- Alessandro Palombo has lived in Dubai and opened two businesses in Singapore.
- He said people in Dubai often flaunt their wealth, while Singapore has billionaires on the roll.
- The lifestyle in Dubai can be transient. Meanwhile, Singapore can feel small, he said.
This spoken essay is based on a transcribed conversation with Alessandro Palombo, 36, a Lisbon-based entrepreneur, about doing business in Dubai and Singapore. The following has been edited for length and clarity.
I lived in Dubai for about four years, and I have two businesses in Singapore.
I started my career in the legal field but focused on startups. I live in Lisbon now and focus on running a fund advisor for a golden visa fund that helps non-Europeans gain residency and citizenship in Portugal.
I moved to Dubai in 2019. I used the city as my headquarters and often traveled from there for work and my startups. I had team members in Asia so there was good connectivity from Dubai with them. I also visited Singapore frequently for business trips.
I opened two businesses, including a fund advisor, last year in Singapore. I travel frequently to manage both companies and plan to spend at least a quarter of my time there moving forward.
Here is a comparison of what I think of Dubai and Singapore. Overall, I think both are great places to do business. Dubai is more convenient for doing business with Europe or the US, and Singapore is a great place if you are doing business in Asia.
Luxury shows are more understated in Singapore than in Dubai
People in Dubai often flaunt their wealth, while in Singapore, there were billionaires with flip flops – that’s more of an understatement.
In Dubai, you can get lost among the hundreds of luxury shops at the Dubai Mall. It shows you the best of every luxury brand in one place.
While luxury is included in a Dubai holiday, it is not central to your experience when living there. When you visit for a week, you’re usually whisked away to high-end attractions and restaurants, but living in Dubai reveals its more sustainable side. You can dine in authentic Lebanese restaurants for 25 euros per head, the same in US dollars.
Meanwhile, in Singapore, I have personally met richer and more powerful people than in Dubai. This may be due to coincidences around my network, but I have a feeling that I attract more people who have already made it compared to people who are trying to make it. I have met several rich people who were dressed in ordinary clothes but had considerable wealth, including luxury cars.
In Dubai, business meetings often take place in posh offices, but in Singapore, I’ve seen more personal touches, like a CEO’s private room with an incredible collection of cigars and premium spirits — items that reflect wealth but aren’t immediately apparent. .
Consider where your customers are based when deciding which city is best for your business
I think both places are great for digital nomads and entrepreneurs.
In Dubai, the killer value proposition is 0% personal income tax. It is one of the very rare countries in the world where your income, capital gains and dividends are not taxed. It is a huge advantage for people who have wealth to save and for digital nomads. However, there is a value added tax of 5%.
If you are doing business with Europe or USA, Dubai would be more convenient because of the time zone.
Meanwhile, Singapore offers unparalleled ease of doing business in Asia without the language barriers present in countries like China, where Mandarin is essential. However, if you have customers in Europe, the time difference can make things difficult.
In Singapore, personal income tax is reasonable and there are tax exemptions meant for startups. Plus, there is no capital gains tax or foreign source income tax. Singapore is such an efficient city. Compared to Dubai, opening a bank account is faster. The tax guidelines are clear and they enable you to do business with ease.
That said, there are challenges surrounding entrepreneurship in both countries. In Dubai, routes to securing a visa can include setting up a company or obtaining an independent licence. While it’s possible, it’s more complex than it seems, and it’s often helpful to get help from trusted local partners. In Singapore, incorporation is straightforward, but obtaining the required employment permit involves additional steps.
There are some downsides to life in both cities
In Dubai, I think the lifestyle can be quite transient. There is a large expat population, and since many people see their time there as temporary, this can limit deep connections.
I would avoid the hottest summer months in Dubai. If you open your door in July, it’s like a big hair dryer blowing hot air. Meanwhile, Singapore is hot and humid all year round. In both places, expect to spend a lot of time in air-conditioned buildings.
Both cities can be expensive, but I think Singapore is more expensive, especially the cost of cars and real estate.
Singapore is also a very small city. In Lisbon, I can drive to many beautiful places with my car, such as beaches and walking spaces, but in Singapore, you don’t need to drive for long before you leave Singapore and enter Malaysia. In the medium and long term, you may feel the smallness of space. I haven’t lived in Singapore, but when I visit, I often end up on the same four or five streets.
Overall, Singapore and Dubai are great examples of international hubs, and I really like both cities.
Want to share an overview of the cities you’ve lived in for work and business purposes? Email ccheong@businessinsider.com.