Investors who plan to spend under $150,000 USD can still build a persuasive E-2 visa case when they prepare strategically and document carefully. This guide explains practical steps and evidence that strengthen an E-2 investor visa application in that investment range.

Quick reminder of the E-2 basics

The E-2 visa is a nonimmigrant classification for nationals of treaty countries who invest a substantial amount in a bona fide enterprise in the United States and who will direct and develop that enterprise. There is no fixed numerical minimum investment in the law. Instead consular officers and adjudicators apply a proportionality test that compares the investment to the nature and cost of the business. For official program details see the U.S. Department of State guidance on E-2 visas and the U.S. Citizenship and Immigration Services page on E-2 nonimmigrant treaty investors.

Understand the meaning of a "substantial" investment

Since there is no single required dollar amount, substantial means the investment must be large enough to ensure the investor has a real stake in successful operation. Adjudicators consider several factors:

• Proportionality to the cost of the business. A lower investment can be substantial if the enterprise is naturally low-cost, such as a small service firm or online consultancy.
• The investor must put funds at risk and show a commitment to the enterprise. Money kept in escrow with conditions that prevent real economic risk generally weakens the case.
• The enterprise must be bona fide and operating or ready to operate. Paper ventures or speculative plans are not sufficient.

Pick business models that work with under $150k

Certain business types are better fits for a sub 150k budget because they require less startup capital but can still show economic substance. Consider models that require active management and show potential to expand revenue and payroll.

• Service companies such as digital marketing agencies, IT consulting, software-as-a-service (SaaS) startups, specialty trade contractors, or professional practices can be capital efficient and create jobs.
• Agencies and franchises by low-cost franchisors. Some franchise systems have total startup costs under $150k. Franchises are attractive because they include an operating system and proven business model. Confirm franchisors are reputable before proceeding.
• Buy an existing small business. Purchasing an established local business can reduce startup risk and provide immediate cash flow, payroll, and documented performance history.
• Asset-light e-commerce with clear plans to scale and hire U.S. staff for operations, customer service, and logistics.

Document the source and path of funds thoroughly

One of the most scrutinized aspects of an E-2 application is the lawful origin of investment funds and how they made their way into the business. Documentation must show the funds are owned by the investor and transferred through traceable channels.

• Collect primary evidence such as sale agreements, bank statements, wire transfer receipts, tax returns, and corporate records. For example, a property sale should be supported by a notarized deed, closing statement, and bank deposit records.
• If funds come from a loan, show the loan agreement, lender identity, loan terms, and proof that the loan was used for the business. Loans that are questionable in substance or funded by the business itself raise concerns.
• Gifts require a gift letter and documentation tying the donor source to the funds. Inheritance claims should be supported by probate documents and bank transfers.
• Maintain a clear chain of custody showing when funds left their original account and when they were applied to business assets or expenses.

Show the investment is at real economic risk

At risk means the investor’s money is placed into the enterprise with the prospect of gain or loss. Adjudicators will look for evidence that the investor cannot unilaterally recover the funds without risk to the principal.

• Provide receipts for purchases of equipment, inventory, leases, or payroll. Examples include invoices, canceled checks, and vendor contracts.
• Avoid structures that appear to insulate the investor from loss, like refundable deposits or temporary loans that are immediately repaid. Where escrow is used, document the conditions that demonstrate economic risk rather than mere safekeeping.
• Show that funds have already been spent or committed to the business, not merely sitting in a bank account labeled for future use.

Build a business plan that persuades immigration adjudicators

A well-crafted business plan is one of the most powerful pieces of evidence for an E-2 application. It must be specific, realistic, and tailored to the chosen industry and locality.

• Include a clear company description, services or products, customer segments, marketing strategy, and competitive analysis.
• Provide detailed financial projections for at least three years, showing revenue, cost of goods sold, operating expenses, and expected net income. Break down assumptions so adjudicators can test the projections.
• Include a hiring plan with timing and salary ranges for U.S. employees. If the investor expects to rely on subcontractors initially, explain the plan to shift toward employee hires as revenue grows.
• Attach supporting documents like supplier contracts, client letters of intent, lease agreements, equipment purchase orders, and franchise disclosure documents if applicable.
• Consider retaining an independent market study or expert report for industries that require technical validation. A third party analysis bolsters credibility.

Address the "non-marginality" requirement

To qualify, the enterprise must not be primarily for the investor’s own family subsistence. It must either create job opportunities for U.S. workers or have significant economic impact in other ways.

