If you’re planning to move to the US to start a business, it’s likely you’re looking at the E-2 visa. As well as meeting the many eligibility requirements of the E2 visa, you will be required as part of your application to submit an E2 visa business plan.
The business plan is a challenging part of the E-2 visa application process, but critical to get right. A weak business plan can result in delayed processing, if more information is requested by the adjudicator, or even a refused application if the adjudicator concludes from the information in the plan that the visa requirements are not met.
No two business plans will be the same. The business plan has to be specific to your enterprise, and its industry, projections and strategic direction. Planning for growth will be central to your E2 visa business plan. Typically, the adjudicator will be looking for steady enterprises achieving growth, and you need to be able to demonstrate how your business meet this. There’s also the risk of including too much information; aim for thorough but succinct.
You will also need to ensure you follow any instructions from the E visa unit that is processing your application, as many have specific formatting requirements for business plans.
In this guide, we set out the key elements and information to include in your E2 visa business plan.
Section A: What is the E2 visa business plan?
If you are planning to move to the United States to start or invest in a business, you may be considering the E-2 visa. Alongside the eligibility requirements, applicants are required to submit a detailed E2 visa business plan.
The business plan is a central document in the adjudication of an E2 application. A poorly prepared or vague plan can result in requests for further evidence or even refusal if the adjudicator concludes that the visa requirements are not met. The plan is reviewed either by USCIS, where the application is made inside the US, or by the E Visa Unit at the relevant US embassy or consulate abroad. Each consular post can have its own requirements for formatting, structure, and submission.
During the E2 visa interview, the business plan will be scrutinized to assess whether the business is real and operating, whether the investment is substantial and at risk, and whether the enterprise is more than marginal. You should be prepared to answer questions on the content of the plan and to explain how the business will be viable and operational on arrival in the United States.
Section B: What should the E2 visa business plan include?
The E2 visa business plan should set out your company’s goals and financial projections, explain how your E2 investment will be used, and show that the investment is both substantial and at risk. The plan should also evidence that the business will be more than marginal, meaning that it has the present or future capacity to generate more than minimal income and will create jobs for US workers.
The exact contents of the business plan will depend on the type of business, the level of investment, and the strategies you will adopt to ensure viability. While there is no prescribed format, consulates and E Visa Units often provide detailed guidance on structure and length, which must be followed.
A well-prepared business plan typically addresses the following areas:
- The company – whether it is an established or new enterprise, the goods or services it will provide, its projected economic benefits, and strategies for development
- The investment – showing that the funds are substantial, lawfully obtained, irrevocably committed, and at risk
- The applicant – demonstrating ownership or control, treaty nationality, and the capability to direct and develop the business
The business plan should also set realistic projections looking ahead to the renewal stage. An initial visa is typically issued for up to five years depending on reciprocity, but admission at the port of entry is granted in two-year increments. At renewal or extension, you will need to show that your business has achieved, or is on track to achieve, the projections set out in your plan.
| Section of E2 Business Plan | What it should show | Evidence examples |
|---|---|---|
| Company | Real and operating enterprise with a credible strategy for growth and US job creation | Articles of incorporation, operating agreement, state registrations, lease, supplier contracts, initial invoices |
| Investment | Funds are substantial, lawfully obtained, irrevocably committed, and at risk | Bank statements, wire confirmations, sale contracts, equipment receipts, marketing spend, escrow releases |
| Applicant | Ownership or control by treaty national and ability to direct and develop the business | Passport proving treaty nationality, cap table, bylaws, organizational chart, résumé, prior track record |
| Financials | Viability over at least five years and capacity to be more than marginal | 5-year P&L, cash flow, balance sheet, break-even, staffing plan with wages, sensitivity analyses |
| Market & Operations | US market fit, sales channels, licenses, and operational readiness at or near entry | Market research, pricing model, LOIs, customer contracts, licenses/permits, insurance, vendor agreements |
1. About the E2 company
The plan must explain whether the E2 company is a new venture or an established enterprise. In either case, you are required to show that it is a bona fide, legitimate business. The enterprise must be real and operating, meaning it produces goods or provides services, rather than existing only on paper.
Passive investments, such as buying land or holding property for rental income alone, will not qualify. However, a property-related business with active operations, such as property management or development requiring ongoing oversight, may meet the requirements.
