E-2 has no minimum: 9 FAM rejects any set figure or percentage. How the proportionality test works, which money counts, and what $100,000 really is.
Reviewed by Ekaterina Fitenko, Esq. — Florida Bar #1064536. With 20+ years of experience in the legal field, she advises Russian- and Ukrainian-speaking investors on how much capital an E-2 enterprise requires and how to document it, in English and Russian.
The E-2 visa has no minimum investment amount. The State Department says so directly in 9 FAM 402.9-6(D): "No set dollar figure constitutes a minimum amount of investment to be considered 'substantial' for E-2 visa purposes." The same section adds that there are "no bright line percentages" either, as read on November 6, 2026.
What the rule asks instead is whether the money is substantial in relation to the cost of this particular business. An investor who funds all or nearly all of a modest but real enterprise can pass the test. An investor with a larger sum who funds a small slice of a much more expensive one can fail it. For that reason a number quoted before anyone has looked at the business plan and its costs tells you nothing about your case.
The figure of $100,000 that circulates online has one possible origin in the rules: 9 FAM uses it as an illustration of a startup cost. It is an example inside a sentence, and it sets no floor. Treat any statement that "the E-2 minimum is" a particular sum as advertising.
This page is about the amount. Who qualifies by nationality and how the whole visa works are covered in our E-2 guide.
Under 8 CFR 214.2(e)(14), a substantial amount of capital has to meet three conditions at once. All three are in the same paragraph, and an investment that passes one can still fail another.
The first condition is arithmetic, and the consular officer does it with two numbers: qualifying funds and cost of the business. The second and third call for judgment. An officer asks whether this person has enough at stake to keep going through a bad quarter, and whether the amount is enough to get this business actually running.
The purpose is stated in 9 FAM 402.9-6(D)(a): the requirement exists to ensure to a reasonable extent that the business is not speculative and is, or soon will be, a successful enterprise. An application that reads as if the investor picked the smallest possible number is working against that purpose. The better question is what this business needs to open and operate.
The proportionality test weighs the qualifying funds invested against the cost of the business. If the two figures are the same, the investor has put in 100 percent, and 9 FAM 402.9-6(D)(c) says such an investment is substantial. Most cases involve a lesser percentage.
The manual calls this an inverted sliding scale, and 8 CFR 214.2(e)(14)(iii) puts it in one sentence: "the lower the cost of the enterprise, the higher, proportionately, the investment must be." A cheap business gives little room for borrowing or partial funding. An expensive one tolerates a smaller percentage because the amount is large in its own right.
| Example in 9 FAM 402.9-6(D)(c) | What the manual says | What it does not say |
|---|---|---|
| Investment equal to 100 percent of a $100,000 startup cost | Would normally qualify | That $100,000 is a floor |
| $10 million invested in a $100 million business | May be considered substantial, given the sheer magnitude | That 10 percent is enough for an ordinary business |
Those two examples are the only figures this paragraph of the manual gives, and they mark the far ends of the scale. Between them there is no published table. A file that claims a safe percentage for a mid-priced business is relying on a rule that does not exist, since the manual excludes bright-line percentages in the same paragraph.
What this means in practice is that a small business should be funded close to fully. Where the enterprise can open on modest capital, we expect an officer to look for the investor having paid for nearly all of it from qualifying funds. We say "expect" because that is how the scale reads, not because a percentage is written anywhere.
The denominator depends on the route: buying or building. Under 9 FAM 402.9-6(D)(c)(2), the cost of an established business is generally its purchase price, which is normally the fair market value. A purchase price that is well above or below what the business looks worth raises its own question, so a tax valuation or market appraisal belongs in the file; 9 FAM 402.9-11(B) lists both as suggested documents for an existing enterprise.
For a new business the cost is the actual cost needed to establish it to the point of being operational, under 9 FAM 402.9-6(D)(c)(3). The manual says this usually combines the assets already purchased with cost estimates for the additional assets needed to run the business. It names invoices or contracts for substantial purchases of equipment and inventory, appraisals, accounting audits and records submitted to government authorities as ways to establish it.
