Possibly, but the enterprise's ownership must be at least fifty percent Canadian and the investor must develop and direct it. An equal split can work if the Canadian holds operational control or the arrangement otherwise gives them the direction of the business.
Nationality of ownership and who actually directs
Hypothetical example: the cleaning business will be owned half by the Oromocto electrician and half by a U.S. citizen who manages the existing crews. Two tests are in play. First, the enterprise must possess Canadian nationality, meaning at least fifty percent of it is owned by Canadian nationals; an equal split satisfies that only if the Canadian half is counted and the U.S. partner does not hold a controlling extra vote. Second, the Canadian investor must develop and direct the enterprise. With equal ownership, the operating agreement should give the Canadian investor operational control or at least equal and genuine management authority; a structure where the U.S. partner makes all decisions while the Canadian supplies money looks passive. The funds must still be irrevocably committed and at risk, the investment substantial for this business, and the enterprise real and not marginal. E-2 status does not lead directly to permanent residence.
Hypothetical example: a custom-orthotics laboratory is owned half by a treaty-national investor and half by a non-treaty-national partner who holds sole authority under the operating agreement. The share certificate is not the whole answer; read voting rights, manager appointment rules, and bank authority to determine whether treaty-national ownership and control are present. Next, identify how the investor will direct the business rather than merely receive returns. The operating agreement and business plan settle those points. Before committing money, test whether the laboratory can be a real, active, non-marginal enterprise and whether the amount exposed is substantial for its purchase and launch. A percentage alone cannot cure control terms that point the other way.