Your business plan should also outline the number of jobs expected to be created for US resident workers, as this goes directly to the “more than marginal” requirement. A marginal enterprise is one that only provides a minimal living for the investor and their family, without broader economic impact.
a. Financial strategy
The plan should include detailed financial projections showing how the business will achieve profitability to support you, your dependents, and employees, while also creating new US jobs. Projections should cover at least five years, since these will be used to assess both your initial application and any renewal requests.
You should also show control and possession of your investment funds, with a clear paper trail proving they were lawfully obtained and irrevocably committed. Evidence could include sale contracts, savings records, or employment income. Funds held passively in a bank account will not be treated as a qualifying investment.
There is no fixed minimum dollar amount. Instead, the investment must be substantial in proportion to the total cost of the business and sufficient to ensure viability. The plan should also show that funds are at risk, with details of expenditure already made—such as lease agreements, setup costs, and equipment purchases—to prove readiness for operations.
Investment Requirements at a Glance
| Requirement | Meaning | How to Prove It |
|---|---|---|
| Substantial | Investment is significant in proportion to the total cost of the business and sufficient to ensure viability | Capitalization table, industry benchmarks, business purchase agreements |
| At Risk | Funds are subject to partial or total loss if the business does not succeed | Lease, purchase orders, inventory invoices, payroll commitments |
| Irrevocably Committed | Funds are already invested or contractually obligated to the enterprise | Wire transfers, signed contracts, escrow releases tied to approvals |
| Lawfully Obtained | Source of funds is legitimate and traceable | Tax returns, bank statements, property sale deeds, employment income records |
b. Operational strategy
The Embassy or USCIS will want to see how your business will function in the United States. The plan should explain the company’s legal structure, licenses, and operational arrangements, showing that the enterprise will be active and viable from the outset.
As the E-2 investor, you are required to develop and direct the business. This means you must show practical involvement in decision-making, oversight of day-to-day management, and control over the company’s direction. You cannot be a passive investor.
At least 50 percent of the business must be owned by nationals of a treaty country. If ownership is shared, the investor must still demonstrate operational control. The nationality of the enterprise must match that of the investor.
Your business plan should also confirm how the enterprise will be staffed. A clear management framework is expected, with you in a role directing and developing the company and other individuals responsible for routine or skilled labor.
c. Personnel strategy
Your business plan should set out a realistic staffing model. As the E-2 visa holder, your role is to develop and direct the business, while other staff carry out skilled or unskilled functions.
You should specify the number and type of US jobs the business will create, when these roles will be added, and how they will support the company’s growth. This is important to address the “more than marginal” test. A business that generates only enough income to support the investor and dependents, without creating jobs or wider economic benefit, will not qualify.
The E-2 visa framework also allows the business to petition for other employees who share the same nationality as the treaty investor or enterprise. These employees must be executives, supervisors, or individuals with essential skills. Your plan should explain if you expect to use this option, and how such roles would contribute to the business’s success.
d. Marketing strategy
Your business plan should explain how you intend to market your products or services in the United States. Detail your target customers, channels, and budget for marketing activity, as well as who will be responsible for implementing the plan.
The more evidence you can provide of market readiness, the stronger your case. This could include signed contracts, letters of intent from prospective clients, partnership agreements, or scheduled meetings with potential customers or suppliers. Consular officers give weight to documentary proof that demand exists and that the business has a credible strategy for attracting and retaining clients.
If you have existing contacts in the US market, highlight them. If not, show how you intend to build networks through advertising, industry events, or professional introductions. A clear, well-supported marketing strategy helps demonstrate that your business is viable and capable of generating revenue beyond minimal subsistence.
2. About the E2 investment
Your business plan must clearly explain the amount you have invested in the E2 company, how those funds have been used, and why the level of investment is appropriate under the visa rules.
The investment must be:
- Lawfully obtained – you need to document the source of funds with a clear paper trail, such as savings, property sales, or employment income.
- Irrevocably committed – funds cannot simply be sitting in a bank account. They must already be invested or contractually committed to the business.
- At risk – the capital must be subject to partial or total loss if the business is not successful.
- Substantial – the amount must be large enough in relation to the total cost of the business to show that the enterprise can operate successfully. This is a proportionality test, not a fixed dollar threshold.
The plan should set out an itemized investment schedule, showing expenditures already made, such as leases, equipment purchases, professional fees, or marketing costs. This helps demonstrate that the enterprise is real, operating, and capable of commencing business in the US without delay.
3. About the E2 applicant
The business plan should show that your role within the enterprise is to direct and develop the company. You must demonstrate ownership or control of at least 50 percent of the business, and that the enterprise’s nationality matches your treaty nationality.
