Immigration and citizenship funded seminar - Prof. Peivand Pirouzi - Entrepreneurship and registration of a business corporation in Ontario, Canada Speaker: Prof. Peivand Pirouzi, Ph.D., MBA, CCPE, Cert. Psychiatry Lead Education and Career Mentor for Immigrants and Refugees http://www.linkedin.com/in/pirouzi #peivandpirouzi #training #canada #international #funding #immigrants #refugees #canada #immigration #education

1. ENTREPRENEURSHIP AND SELF
EMPLOYMENT
REGISTRATION OF A BUSINESS
CORPORATION IN ONTARIO, CANADA
Speaker:
Prof. Peivand Pirouzi, Ph.D., MBA, CCPE, Cert. Psychiatry
Lead Education and Career Mentor for Immigrants and
refugees
http://www.linkedin.com/in/pirouzi
Prof. Peivand Pirouzi, 2019

2. Entrepreneurship
The process of designing, launching and running a
new business, which typically begins as a small
business, such as a startup company, offering a product,
process or service for sale or hire
Creativity:
Something new and somehow valuable is
formed. The created item may be intangible
such as an idea, a scientific theory, ….
The World of the Entrepreneur

3. The World of the Entrepreneur
 Every month U.S. entrepreneurs launch
514,000 new businesses (One reason the
U.S. economy has been so successful over
time ).
 Entrepreneurial spirit - the most significant
economic development in recent history.
 GEM* study: 12.7% (one in eight people) of
adult population in the United States is
actively involved in tryi

4. Entrepreneurial Activity Across the Globe

5. Entrepreneurial Activity
Across the Globe
 Factor-driven economy:
Countries compete primarily on the use of
unskilled labor and natural resources and
companies compete on the basis of price as
they buy and sell basic products or
commodities.
Examples: Egypt, Algeria, Palestine, Pakistan

6. Entrepreneurial Activity
Across the Globe
 Efficiency-driven economy:
Growth is based on the development of more
efficient production processes and increased
product quality.
Examples: Croatia, Brazil, China, Russia, Tunisia

7. Entrepreneurial Activity
Across the Globe
 Innovation-driven economy:
Companies compete by producing and delivering
new and different products and services by
using the most sophisticated processes.
Examples: USA, United Kingdom, Japan,
Republic of Korea.

8. Entrepreneurship-Friendly
Nations

9. The World of the Entrepreneur
 Global Entrepreneurship Monitor (GEM) study:
 Men are twice as likely to start a business as women.
 Entrepreneurs are most likely to launch businesses
when they are between the ages of 35 and 44.
 Most people see entrepreneurial activity as a good
career choice.

10. Immigrant business-owners are
essential to main street
http://pulse.ncpolicywatch.org/2015/01/15/immigrant-business-owners-are-
essential-to-main-street/

11. What Is an Entrepreneur?
 Entrepreneur:
 One who creates a new business in the face of risk
and uncertainty for the purpose of achieving profit
and growth by identifying opportunities and
assembling the necessary resources to capitalize on
them.

12. Characteristics of Entrepreneurs
 Desire for
responsibility
 Preference for
moderate levels of
risk: risk e lim inato rs
 Self-reliance
 Confidence in their
ability to succeed
 Determination
 Desire for immediate
feedback
 High level of energy
 Future orientation
 Opportunity
entrepreneurs
 Necessity
entrepreneurs
 Serial entrepreneurs
 Skilled at organizing
 Value achievement
over money

13. Most Important Qualities
of an Entrepreneur

14. Benefits of Entrepreneurship
 The opportunity to:
 Create your own destiny
 Make a difference.
 Reach your full potential.
 Reap impressive profits.
 Contribute to society and to be recognized
for your efforts.
 Do what you enjoy and to have fun at it.