• Demonstrate job creation by including projected hires, payroll budgets, and timelines. Even small businesses can show non-marginality when they create multiple full time positions or demonstrate growth prospects that will require U.S. employees.
• If immediate job creation is limited, explain how the business will expand sales, tax revenue, and supplier demand in the local economy to meet the non-marginality test.
• Provide evidence such as contracts with local vendors, letters from potential clients, or commitment from partner firms to show a broader economic footprint.

Structure transactions to maximize persuasive evidence

How the investor structures purchases and contracts can influence how an adjudicator views the investment. Clear, arms length deals with appropriate documentation are key.

• If purchasing a business, have a formal purchase agreement, escrow or settlement statements, and corporate filings to show ownership transfer.
• Use business bank accounts and issue company checks for business expenses. Personal expense usage complicates the paper trail.
• Document leasing arrangements with signed leases and rent payments rather than informal occupancy arrangements. A signed lease shows commitment to a U.S. location and operational readiness.
• Where equipment is bought, keep vendor invoices and delivery confirmations. For intangible assets like software, keep licensing or development agreements.

Prepare for consular interviews and requests for evidence

Consular officers and adjudicators will expect a coherent narrative supported by documents. Preparation reduces surprises and strengthens credibility.

• Prepare a one page executive summary that explains the investment timeline, the source of funds, the business model, and hiring plans. This helps officers grasp the case quickly.
• Anticipate common questions about why the chosen model fits the investment size, how the investor will support themselves while the business scales, and contingency plans for business risk.
• Organize exhibits with tabs or a digital index to make it easy to find specific documents. Include a table of contents that links facts to the exact exhibit number.
• Practice answering questions succinctly and in plain language. Officers are not looking for marketing pitches. They want clarity and verifiable facts.

Common pitfalls to avoid

Understanding common errors helps prevent unnecessary delays or denials.

• Poor documentation of the source of funds. Vague explanations or gaps in the chain of custody are major issues.
• Investments that appear passive. Passive rental investments without active managerial involvement typically fail the E-2 enterprise test.
• Overly optimistic or unsupported financial projections. Unrealistic numbers damage credibility.
• Using personal accounts for business transactions. Mixing personal and business funds complicates the evidentiary trail.

When a loan is part of the plan

Loans can be used, but they must be bona fide and the investor must demonstrate risk and commitment. Key documentation includes the loan agreement, proof of disbursement, and evidence the loan was used for business investment.

If the loan is secured by U.S. assets in a way that effectively shelters the investor from loss, the funds may not be considered at risk. Investors should prefer commercial loans from established lenders and avoid circular financing where the investment is simultaneously financed by the enterprise itself without real outside risk.

For more guidance on business structuring and financing, the U.S. Small Business Administration has practical resources on startups and loans.

Evidence checklist for investors under $150k

• Detailed business plan with financial projections and hiring plan.
• Proof of lawful source of funds: sale agreements, bank statements, loan agreements, tax returns.
• Receipts and contracts showing funds invested in equipment, inventory, leases or business purchase.
• Company formation documents, bylaws, operating agreements, and business bank statements.
• Client letters of intent, supplier contracts, franchise disclosure documents if applicable.
• Organized exhibit index and executive summary for quick reference during interview or adjudication.

When to involve an experienced E-2 attorney

Given the subjective nature of the E-2 adjudication, investors under 150k benefit from early legal advice. An attorney can:

• Help craft a business plan that anticipates adjudicator concerns.
• Review transaction structures to maintain the at risk requirement.
• Ensure proper documentation of the source of funds and provide strategies for loans or gift funding.
• Prepare the investor for the consulate interview and potential Requests for Evidence.

For federal guidance on nonimmigrant treaty investors, see the USCIS resource on the E-2 classification.

Real world example

Imagine an investor from a treaty country purchases an established neighborhood cleaning company for 120k. The sale includes equipment, existing client contracts, and two full time staff who will remain employed. The investor deposits the purchase price through a bank transfer with a recorded closing statement. The business generates recurring revenue and includes a plan to add two sales representatives within 12 months. The investor presents a three year financial model showing revenue growth, a payroll schedule, client contracts, and the purchase agreement. With this evidence the adjudicator can see that the investment was substantial for that business type, funds were at risk, and the company is not marginal because it employs U.S. workers and will expand. This type of focused, well-documented case often fares well even when the total investment is below 150k.

Which business model fits the investor’s skills and the local market economy is an important strategic question. They should consider whether the plan demonstrates clear economic contribution and how to document it. If they would like help assessing a specific opportunity and evidence package, an experienced E-2 attorney and an accountant can provide tailored guidance.

Please Note: This blog is intended solely for informational purposes and should not be regarded as legal advice. As always, it is advisable to consult with an experienced immigration attorney for personalized guidance based on your specific circumstances.