The investment must be in your possession, lawfully obtained, and personally at risk. Evidence of source and path of funds will be needed, such as contracts of sale, bank statements or tax records.
E2 status requires that you intend to depart the United States once your visa ends. While there is no need to maintain a foreign residence, your plan and supporting evidence should not suggest a permanent intent to remain.
The adjudicator will also assess whether your skills, qualifications, and professional background align with the proposed business. Where there is little connection, you should provide a credible explanation of how you will still be able to direct and develop the enterprise.
Section C: Examples of E2 Business Plans in Practice
While every E2 visa business plan is unique, the way requirements are applied is consistent. The most important point here is that an E2 visa business plan is not a generic document; it has to show investment at risk, operational readiness and the enterprise’s ability to deliver meaningful economic benefit in the United States. Below are examples showing how different types of businesses can evidence eligibility through their plans.
1. Restaurant Startup
A restaurant is capital-intensive, so the business plan must show a substantial investment already committed before the visa is issued. This usually includes a signed lease, fit-out costs, equipment purchases, and staff recruitment. Financial projections should reflect realistic turnover and wages for US staff, with a hiring schedule to demonstrate that the enterprise will not be marginal.
2. Tech Consultancy
A consultancy often requires a smaller cash outlay but must still prove substantiality. The plan should highlight contracts or letters of intent from US clients, payroll projections for skilled employees, and a marketing budget to win work. Adjudicators look closely at whether projected revenue is credible and whether the company has operational depth beyond the investor’s own role.
3. Franchise Operation
For a franchise, the business plan must evidence the franchise agreement and the obligations it creates. The investment is usually clear from the franchise fee and startup costs. The plan should emphasize the proven track record of the brand, training and support provided, and how the franchise will generate local jobs. Consular officers will expect to see how the individual franchise fits within the larger model.
4. Real Estate Management Firm
Real estate can qualify if the business is actively managed rather than a passive investment. The plan must show ongoing services such as property management, maintenance, or development, with employees carrying out operational tasks. Evidence might include management contracts, supplier agreements, and payroll for staff. Without this, the business may be dismissed as marginal or passive.
Section D: Common Errors with the E2 Visa Business Plan
Even with a strong investment, an E2 application can fail if the business plan is weak. Consular officers and USCIS adjudicators look for consistency, credibility, and compliance with the visa rules. The following errors are common reasons for refusal or requests for further evidence.
1. Unrealistic Financial Projections
Plans that show inflated revenues or profits without supporting evidence undermine credibility. Projections must be backed by contracts, market research, or letters of intent. Adjudicators compare forecasts with industry data and reject numbers that appear speculative or exaggerated.
2. Insufficient Operational Detail
Generic descriptions of how the business will run are not persuasive. The plan should set out corporate structure, staffing, supplier agreements, licenses, and timelines for operations. A vague plan creates doubt about whether the enterprise is real and ready to launch.
3. Passive or Marginal Enterprises
Businesses that resemble passive investments—such as property holdings without management activity—are refused. Similarly, enterprises that only provide a minimal living for the investor and family, without hiring US staff, are classed as marginal. The plan must show job creation and broader economic benefit.
4. Weak Documentation of Investment
If the source or path of funds is not clearly documented, or if funds are uncommitted in a bank account, the investment will not be accepted. The plan should link investment claims to documentary evidence such as contracts, invoices, and receipts.
5. Over-Reliance on Templates
Plans that read like copied templates are easily spotted. Each E2 business plan must be tailored to the enterprise and sector. Consular officers expect detail that reflects the actual business, not generic wording or boilerplate projections.
Section E: Need Assistance?
NNU Immigration are US attorneys with specialist expertise in the E-2 visa, helping entrepreneurs, business owners and investors realise their ambitions for growth in the US.
If you have a question about an E-2 visa application, including the E-2 visa business plan, contact NNU Immigration and speak with one of our attorneys.
Section F: E2 visa business plan FAQs
What is the purpose of an E2 visa business plan?
An E2 visa business plan demonstrates that your enterprise is real, operating, and more than marginal. It is used by consular officers or USCIS to assess whether your investment and business meet the E2 visa requirements.
How detailed should my E2 visa business plan be?
The plan should be comprehensive and clearly structured, covering financial projections, market analysis, operations, staffing, and investment details. It must show how the business will generate revenue, create US jobs, and sustain operations over time.
Do I need to include financial projections in my business plan?
Yes. Five-year projections are expected, including revenue forecasts, profit and loss, cash flow, and break-even analysis. These must be realistic and consistent with your investment and market data. They will be reviewed again at renewal to test performance against projections.
