Virtual Incubation Manitoba
- Types of Ventures
The following are the kinds of products or services you might consider when looking for business ideas: Find a product or service that is not available in the community. Produce a product or service that is available locally but currently must be imported. Supply a product or service that a local company uses regularly. Supply a product or service that is in high or increasing demand. Find a more efficient way to produce or lower the cost of an existing product or service. Invent, produce and market a new product.
There are certain business situations considered not suitable, including: a business controlled by someone other than the Participant(s); a business where the majority of the profits accrue to someone other than the Participant(s); a business where revenue is mainly from commissions, such as sales commissions, or a business which is a subsidiary of, or financially supported by, another company. Also not suitable are Applicants who will primarily be agents or sub-contractors for another business (single source revenue) or a business which exploits sex, religion or politics.
Participation Agreement
If you decide you wish to apply to participate in the VIM program you will be requested to agree to the VIM Participation Agreement. An abridged version of the agreement follows for your review.
I, the undersigned, have read, understood and in the event that I am accepted as a participant in the Virtual Incubation Manitoba program, agree to the following:
| 1 |
I will be required to provide to the Cathedral Group Consultant a monthly report of my hours worked in business related activities and that these activities will require at least 30 hours per week of my time; these monthly reports will be provided by the twenty-first of the month following the activity. |
| 2 |
That I will be required to provide to the Consultant a monthly Income Statement for my business starting with the launch of my business; completed Income Statements will be provided by the twenty-first of the month following the activity. |
| 3 |
I will be required to attend Consulting sessions provided by my counsellor, both in Phase II, Business Plan and Phase III, Business Support. |
| 4 |
That I will be required to meet or communicate with the Consultants as required. I will not hesitate calling my Consultant as I understand they are assigned to assist me. |
| 5 |
That non-compliance with any part of this agreement may result in my termination from the Program and the cessation of VIM provided services. |
| 6 |
It is also understood that should my business not show viability within a reasonable period of time, that this may result in my termination from the Program and the cessation of VIM provided services. |
| 7 |
It is expected that I will cooperate in follow-up reports at intervals after the Program is complete. |
| 8 |
It is understood that all income pursuant to the Income Tax Act for the taxation year is taxable and that a record of earnings will be submitted to Revenue Canada along with any taxes due. In other words, Revenue Canada will be paid any and all income taxes that are owed through the operation of this business. |
| 9 |
If the business is a partnership, the Participant(s) will hold the majority ownership and there will be a legal partnership agreement in place before commencement of business. If the business is a limited company, the Participant(s) will hold the majority of the shares and voting rights. In either and any case, the Participant(s) will receive the majority of the profit. |
| 10 |
It is understood that as a participant I will:
- report any extended periods of vacation or sickness to the Consultant and provide verification of an illnesses lasting more than one week;
- advise the Coordinator and Consultant immediately if the business is discontinued, if the business changes ownership or if the activities of the business change significantly;
- allow representatives of VIM, the VIM Coordinator and/or the VIM Consultant to monitor the agreement;
- allow access to books and records pertaining to the business and reported hours worked each week;
- obtain all required insurance for the business;
- observe all federal, provincial, and municipal laws, regulations and bylaws;
- be legally entitled to work in Canada;
- deduct and remit the required amount of tax in accordance with subsection 9(1) of the Income Tax Act;
- fulfill the Minimum Investment as calculated on the Equity Statement in the Appendix of the Virtual Incubation Manitoba Self Assessment Workbook.
|
| 11 |
I have read and understood this Participation Agreement. |
|
The confidentiality of all submitted reports and documents is strictly enforced.
