This paper argues that transnational entrepreneurs are characterized in terms of their differing perceptions of the host society in comparison to conventional immigrant entrepreneurs. We focus on three aspects of individuals’ perception of informal institutions, that is, (1) individuals’ perception of discrimination based on first-person and third-person experience, (2) individuals’ perception of social differences, and (3) subjective wellbeing. We find that among other immigrant entrepreneurs, transnational entrepreneurs are more likely to perceive social differences within the host society, to have been discriminated against, and experience dissatisfaction regarding opportunities and income.