A startup estimate has to be believable as well as low. The 9 FAM 402.9-11(B) checklist points to trade association statistics, chamber of commerce estimates and market surveys for a new enterprise. If your estimated cost to open is far below what those sources suggest, the officer may treat the estimate as the weak point of the application. An understated cost also harms you twice: the ratio looks better on paper, and the plan looks underfunded.
The cost of the business has no independent value. 9 FAM 402.9-6(D)(c)(4) says a manufacturer may cost many millions and a consulting firm relatively little, and that if the other requirements are met, the cost of the business as such does not decide qualification. A cheap enterprise is not disqualified for being cheap.
Only capital that is the investor's, under the investor's control and at risk counts. 8 CFR 214.2(e)(12) requires that the capital be "subject to partial or total loss if investment fortunes reverse" and that it be the investor's unsecured personal business capital or capital secured by personal assets. The table sets out how 9 FAM 402.9-6(B) applies that.
| Item | Counts? | Source |
|---|---|---|
| Savings, gifts, inheritance, contest winnings | Yes | 9 FAM 402.9-6(B)(b) |
| Second mortgage on your home, or other debt secured by your personal assets | Yes | 9 FAM 402.9-6(B)(c)(2) |
| Unsecured personal loan on your signature | Yes | 9 FAM 402.9-6(B)(c)(2) |
| Loan secured by the business or its assets | No, even if some personal assets are also pledged | 9 FAM 402.9-6(B)(c)(1) |
| Equipment bought and inventory on hand | Yes, if for the business and not personal use | 9 FAM 402.9-6(B)(g) |
| Goods or equipment shipped to the U.S. for the business | Yes, if used in an ongoing commercial enterprise | 9 FAM 402.9-6(B)(g) |
| Rent or lease payments | Limited to the funds devoted to that item in any one month; annual rent only if paid in advance | 9 FAM 402.9-6(B)(f) |
| Intellectual property | Yes, where the value can reasonably be determined | 9 FAM 402.9-6(B)(h) |
| An inherited business itself | No | 9 FAM 402.9-6(B)(b) |
| Money sitting uncommitted in a bank account | No | 9 FAM 402.9-6(B)(e) |
The loan rows change more calculations than any other. A seller note or bank loan secured by the business reduces the qualifying amount, because the investor is not personally at risk for that part. The total price stays the same, so the proportion falls. We go through counsel's role before the purchase in a separate article.
The source of the funds does not have to be abroad. 9 FAM 402.9-6(B)(b) says the source need not be outside the United States, and it must not be illicit. 8 CFR 214.2(e)(12) excludes capital obtained directly or indirectly through criminal activity. The officer may ask for whatever documentation is needed to assess the source, so every dollar you count has to be one you can trace.
The money has to be committed, and in practice much of it spent, before the application. The statute covers an investor who has invested or is "actively in the process of investing," and 9 FAM 402.9-6(B)(e) says that mere intent to invest, possession of uncommitted funds in a bank account, or prospective arrangements with no present commitment will not suffice. The applicant must be close to the start of actual business operations.
Escrow is the recognized way to limit the exposure. 8 CFR 214.2(e)(12) allows any legal mechanism, such as placing the funds in escrow pending approval of E classification, that irrevocably commits the funds. 9 FAM 402.9-6(B)(d) confirms that a purchase conditioned on issuance of the visa may still qualify if the assets are held in escrow for release once the condition is met. The investor must have entered into an agreement and committed the funds.
Part of the investment is at risk the moment you file, and you should plan for that. The rule requires that the capital be subject to partial or total loss. An E-2 file cannot be structured so that the investor loses nothing whatever happens, and a refusal after money has been spent on a lease or equipment is a real possibility.
Yes, with limits. 9 FAM 402.9-6(G) discusses the Walsh and Pollard decision and notes that substantiality focuses on the nature of the business, so that "sometimes an investment of only a small amount of money might meet the requirement." A service business with few physical assets can cost relatively little to establish.
