Use the nationality relevant to the applicant’s E-2 case, not a combined total of owners from different treaty countries. Check whether the post-transaction enterprise retains the required nationality and whether the applicant still develops and directs it. Voting changes, capital commitments and the business’s non-marginality also need review against the facts already filed.
Test the structure against the version already filed
Put the filed ownership picture beside the proposed one and mark every line that moves: percentages, voting rights, board seats, and any option or convertible instrument that could shift control later. A minority passive investor and a new controlling shareholder raise different questions. Bring both versions to counsel rather than assuming a small percentage is automatically immaterial or that any change ends eligibility.
Confirm that treaty nationals hold at least fifty percent of the U.S. enterprise and that the applicant will genuinely develop and direct it — Canadian citizenship, not Canadian residence, supplies the treaty nationality. The investor’s funds or assets must be irrevocably committed and at risk, and the amount must be substantial relative to the cost of the business. A minority holding by the only treaty national in the deal defeats the application regardless of the amount invested.