How much investment is considered substantial for an E2 visa?
There is no fixed dollar threshold. The test is proportionality: the investment must be significant in relation to the total cost of starting or purchasing the business, and sufficient to ensure its success. Passive or speculative funds do not qualify.
Can I write my E2 visa business plan myself or should I hire a professional?
You may prepare the plan yourself, but many applicants work with professionals to ensure the content meets E visa standards and follows the specific formatting required by the E Visa Unit handling the case.
Can I modify my business plan after submitting it?
If material changes occur after submission, they should be reported and may require additional documentation. A significantly different plan may raise concerns at interview or future renewals.
What happens if my E2 visa business plan is rejected?
A weak or inconsistent plan can lead to refusal of the visa. If this happens, you may need to revise and resubmit, addressing deficiencies noted by the adjudicator. Professional advice can help correct issues and improve prospects on reapplication.
Do I need to include a job creation plan?
Yes. Your business plan must show how the enterprise will create jobs for US workers within a realistic timeframe. Job creation is a key part of proving that the enterprise is more than marginal.
What type of business is eligible for an E2 visa?
Any lawful, active enterprise can qualify if it meets the requirements of substantial investment, real and operating activity, treaty nationality ownership, and capacity to generate more than marginal income.
How long is an E2 visa valid for?
Visa validity is determined by reciprocity agreements and varies by nationality, up to a maximum of five years. Each entry to the US grants a stay of up to two years. Renewals and reissuances are possible as long as eligibility is maintained.
What is an E2 compliant business plan?
An E2 compliant business plan shows how the investment is being used, and includes credible financial, staffing, and marketing strategies. It provides evidence of operational readiness, lawful and at-risk funds, and the enterprise’s capacity to grow and employ US workers.
Can I work for another company on an E2 visa?
No. E2 visa holders are only authorized to work for the E2 enterprise on which their visa is based.
What are the disadvantages of the E2 visa?
The E2 visa does not provide a direct path to permanent residence or a Green Card. Its validity depends on reciprocity and continued eligibility, although it can be renewed indefinitely while the business continues to meet requirements.
Section G: Glossary
| Term | Definition |
|---|---|
| E-2 Visa | A nonimmigrant visa that allows nationals of treaty countries to invest in and direct a business in the United States. |
| Business Plan | A document prepared for the E-2 application that sets out the enterprise’s operations, investment, staffing, and financial projections to prove eligibility. |
| Substantial Investment | A level of investment that is significant in relation to the total cost of the enterprise and sufficient to make the business viable. There is no fixed dollar minimum. |
| Real and Operating | A requirement that the business must already be active or credibly ready to commence operations, rather than a paper entity or passive holding. |
| More than Marginal | A test that the business must have the capacity to generate more than minimal income for the investor and dependents, typically by creating jobs and contributing to the US economy. |
| USCIS | United States Citizenship and Immigration Services, the agency that adjudicates E-2 applications filed inside the US for change or extension of status. |
| E Visa Unit | The section within a US embassy or consulate responsible for reviewing and adjudicating E-2 visa applications made outside the United States. |
| Financial Projections | Five-year forecasts of revenue, expenses, cash flow, and profitability that demonstrate the viability of the E-2 enterprise. |
| Job Creation Plan | A section of the business plan showing how and when the enterprise will employ US workers, supporting the more-than-marginal test. |
| Reciprocity | The system under which visa validity is set based on treaty agreements between the United States and the applicant’s country of nationality. This determines maximum visa length and entries. |
| Treaty Country | A country that maintains a treaty of commerce and navigation with the United States, whose nationals may qualify for an E-2 visa. |
| Irrevocably Committed Funds | Capital that has already been invested or contractually committed to the business, demonstrating that the investor has placed funds at risk. |
| Essential Employee | An individual of the same nationality as the E-2 investor who is employed in an executive, supervisory, or specialized role critical to the success of the enterprise. |
Author
Founder & Principal Attorney Nita Nicole Upadhye is a recognized leader in the field of US business immigration law, (The Legal 500, Chambers & Partners, Who's Who Legal and AILA) and an experienced and trusted advisor to large multinational corporates through to SMEs. She provides strategic immigration advice and specialist application support to corporations and professionals, entrepreneurs, investors, artists, actors and athletes from across the globe to meet their US-bound talent mobility needs.
Nita is an active public speaker, thought leader, immigration commentator, and immigration policy contributor and regularly hosts training sessions for employers and HR professionals.