How to write an E-2 business plan

Wang Law Firm, LLC · David Wang, Managing Attorney

Among the documents for an E-2 treaty investor visa, the business plan is the main way the consular officer learns about your business. Source-of-funds evidence shows "where the money came from," and investment evidence shows "the money has been invested." The business plan has to answer: can this business actually operate, what will it look like in five years, and does it make a real contribution to the U.S. economy?

A good E-2 business plan is not a fundraising pitch or marketing material. It is an operating plan written for the consular officer, one whose claims can be verified. Below we walk through a common structure, what each section should cover, and what the officer will be looking for in it.

What the officer is looking for

Before you start writing, be clear about the three legal requirements the business plan needs to support:

• Non-marginality: The business cannot merely support the investor and their family. Either now or within a reasonable time (in practice, five years is often used as the window), it must have the capacity to generate more income than needed to support the investor, or make a significant contribution to the U.S. economy — most directly, by employing U.S. workers.
• Substantial investment: The investment must be proportional to the total cost of the business — for a lower-cost business, the investor needs to contribute a higher percentage. The amount must also be enough to ensure the investor's commitment to the business and give it a reasonable likelihood of success. The start-up cost budget in the business plan is the basis for judging whether the investment is "substantial."
• A real, operating enterprise: The business must actually provide goods or services, and the investor must develop and direct it rather than passively hold assets.

Every section of the plan should serve these three points, directly or indirectly.

Suggested structure

1. Executive summary

One page or less, summarizing what the business does, where it is, how much is being invested, how the funds will be used, the investor's role, and the headcount and revenue targets over five years. Officers have limited time, and the executive summary often sets the first impression.

2. Company overview

• Company name, legal form, formation date, state of registration and business address;
• Ownership: each owner's nationality and percentage (treaty-country nationals must together own at least 50%);
• Type of business: new, acquired or franchise; for an acquisition, the purchase price, what assets it includes and the basis for the valuation;
• Current progress: lease signed, build-out completed, equipment purchased, licenses obtained and so on — use facts to show the investment has been made or is actively in the process of being made.

3. Investor background

Describe the investor's education, work and business experience, and why that experience qualifies them to run this business. The officer needs to believe you can "develop and direct" the enterprise. It's fine if your industry experience isn't a perfect match, but explain how you'll fill the gap — for example, by hiring an experienced manager or completing the franchisor's training.

4. Products and services

Be specific about what you sell, to whom, how you price it, your suppliers and how operations work. A restaurant should describe its menu positioning and average check; a logistics company should describe its service area and how it charges. The more specific you are, the more credible the financial projections.

5. Market analysis

• The scope of the target market (city, trade area, customer groups) and its size;
• Data on population, income, industry growth and so on, with sources (such as the U.S. Census Bureau, the Bureau of Labor Statistics or industry association reports);
• Why you chose the location: foot traffic, surrounding amenities, rent levels.

Use less market data, but make it accurate — don't pile on national macroeconomic figures. What the officer wants to see is "why this business can survive in this location."

6. Competitive analysis

List the main nearby competitors, compare products, prices, locations and service, and explain what sets you apart. Don't claim "there is no competition" — that usually means you haven't done the research, or the market doesn't exist.

7. Marketing strategy

How you'll win your first customers and keep them: online promotion, local community events, platform partnerships, loyalty programs and so on. State the marketing budget and make sure it matches the marketing expenses in the financial projections.

8. Organization and hiring plan

This is one of the most important sections for showing non-marginality.

• Organization chart: the investor's position and the managers and employees below it;
• Year-by-year hiring plan: which positions are added each year, how many, full-time or part-time, and pay levels;
• The duties of each position, showing that the investor mainly handles management and decision-making while employees handle day-to-day operations;
• Wages should reflect local industry levels and match the labor costs in the financial projections.

The law does not set a minimum number of employees for an E-2, but a business still run only by the investor five years on will have a hard time being found non-marginal.

9. Five-year financial projections

• Start-up costs and use of funds: security deposit, build-out, equipment, inventory, franchise fee, initial working capital and so on, itemized and matched to invoices and contracts already incurred;
• Projected profit and loss: five years of revenue, cost of goods sold, labor, rent, marketing, insurance and other expenses, and net profit;
• Cash flow projections and projected balance sheets (depending on the complexity of the business);
• Assumptions: how revenue is calculated (for example, daily customers × average check × days open) and the basis for growth rates.

The numbers must be consistent with the narrative: the headcount and wages in the hiring plan must match the labor costs in the P&L, and the marketing budget must appear in the expenses. Numbers that contradict each other are the most common reason officers question a plan's credibility.

Writing tips

• Use facts, not adjectives. "Signed a five-year lease at $6,500 per month" is far more persuasive than "excellent location."
• Keep projections conservative and supported. Overly optimistic revenue growth raises suspicion; using public industry data or franchisor disclosures as benchmarks is safer.
• Stay consistent with your other documents. The investment amount, ownership percentages, address and opening date in the plan must exactly match the company documents, bank records and application forms.
• Think ahead to renewal. At renewal, the officer will compare actual operations with the original plan. You'll need to explain any large gap, so don't set unreachable targets just to get a visa once.
• The investor must understand the plan. At the interview, the officer may ask about anything in the plan, and the investor should be able to explain in their own words how the business works.

Common questions

Related reading

• E-2 treaty investor visa hub
• L-1 intracompany transferee visa
• EB-5 investor green card guide

This article is general information and is not legal advice. Laws and policies may change; rely on the latest official information and on an attorney's advice for your specific situation.