intents and purposes, refers to entities based outside of Canada and to individuals who are not Canadian citizens or qualified permanent residents. A business undertaking is considered to be 'Canadian' if it is Canadian-controlled, which generally mean: if one Canadian, or two or more Canadian members of a voting group, owns a majority of the voting interests of an entity, the entity is Canadian-controlled. if one non-Canadian, or two or more non-Canadian members of a voting group, owns a majority of the voting interests of an entity, the entity is not Canadian-controlled. In regards to public companies, which are not controlled through the ownership of voting shares, the corporation is considered to be Canadian-controlled if at least two-thirds of the board of directors is Canadian. Large foreign direct investments in Canada are governed under the federal Investment Canada Act (ICA). This act is primarily administered by Innovation, Science and Economic Development Canada, though defined "cultural businesses" are administered by the Department of Canadian Heritage. Foreign corporations often incorporate branches or special-purpose subsidiaries within Canada in order to facilitate business and control their investments. Business profits earned in Canada by such a branch will be subject to regular federal and provincial corporate Income Taxes. An additional Federal Branch Tax is also applied on profits not reinvested in Canada. A tax treaty may provide for a reduced rate or exemption threshold for the Federal Branch Tax. Various federal and provincial statutes place additional restrictions on foreign ownership in specific industries. Federal acts include: Bank Act — provides that no person may own and control more than 10% of the shares of a Schedule I bank. Broadcasting Act — bans broadcasting licenses from being issued to non-Canadians or to companies that are effectively owned or controlled, directly or indirectly, by non-Canadians. Telecommunications Act — restricts foreign ownership and control to 20% of the voting shares of a telecommunications common carrier. Insurance Companies Act — provides that no person may own and control more than 10% of the shares of a Canadian-owned life insurance company. (Manitoba legislation also places restrictions on foreign investment in the insurance industry.) The New Brunswick Business Corporations Act, the Nova Scotia Companies Act, the Quebec Business Corporations Act, and the British Columbia Business Corporations Act make no stipulations that resident Canadians be directors. New Brunswick provides that Extra Provincial Corporations need only have an "attorney for service" resident in