-ai-rise.jpg)](https://www.investmentmonitor.ai/artificial-intelligence-monitor/weekly-data-how-china-became-an-ai-powerhouse/) ### 3. **Speed & Innovation** Despite challenges, both entrepreneurs praised China’s fast-paced innovation ecosystem. “China is very capable of leapfrogging,” Keith said. “Whatever the Europeans come out with, the Chinese will copy all the way down to the core—and fast.” ## Life on the Ground: Not as Glamorous as You Think While opportunities are plentiful, both men were brutally honest about the cost of doing business in China—especially as foreigners. ### 1. **Setting Up Shop Is No Walk in the Park** Keith noted that starting as an SME is far more complicated than it sounds. “You have to have a company with a registered minimum capital of 3 million US dollars \[to get a visa as a business owner\]… even with 200 employees, we didn’t qualify.” ![Cultural impact in Shanghai, China - Impact on Urban Health](https://urbanhealth.org.uk/wp-content/uploads/2021/04/christie-kim-wiemnsMaHos-unsplash-1980x1323.jpg) ### 2. **Taxes Are Complex and Heavy** Roy pulled no punches: “Personal income tax is 45%. Your global income will be taxed in China once you get the PRC. It’s similar to the US.” The local taxes also vary by region and can change frequently. “There’s a variation, and it changes every month,” said Keith. “Unfortunately, over there, it’s not like Singapore where every company must follow the same standard.” ![Chinese Workplace Culture – According to Your Chinese Colleagues](https://c3consulting.dk/typo3temp/assets/_processed_/5/b/csm_C3_Blog_Chinese_cultural_self-understanding_C3_WEB_L_a940b6606e.jpg) ### 3. **Labour Laws Favour [Employees](https://www.thefinancialcoconut.com/blog/mini-retirement)** “Every single year you have to pay an additional month of salary,” Keith said. “So if someone worked for 10 years, you owe them 10 months of pay if you terminate.” And unlike Singapore, the moment you give a local employee a 3-year contract, they’re essentially permanent. ## Housing, Cost of Living & Quality of Life Although Roy spent 13 years in Shanghai and two in Guangxi, he doesn’t see China as his forever home. “Even in Shanghai, it’s not particularly cheap… I do not want my kids to go through the Chinese education system. I’d rather they go through the Singapore bilingual education system.” Keith, who moved to China with his NJC sweetheart (now his wife), added, “Most Singaporeans send their kids to international schools—which are very, very expensive.” Despite building a full family life there, his children are Singaporean citizens and will return to serve NS. [![Fringe benefits: Song house, Shanghai, China, by AZL Architects - The Architectural Review](https://cdn.ca.emap.com/wp-content/uploads/sites/12/2019/07/dsc4736hr.jpg)](https://www.architectural-review.com/awards/ar-house/fringe-benefits-song-house-shanghai-china-by-azl-architects) ## So… Why Stay? As Roy puts it, “I enjoy China. I enjoy the different perspectives. I’ve witnessed the entire growth of China over the last 25 years.” For Keith, the business case is still strong. “Every year, there’s a reason for me to continue staying. I travel to Guangzhou monthly to see new parts, mechanisms, and techniques. If you want to stay on top, you have to keep up.” Even with trade wars—Keith lost 40% of his business overnight due to US tariffs—they adjusted. “You get angry, but then you collect yourself… and accept the challenge.” ## What Future Entrepreneurs Need to Know Roy offered this advice for the next generation of Singaporean entrepreneurs eyeing China: > “You must develop domain knowledge, learn how the Chinese operate, and be better than them. And be willing to work doubly hard.” Keith echoed the same: “I answer calls at 12am, never take leave, and hold meetings late at night. If you want to compete in China, you need to be razor sharp. You sharpen your knife there.” ![TODAY: Latest Articles, Analysis and Profile | South China Morning Post](https://cdn.i-scmp.com/sites/default/files/d8/images/canvas/2024/06/10/ad303db4-c7ee-4d93-a22c-408d3a7d4fb2_1f93fcf7.jpg) ## China May Build You, But Home Calls You Back After two decades in China, neither Roy nor Keith plan to retire there. “I think Singapore will be the place,” Roy concluded. “Our GOV does take care of our welfare as an aged person. That’s why I plan—maybe not now, but 20 years later—to move back.” From chasing low-cost suits to managing 200-person factories, the China Dream gave these Singaporeans a once-in-a-lifetime ride. But like many overseas Singaporeans, the idea of “home” is still deeply rooted in the red passport and the [HDB](https://www.thefinancialcoconut.com/blog/smarter-housing-decisions) flat waiting back in Singapore. Let us know what you think about this topic, and what do you want to hear next. You can now be our community contributor and make a [pitch](https://thefinancialcoconut.com/contact/)to have your favourite personality be on our show. Join our [community group](https://linkin.bio/thefinancialcoconut/?fbclid=PAZXh0bgNhZW0CMTEAAaY2-JSYItZawSUnNP4YhAicLp0H2wXwx8EBmQgbzOJrjA6YRiPWXtFDSH4_aem_t1DMRY5jrSAapreaSX9ntw) and drop us your insights on this topic.   ### Stay ahead in your financial journey! 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