Treaty nationality for herself and for at least half the company's ownership, capital irrevocably committed and at risk, an amount substantial in proportion to the enterprise, a real and operating business that is not marginal, and that she is coming to develop and direct it.
Five findings, and the deal terms threaten two of them
Each element is independent, and a deal can satisfy four and fail on the fifth. Corinne's Canadian citizenship settles the nationality of the investor, but the enterprise must also be majority owned by treaty nationals, which the proposed equal split with an American partner would defeat. Her capital must be irrevocably committed and exposed to loss, which a vendor note secured only against the plant's own assets does not achieve.
Substantiality is proportionate rather than absolute and is argued against the cost of buying or building a comparable enterprise. Marginality asks whether the business will do more than support her household, judged on present capacity or a credible plan over roughly five years. Develop and direct asks who actually runs it, which the equal split undermines a second time.
None of these is a formality, and all five are easier to arrange before signing than after.