CEO's POV: Compliance Is My No. 1 Headache

Hello everyone. Today, let’s discuss a topic that keeps me busy: compliance. Frankly, it is my number one headache as a CEO.

I have a specific goal for Globevisa. I hope that one day, peers across our industry will acknowledge Globevisa as the leading compliance-driven consulting firm. I know how critical compliance is in the immigration business. I also know that achieving this standard is far from easy.

Over the past few years, we have invested heavily in this area. We brought on board a highly experienced Chief Compliance Officer, and our headquarters compliance department now includes six full-time lawyers, working alongside our various in-house counsel located in different countries. Yet, the process remains highly challenging.

The Core Challenge: Navigating Diverse Jurisdictions

The primary reason compliance is so difficult for Globevisa is the sheer number of jurisdictions we cover. The regulatory requirements are vastly different from one country to the next.

Here is a brief look at what we navigate on a daily basis:

● Mainland China: Recently, the administration announced new compliance regulations. While the rules are serious, they were issued as abstract concepts without specific execution details. This means operators are often left to interpret and figure out the practical application themselves. Since we have a significant operation there, we simply have to find a way to make it work.

● Hong Kong: Our operations here must adhere to a framework largely influenced by the UK common law system, requiring its own distinct approach.

● Europe (GDPR): The General Data Protection Regulation is a highly demanding framework. It is particularly critical now that we are expanding our corporate immigration business. I may not personally enjoy the administrative burden it creates, but we are absolutely committed to implementing it thoroughly.

● North America: In Canada, providing consulting services requires our professionals to hold RCIC (Regulated Canadian Immigration Consultant) memberships. The United States is an even larger regulatory hurdle. Due to our involvement in EB-5 programs, we must navigate strict financial regulations, which sometimes touch upon broker-dealer licensing requirements. To manage this, we currently employ four in-house American attorneys.

The Strictest Jurisdiction: Chinese Taiwan

While the US regulatory environment is a major challenge, it is only my second biggest headache. I doubt many people know which jurisdiction ranks number one for strict compliance: it is Chinese Taiwan.

The regulatory environment there is exceptionally stringent. For example, if our company or one of our consultants wants to publish a post on Facebook, the content must be pre-submitted to the local administration for review. It can take a month to receive a simple "yes" or "no." Every word on our website and every phrase on our social media platforms must go through this pre-approval process.

Furthermore, this applies to our business portfolio. Globevisa currently operates 195 programs globally. In Taiwan, every single program requires explicit administrative approval before we can discuss it. Take the US EB-5 program as an example: we might promote ten different EB-5 projects in a given year. For each individual project, we must submit extensive documentation to the administration. Only after they review the files and determine the project is secure and compliant are we allowed to promote it.

It is a demanding daily reality, but it is the standard we must meet.

Turning a Headache Into a Long-Term Strength

When you look at these examples, it becomes clear why compliance is my primary headache. Every jurisdiction operates on a completely different frequency.

However, compliance in our industry is a necessity. It is a core value of our business, and no matter how difficult it is, we have to execute it to the highest standard.

Looking ahead to our 2045 Vision, we aim to operate 400 offices covering approximately 180 countries. That means we will eventually need to manage 180 different national compliance frameworks.

While this sounds overwhelming, I view it as our future competitive advantage. Most firms in this industry will not invest the required time, energy, and financial resources to build this kind of infrastructure. I am determined that Globevisa will. It is a difficult path, but it is one we are fully committed to walking.

Thank you for reading.