CEO‘s POV: The Mistake That Cost Me $8 Million | How It Changed Globevisa Forever

Hello everyone. Today, I would like to briefly introduce the development history of Globevisa and share a real business case that fundamentally changed the trajectory of our company.

In 2002, my partner, Melvin, and I founded Globevisa from the ground up in Beijing. For the first 12 years, our growth story was relatively conventional: we developed the business, signed contracts, learned management practices, expanded to new cities, generated profit, and continued expanding. Today, we operate over 20 offices in mainland China and established an early leadership position in the market.

However, this smooth progress came to a halt in 2014. On one particular day that year, I made a significant oversight that directly cost the company $8 million.

The 2014 Turning Point: An $8 Million Cash Refund

On that day, the Canadian government announced the permanent closure of its investor immigration program and ceased processing all pending applications.

My mistake lay in the contract terms I had set. I had promised our clients a full refund if they failed to obtain a visa, regardless of the circumstances. It was an expensive business lesson. This single clause cost us $8 million in cash flow.

Prior to this, I believed I was doing well and that the company was successful—we held a third of the global market share for the Canadian investor immigration program. After that incident, I realized that business errors are inevitable. It was not my first mistake, and it will not be my last. I drew substantial experience from these missteps, and the 2014 lesson directly prompted three practical strategic shifts for Globevisa and myself.

Three Strategic Decisions That Transformed Globevisa

Shift 1: Establishing Product Diversification as a Core Principle

Before 2014, our focus was highly concentrated on the Canadian investor immigration program, which was our primary area of expertise. Following the crisis, we integrated "diversification" into Globevisa's core operating principles—we decided never again to rely entirely on a single program.

From that year onward, we began promoting programs from other countries. Today, we operate approximately 180 different programs, including the US EB-5, Golden Visas in Greece and Portugal, South Korean investment programs, the Singapore Employment Pass (EP), Malaysia My Second Home (MM2H), and the Malta Permanent Residence Programme. Based on our current business outcomes, this risk-diversification strategy proved correct, and we now achieve leading global processing volumes in many of these programs.

Shift 2: Headquarter Relocation and Global Expansion

The second change we made that year was relocating our group headquarters to Singapore.

Previously, I thought leading the Chinese market was sufficient, given it is one of the largest global markets. I was somewhat complacent at the time. The setback prompted me to reflect: mainland China is just one of many markets globally. Could Globevisa aim for global leadership?

At the time, my English proficiency was very limited, making communication difficult. However, this did not prevent us from setting a global target. We moved our headquarters to Singapore, began learning the operational logic of other international markets, and gradually expanded our presence to Malaysia, South Korea, Cambodia, Vietnam, Bangladesh, India, Pakistan, the broader Middle East, as well as the US, Canada, the UK, and Portugal. Today, we have established over 50 offices worldwide.

Shift 3: Stepping Out of the Management Comfort Zone

The third change occurred on a personal level: I relocated my family from Beijing to Hong Kong.

As a business manager, embracing the global market means you cannot remain in your comfort zone. Moving to Hong Kong proved to be a highly sound decision. This year marks my 21st wedding anniversary, and our two children are thriving—my son is currently studying at University College London (UCL), and my daughter recently received an admission offer from Stanford University, which makes me a very proud father.

In Hong Kong, I also developed new interests, such as marathons and trail running. I have completed several 100-kilometer trail races. If the opportunity arises, I might dedicate a future post specifically to share stories from my hikes in Hong Kong.

Since the year we moved, I set a strict personal rule: my time spent in mainland China cannot exceed one month per year. I compelled myself to travel, learn English, and engage with new experiences. It was a decision that changed my life trajectory.

Conclusion: From a Typical Chinese Enterprise to a Global Platform

Here is how I summarize Globevisa's development history:

● 2002 to 2014: Our inception and early development phase. We spent 12 years establishing our position in the Chinese market.

● 2014 to Present: Our globalization phase. We expanded to other countries and achieved measurable results through program diversification.

On a personal note, I used to be a typical Chinese entrepreneur; today, I prefer to view myself as a practitioner with a global perspective.

In future posts, I plan to transparently share specific details regarding Globevisa's strategy, mission, vision, as well as our operations and organizational structure.

That concludes my sharing for today. Thank you all.

Disclaimer: Any reference to "Hong Kong" herein strictly denotes the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR).