Yes, ownership of the premises is not an E-2 requirement. What matters is a real, active operating enterprise that the investor develops and directs, with substantial capital at risk and more than marginal capacity. A leased location can support that, provided the lease secures continued use of the space.
Separate the business you bought from the space you rent
Two relationships now exist with the same person: seller and landlord. Keep them documented separately so the enterprise's value is not confused with rent obligations. Confirm nationality requirements as well — the investor's citizenship, and at least fifty percent treaty-country ownership of the enterprise, are assessed on citizenship rather than Canadian residence.
If several owners hold shares, list each one's nationality before assuming the ownership test is satisfied. Date the two relationships as well as separating them. A lease signed on the day of closing and a lease signed six months earlier tell different stories about what the buyer acquired and when.
Check the lease term and any renewal option against the period the investor expects to operate, since premises secured for a single year support a weaker picture of a continuing enterprise than premises secured for five. Where the ownership test depends on several shareholders, confirm that their nationalities are documented as at the date of the investment rather than at some earlier point, because a change in the register between planning and filing can move the enterprise across the fifty percent line.