How to Write an E-2 Business Plan That Gets Approved

What Is an E-2 Visa Business Plan?

An E-2 visa business plan is a document submitted to U.S. consular officers that demonstrates your investment meets treaty investor requirements. Unlike a standard business plan written to attract investors or secure bank financing, an E-2 business plan must address specific immigration criteria outlined in the Foreign Affairs Manual (9 FAM 402.9).

The E-2 visa is available to nationals of countries that maintain a treaty of commerce and navigation with the United States. Major treaty countries include the United Kingdom, Canada, Germany, France, Japan, Australia, and approximately 80 others. Citizens of non-treaty countries (including India and China) are not eligible for the E-2 visa regardless of investment amount.

Your business plan serves as the primary evidence that your enterprise is legitimate, adequately funded, and positioned to benefit the U.S. economy. It must demonstrate four key elements:

• Substantial investment: Capital that is significant relative to the total cost of establishing the business
• Non-marginality: Capacity to generate income beyond merely supporting you and your family
• Job creation: Present or future employment of U.S. workers
• Operational control: Your active role in directing and developing the enterprise

Every section of your business plan should provide evidence supporting these four points. Irrelevant content wastes the officer's time and weakens your case.

What Consular Officers Look For

Consular officers reviewing E-2 applications evaluate business plans against specific criteria from the Foreign Affairs Manual (9 FAM 402.9). They're not looking for a typical business plan—they need evidence that your enterprise meets E-2 legal requirements.

Officers assess four primary factors:

• Substantiality: Is the investment large enough relative to the business type? A $50,000 investment might be substantial for a consulting firm but insufficient for a restaurant.
• Non-marginality: Will the business generate income beyond just supporting your family? Officers look for evidence of meaningful economic contribution.
• Job creation: Will American workers be employed? Specific hiring plans with positions, salaries, and timelines carry more weight than vague promises.
• Operational control: Will you actively direct the business, not passively invest? Your role must be managerial or executive, not merely advisory.

Officers typically spend 10-15 minutes reviewing a business plan before the interview. Clear organization, professional presentation, and direct evidence for each requirement significantly improve your chances of approval.

Understanding the Marginality Test

The marginality test is one of the most frequently misunderstood E-2 requirements. A "marginal" enterprise is one that does not have the present or future capacity to generate more than enough income to provide a minimal living for the treaty investor and family. In other words, your business must demonstrate economic impact beyond simply paying your salary.

Officers evaluate marginality through two primary lenses:

For new businesses without existing employees, your five-year projections become critical. Show a realistic growth trajectory that results in multiple U.S. jobs by Year 3-5. For existing business acquisitions, current employee counts and payroll records provide immediate marginality evidence.

Essential Business Plan Sections

Proving Your Source of Funds

Consular officers must verify that your investment capital was obtained through legitimate means. This requires documenting both the origin of the funds and the transfer path to your U.S. business. Incomplete source-of-funds documentation is one of the most common reasons for E-2 denials.

What you need to prove:

• Lawful acquisition: The funds were earned, inherited, or obtained through legal transactions
• Personal control: You have irrevocable control over the investment capital
• Direct transfer: Clear documentation showing movement from source to U.S. business account

Create a clear "money trail" document that traces every dollar from its original source through any intermediate accounts to the U.S. business account. Gaps in this trail raise red flags and can result in Requests for Evidence (RFE) or denials.

Financial Projections That Work

Your five-year financial projections must be realistic and defensible. Officers recognize inflated numbers immediately. Conservative projections with solid supporting assumptions outperform optimistic forecasts every time.

Required financial documents:

• Pro forma income statement (5 years)
• Cash flow projections (monthly for Year 1, quarterly thereafter)
• Balance sheet projections
• Break-even analysis
• Assumptions page explaining each projection

Link every revenue assumption to your market analysis. If you project $500,000 in Year 1 revenue, show the calculation: number of customers × average transaction × purchase frequency. Officers check this math.

For existing business acquisitions, include historical financials (tax returns, P&L statements) alongside projections. This provides a baseline that makes your forecasts more credible.

Common Mistakes to Avoid

Length and Formatting

Effective E-2 business plans typically run 25-40 pages excluding exhibits. Shorter plans often lack necessary detail; longer ones usually contain filler that dilutes key points.

Formatting guidelines:

• Professional binding with clear section dividers
• Table of contents with page numbers
• Exhibits organized and referenced in the main text
• Financial tables that are readable (not crammed onto single pages)
• Consistent fonts, headers, and formatting throughout

Consular officers review dozens of applications weekly. Clear organization and professional presentation demonstrate that you take the application seriously—and make the officer's job easier.

Frequently Asked Questions