Treaty nationality for the investor and for at least half the enterprise's ownership, a substantial investment committed and at risk, a real operating enterprise that is not marginal, and development and direction of it.
Nationality is two findings, not one
The individual investor must be a national of a treaty country, and the enterprise must have that nationality too, which is determined by ownership of at least fifty percent by nationals of the same country who are either not resident in the United States or are maintaining treaty status. The investment must be substantial in proportion to the total cost of acquiring or establishing the business, and irrevocably committed and at risk, which normally means an agreement conditioned on the decision with money held in escrow. The enterprise must be real and operating rather than a holding of assets, and more than marginal, meaning capable of generating more than a minimal living for the investor and family. Finally the investor must develop and direct it, ordinarily through majority ownership or through demonstrated operational control.
Hypothetical example: an independent cinema operator proposes to buy a small theatre and retain only enough income to cover the owner's household expenses. A first review should test the enterprise before personal preference: treaty nationality of the ownership, the investor's control, the commercial activity, the proportionate investment, and the capacity beyond a minimal living. Share records, purchase documents, the business plan, and the ownership ledger settle distinct points. Sequence the review by confirming nationality and control before signing closing documents. Funds must be irrevocably committed and exposed to loss, and the enterprise cannot be marginal. The usual mistake is counting a purchase price without examining what the business will actually produce. If the plan supports only the investor's own living, adding a larger cheque alone may not solve the problem.