Read the general investor planning overview
An E-2 review considers capital that has actually been placed and irrevocably committed to a real operating enterprise, and whether that enterprise meets the non-marginality requirement. Sales the business has not yet made are a forecast. A budget that buys equipment out of next year's revenue may be a sensible commercial plan, but it does not show what committed capital shows. Separate the categories before adding anything up, and do not present projected turnover as though it were equity already at risk.
Build three lists instead of one total
First, funds already transferred, evidenced by dated bank records, receipts, wire confirmations and closing statements. Second, funds irrevocably committed but not yet disbursed, evidenced by the signed agreements, guarantees or escrow terms that create the commitment. Third, projected operating cash, with the assumptions behind each figure written down. Keep them physically separate in the file. Escrow arrangements are reviewed on their actual terms, and an agreement is not sufficient merely because it is labelled escrow or because a deposit is described as refundable. Ask which documents a reviewer would need to see for each line.
Where the categories usually blur
Hypothetical example, included to show the mixing risk and not as a claim about any business in Saint-Lambert: a one-page budget headed "investment" adds the purchase of premises fit-out to twelve months of expected sales, producing a single impressive number. Nothing is dishonest, but the total answers no question cleanly. A useful test is to ask what would remain in the enterprise if no customer paid anything in the first year. Whether earnings the business later generates can bear on the investment analysis is a question to put to counsel with documents, not something to assume in advance.
Keep the forecast, and know what it is for
Do not discard the projections. Supported forecasts matter to whether the enterprise is more than marginal, and their value depends on stated assumptions, comparable figures, quotations, or agreements that make them checkable. Note openly which assumptions are uncertain. There is no fixed universal minimum amount that settles substantiality, which is assessed in relation to the particular enterprise. Bring the capital records, the commitment documents and the forecast to the same meeting, and ask which further evidence each one would need before any funds move or any agreement is signed.
What else is on your mind?
Is there one minimum investment that guarantees E-2 eligibility?Is holding money or owning an asset enough for E-2?Editorial source review: 2026-09-07. General preparation guidance, not an individual assessment.