IN THIS GUIDE · A proposed business uses leased equipment rather than owned assets
Start with the E-2 eligibility and application overview
Identify what the capital actually buys
Leasing shifts spending from purchase prices to deposits, guarantees, monthly obligations, installation, and working capital. List each outlay for the proposed United States enterprise and show which amounts are already irrevocably committed rather than merely available. Security deposits, prepaid rent, fit-out work, inventory, insurance, and staff wages can all form part of a genuine investment. There is no universal fixed minimum amount, so the record must show real commitment and real exposure to loss.
Measure substantiality against this business's cost
Substantial capital is judged in proportion to the total cost of establishing this particular enterprise, not against a benchmark borrowed from another industry. Compare the actual leased configuration with its required launch costs; do not assume the equipment’s full purchase value is invested. Explain how the leased configuration was chosen and what it takes to reach full operating capacity. If financing is involved, describe the collateral, including whether the investor is personally liable and whether enterprise assets secure the borrowing.
Prelaunch readiness without demanding first sales
A machine does not have to be running in production before the case is prepared. Signed leases, delivery schedules, permits in progress, a lease of premises, hiring plans, and supplier arrangements can demonstrate that the enterprise is real and close to operating. Present the plan for reaching capacity beyond minimal living for the investor and family, whether through projected earnings or a described economic contribution, and keep every projection tied to stated assumptions.
Have the lease terms reviewed as legal documents
Cancellation clauses, refundable deposits, escrow arrangements, and conditions that let either side walk away all affect whether capital is genuinely at risk. These need fact-specific review by counsel rather than a blanket rule that refundable money never counts. Note who signs, whether a personal guarantee exists, and whether any obligation conflicts with another agreement. Also confirm the investor will genuinely develop and direct the business, since ownership alone does not describe a role. Capital must be finally committed, with money at risk of loss in the enterprise; funds held for return do not answer that question. Hypothetical example: a printmaker signs a workshop lease but may cancel without cost until a lender approves a personal loan. The review uses the lease, cancellation provision, loan papers, and bank trail to decide which funds are committed and which remain contingent. A business that stays at a minimal living level does not meet the non-marginality condition.
Explain enterprise nationality and nonmarginality precisely
The applicant needs qualifying treaty nationality, and the enterprise generally must be at least 50% owned by nationals of the relevant treaty country. A business whose trucks are financed and whose lease cannot be assigned is worth less than the price suggests, and the E-2 analysis looks at what the buyer will own and control after closing, not at what the seller's brochure describes.
Sources reviewed 2026-09-07. This guide covers a preparation focus; it is not an individual eligibility assessment.