Lack of an audit alone does not establish that the business is ineligible. Reliability and supporting evidence still need review against the applicable case instructions. Figures must support real activity, cost, and economic capacity; nationality, committed capital, and the directing role remain essential too.
Corroborate the three numbers that carry the case
Focus verification on revenue, the true cost of acquiring the enterprise, and the ongoing expense base, because those three drive both substantiality and non-marginality. If reported revenue cannot be matched to deposits or filings, the projections built on it are weak. Non-marginality can rest on present or future capacity beyond a minimal living, or on significant economic contribution, so document the reasoning you actually intend to rely on.
If Canadian nationals hold fifty percent or more, the business has treaty nationality, and each Canadian owner who will develop and direct it can be considered as an investor. A well-known seller or large consolidated balance sheet does not replace the evidence for the buyer’s enterprise. The enterprise is the management business itself, with its contracts, staff and systems; ownership of real estate is not required. Qualifying treaty-country nationality, not permanent residence, and development and direction through 50 percent ownership or operational control remain separate.