It can, but only if the pieces work together as a real operating commercial enterprise rather than a holding of property. Show premises, licensing, suppliers, staffing and a route to customers, plus capital that is substantial relative to cost, genuinely committed and at risk. Passive assets awaiting a future decision generally do not qualify.
Draw the line between property and operations
List each transferred item beside the operational function it serves, then mark the functions nothing covers. A hypothetical buyer of a small U.S. bakery's ovens still needs the lease, the health permit, a staffed schedule and supply arrangements before opening. Prelaunch readiness can support a filing when the commitments are genuine and documented; first sales are not universally required, but a reviewer still needs to see an enterprise capable of operating.
Review treaty citizenship, enterprise ownership, active development and direction, lawful funding and substantiality relative to the actual business. Treaty nationals must own at least half of the enterprise, and the applicant must develop and direct it, ordinarily through majority ownership or operational control. With the U.S. friend holding 30 percent, the enterprise remains 70 percent Canadian-owned, which satisfies the rule, but the friend’s stake must not rise to half.