Use an evidence comparison to identify what can be documented now, what depends on a seller or supplier, and which assumptions need review before a commitment.
Compare records you can obtain, not labels
E-2 concerns a real commercial enterprise that the principal investor will develop and direct. For each startup or acquisition you are considering, make an evidence-availability table. A startup may need to assemble supplier information and opening assumptions; a purchase may depend on a seller releasing reliable historical records. Mark each item as received, independently checked, requested or unavailable. Put the responsible person and expected delivery date beside it. This comparison helps organize the immigration discussion without declaring either route commercially preferable. A business being offered for sale does not establish that its records support your proposed application.
Department of State: treaty investor enterprise requirementsExplain what the total business cost represents
The FAM distinguishes the purchase price of an established business from the cost of establishing a new one when assessing substantiality. Build a cost sheet that explains the scope of the transaction or launch, the date of each estimate and the underlying document. For a purchase, flag items excluded from the seller’s headline price. For a startup, identify opening dependencies whose costs remain uncertain. Keep alternative scenarios separate so an estimate is not mistaken for money already spent. The sheet is a way to expose unanswered questions; it does not determine a qualifying investment amount.
Department of State: 9 FAM 402.9-6(D), substantial investmentMap commitments before transferring funds
The FAM requires real commitment and recognizes that a qualifying visa-contingent purchase may use escrow. For your own planning, list each proposed transfer beside its agreement, release conditions, refund provisions and recipient. Trace the proposed funding back to its origin and identify the records needed to explain each step. Ask transaction counsel and immigration counsel to review how the agreements interact before signing or paying. An escrow label alone does not answer those questions. Keep a dated decision log so later readers can distinguish funds under discussion, funds committed under reviewed terms and transactions actually completed.
Department of State: 9 FAM 402.9-6(B), investment and commitmentTest the forecast against the evidence available
E-2 includes a more-than-marginal enterprise requirement; the FAM generally places projected future capacity within five years of normal business activity beginning. For an acquisition, separate historical results from your assumptions about performance after the transfer. For a startup, show the source and date behind the assumptions that drive revenue and expenses. Identify the two assumptions that most affect the forecast and write down what evidence would make you revise them. Ask the preparer to explain inconsistencies. A readable model with visible uncertainties is more useful for discussion than unexplained growth figures copied between documents.
Department of State: 9 FAM 402.9-6(E), marginalityIdentify who can make decisions after the transaction
Treaty nationality and the principal investor’s ability to develop and direct the enterprise need assessment in either scenario. Draw the proposed ownership structure as it will exist after closing or formation, and collect the agreements describing decision rights. Ask who can approve budgets, appoint managers and change the business direction. Where another owner, lender or seller retains rights, identify the relevant clause for review instead of assuming a percentage tells the whole story. Keep this immigration evidence exercise alongside separate commercial and financial diligence. It cannot tell you whether a business is a good investment.
Department of State: E-2 nationality and investor directionTurn reading into preparation.
Mark the topics you have prepared to discuss. This is a planning aid, not an eligibility assessment. Nothing entered here is sent or saved.
General planning information. Individual immigration and licensing questions need assessment by appropriately qualified professionals.