Eduardo Stivelman's background in Rio de Janeiro was in banking. Naturally, when he decided to settle in Ontario after a careful study of North American markets, his plan was to develop businesses in the financial sector. He immigrated in 1992 and he's never looked back. He now has five business locations in Toronto and is planning to expand to other areas of the province.

"My whole background is banking," Mr. Stivelman explains. "My father started a small merchant bank in Brazil about 35 years ago." His own work in the bank, of which he is still a shareholder, emphasized the international aspect of his business.

"I had a very good impression of the country and the city."

"And that is what made me take a look into Canada, more specifically Toronto, since it is one of North America's most important financial centres," Mr. Stivelman says. "I had a very good impression of the country and the city. I visited new York, Montreal, and the West Coast, but Toronto attracted me more, partly because it is Canada's most important financial centre."

He decided to move from Rio de Janeiro to Toronto, but didn't choose the type of financial service he would offer until he had researched the market and determined what area would provide the proper business opportunity.

"I didn't know specifically in terms of deals, but I did have a business plan," Mr. Stivelman remembers. "That business plan was very clear in terms of what I was looking for and what I had in mind."

After researching the banking system in Canada, I knew it was impossible to set up a bank or a formal financial institution. I only had the idea of starting what we call "a cheque-cashing business" after landing, and after having my business plan translated into realistic, concrete terms."

He adds that cheque cashing is only one of a wide variety of services offered. They include money orders for bill payments and wiring money from clients to relatives in other parts of the world. It is a service used often by members of the province's large community of immigrants. His storefront offices have sent money to 200 different places in the world. Mr. Stivelman reports he has between 15,000 and 20,000 customers. On average, each customer uses the service five times a year.

"I had a plan to open three stores, and have a 5 to 10 per cent share of the market and a level of profitability that would live up to my expectations, and those goals have been achieved," he says.

He also advises entrepreneurs to use the service provided by Ontario's Ministry of International Trade and Investment. "Based on my experience in Brazil, I didn't expect a lot of useful information coming from a government office," says Mr. Stivelman. "When I made my first approaches to the Ministry, I was surprised, not only by the type of advice that I received, but also by the level and quantity of the materials available."