15. Drawbacks of Entrepreneurship
 Uncertainty of income
The entrepreneur is the last one to be paid,
as employees must be paid first
 Risk of losing your entire investment
 Long hours and hard work
 Lower quality of life until the business gets
established
 High levels of stress

16. Sources of Stress for Entrepreneurs

17. The Cultural Diversity
of Entrepreneurship
 Young entrepreneurs
 Women entrepreneurs

18. Characteristics of Women-
Owned Businesses

19. The Cultural Diversity
of Entrepreneurship
 Young entrepreneurs
 Women entrepreneurs
 Minority-owned enterprises

20. Growth of New Entrepreneurs by
Minority Group

21. The Cultural Diversity of
Entrepreneurship
 Young entrepreneurs
 Women entrepreneurs
 Minority-owned enterprises
 Immigrant entrepreneurs
 Part-time entrepreneurs

22. The Cultural Diversity of
Entrepreneurship
Home-based businesses
Family businesses
Copreneurs
entrepreneurial couples who work together as
co-owners of their businesses.
Corporate castoffs
Corporate dropouts
Retiring baby boomers

23. The Cultural Diversity of
Entrepreneurship
 Corporate castoffs:
Those individuals who are unemployed and are
highly educated and skilled, and had corporate
executive jobs.
 Corporate dropouts:
Executives who leave the corporate to pursue
their own dreams and aspirations by starting
their own businesses.

24. Entrepreneurial Activity by Age Group

25. Starting a business as a landed
immigrant to Canada
 If you’re new to Canada and want to start a
business, you’re not alone.
 In 2010, 5.3% of immigrants owned a private
company after living in Canada for nine years,
according to Statistics Canada.
 In comparison, 4.8% of people born in Canada
owned a business in 2010.
https://www.bdc.ca/ Bank of business development Canada

26. Corporation
 A corporation is “a legal entity which has a
separate legal personality from its members.”
The main legal rights and obligations of the
corporation are:
1. The ability to sue and be sued;
2. The ability to hold assets in its own name;
3. The ability to hire agents;
4. The ability to sign contracts;
5. The ability to make by-laws, which govern its
internal affairs.
26

27. Characteristics
1. Legal personality,
2. Transferable shares (shareholders can be
changed without affecting its status as a legal
entity),
3. Perpetual succession capacity (its possible
continued existence despite shareholders' death
or withdrawal),
4. Limited liability: (for instance)
 Shareholders' amnesty from criminal actions
of the corporation.
 Shareholders' limited responsibility for
corporate debt.
27

28. Steps to incorporating
 Step 1: Deciding how you want to name your
corporation
 If you want a numbered name (this is still
considered a corporate name) for your
company, proceed to The process for
obtaining a numbered name for your company
is part of the process of completing the articles
of incorporation.
 If you want to choose a corporate name, you
first need to conduct a Nuans name search.

29. Steps to incorporating
 Step 2: Completing articles of incorporation
 http://www.forms.ssb.gov.on.ca/mbs/ssb/forms
/ssbforms.nsf/GetFileAttach/007-
07116~1/$File/07116E.pdf

30. 07116E – Prof. Peivand Pirouzi

31. 07116E – Prof. Peivand Pirouzi

32. 07116E – Prof. Peivand Pirouzi

33. 07116E – Prof. Peivand Pirouzi

34. 07116E – Prof. Peivand Pirouzi

35. Steps to incorporating
 Step 3: Processing your application and
paying the fee
$300 (plus an additional Private-Sector Service Provider fee) to file online:
Cyberbahn, a division of Thomson Reuters Canada Limited
OnCorp Direct Inc.
ESC Corporate Services Ltd.
$360 to file by mail (processing time is 15 business days) to:
Ministry of Government and Consumer Services
Central Production and Verification Services Branch
393 University Avenue, Suite 200
Toronto, ON M5G 2M2
$360 to file in person at specified offices across the province (Service Ontario)

36. Business number
 The Business Number (BN) is part of a unique
federal government numbering system that
identifies your business and the accounts you
maintain with the Canada Revenue Agency
(CRA). Generally, CRA uses a BN for the
following business accounts:
 Goods and Services Tax (GST) or Harmonized Sales
Tax (HST), depending on your province
 payroll deductions
 corporate income tax
 import and export duties and taxes

37. Permits and other requirements
Ontario Business Permit and License
Information
https://services.bizpal-perle.ca/?b=35