Ownership nationality, develop-and-direct authority and the commitment of capital can all be affected. A discrepancy in price, termination or operating rights may also change the substantiality or business-readiness analysis. Identify the actual legal effect of each difference before deciding whether the application’s existing description remains accurate.
Sort wording gaps from substantive conflicts
Some differences are translation quality; others change the deal. A phrase rendered loosely but with the same legal effect can be corrected in the certified translation. A clause giving one party a unilateral right to unwind the purchase, present in a single version, is a business fact that must be settled with the counterparty. Ask counsel which category each item falls into, and record the reasoning, because the answer shapes the whole investment narrative.
Ownership can meet the test at fifty percent, but only if the investor genuinely develops and directs the enterprise. 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. At each renewal the business must still meet the requirements: treaty ownership, the investor's direction, real operations and non-marginality. Treaty nationality must be established for both the applicant and the enterprise’s qualifying ownership; Canadian permanent residence alone does not prove Canadian nationality.