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Hypothetical example: Dermot runs a guiding and outfitting business in Nipissing and is buying a small fly-in service in the United States. The purchase price covers aircraft and equipment, the transfer of operating certificates and licences, and a working-capital float. He wants to know how the investment should be allocated across those three and, more usefully, what document proves each part.
Equipment: proof that it is bought, delivered and used
Capital spent on aircraft, vehicles, tools and fixtures is straightforward to evidence and is the strongest part of most files, provided it is genuinely committed. What proves it is not the purchase agreement alone but the chain behind it: the invoice, the payment from the enterprise's account, the bill of sale or registration transfer showing title has moved, and evidence that the asset is in service. An item ordered but not paid for, or paid for but sitting undelivered, has not yet placed money at risk. Where equipment is leased rather than bought, the lease payments made count differently from the headline value of the asset, and that distinction should be made explicit rather than blurred.
Licences and certificates: proof of what was actually transferred
Amounts paid for operating certificates, permits, goodwill or an existing customer base are legitimate parts of an investment, but they are the part most often asserted and least often documented. The evidence has to show what was bought and that it passed to the enterprise: the allocation of the purchase price in the sale agreement, an independent valuation where a substantial sum is attributed to intangibles, and the regulator's record of the transfer or reissue where a certificate is involved. A round figure written into a contract without support behind it weakens the whole allocation, because it invites the conclusion that the price was arranged rather than negotiated.
Working capital: proof that it is committed, not merely available
Working capital is where files most often fail the at-risk requirement. Money in Dermot's personal account earmarked for the business is not committed. Money transferred into the enterprise's account and spent on payroll, insurance, fuel, hangarage and marketing is. The evidence is bank statements for the enterprise, the first payroll runs, supplier accounts opened and invoices settled. Held funds can be treated as committed where they are irrevocably devoted to the business under binding arrangements, and escrow released on approval is the usual mechanism. Across all three categories the same test applies: the investment must be substantial in relation to the cost of this business, and the enterprise real, operating and more than marginal.
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.