A small amount then runs into a different rule. 8 CFR 214.2(e)(2)(i) distinguishes a substantial investment in a bona fide enterprise from "a relatively small amount of capital in a marginal enterprise solely for the purpose of earning a living." Under 8 CFR 214.2(e)(15), the enterprise needs the present or future capacity to generate more than a minimal living for the investor and family, or to make a significant economic contribution, generally within 5 years of starting normal business activity. In a lean startup, this test usually does more damage than the proportionality test.
The size of the investment also feeds the third condition in (e)(14). If the amount covers the lease and little else, an officer has reason to doubt that the investor can direct a business to the point of supporting a family and hiring people. There is no minimum, and a thin capitalization still has to be defended on its own numbers.
It counts only if the investor actually possesses and controls it. 8 CFR 214.2(e)(12) requires the treaty investor to be "in possession of and have control over the capital," and gifts are a permitted source under 9 FAM 402.9-6(B)(b). A transfer from a spouse or parent can work if it is a true gift, documented as such. A sum that the investor must repay out of the business is a debt, and debt is judged by what secures it.
Ownership and control have separate limits. Under 8 CFR 214.2(e)(16), the investor must control the enterprise through ownership of at least 50 percent, through operational control by a managerial position or other corporate device, or by other means. An equal two-party partnership generally gives control, while an equal partnership of more than two parties does not, under 9 FAM 402.9-6(F)(b). A plan with three equal friends splits the investment and also loses control on ownership grounds.
Generally not. 9 FAM 402.9-6(D)(a) says that once an officer determines that an applicant has invested a substantial sum, the applicant generally does not need to be evaluated under this criterion again, unless there has been a change in ownership, usually through a business acquisition. That is consular guidance; USCIS decides extensions on Form I-129 and requires proof that E terms and conditions were maintained, under 8 CFR 214.2(e)(20)(i). We found no matching USCIS statement, so an I-129 extension should still document the original investment.
The marginality question does not go away. A renewal file has to show how the business has performed against the projections in the first application, and that is where a low initial investment tends to come back up. Money spent at the start solves the "substantial" issue, and income and payroll solve the rest.
Our initial consultation is $200 for 30 minutes, paid by card through a link before the meeting, and it is always credited toward your fee. We hold it on Google Meet, by phone, or at our office at 11555 Heron Bay Blvd, Suite 277, Coral Springs, FL 33076. We take clients from other states and other countries, and that work runs on Google Meet.
In an E-2 inquiry about the amount, we start from what the business needs to open, then separate what you have into funds that count and funds that do not. If debt secured by the business would cover part of the price, we show you what that does to the ratio before you sign anything. See also our E-2 visa page.
Standard E-2 representation starts at $6,000. A complicated case is priced by agreement once we have seen it. USCIS filing fees and consular visa fees are not part of our fee. The full fee schedule is on our legal fees page.
We do not promise outcomes, and Florida Bar rules do not allow us to. To start, fill out the intake questionnaire at fitenkolaw.com/intake, call (305) 315-3425, or email fitenkolaw@gmail.com. Our second office at 600 Three Islands Blvd, Hallandale Beach, FL 33009 receives clients by prior appointment only.
There is none. 9 FAM 402.9-6(D) says no set dollar figure constitutes a minimum amount and that no bright-line percentages exist, as read on November 6, 2026. Under 8 CFR 214.2(e)(14) the investment must be substantial in relation to the total cost of buying or creating the particular enterprise, enough to show financial commitment, and large enough to support the likelihood of success.
That depends on what the business costs, and $100,000 has no special status in the rules. 9 FAM 402.9-6(D)(c) uses it only as an example: an investment of 100 percent of a business with a $100,000 startup cost would normally qualify. The same sum could be too little for a business that costs far more to open, and the enterprise must still pass the marginality test in 8 CFR 214.2(e)(15).
Yes, if the loan is unsecured or secured by your own personal assets, such as a second mortgage on your home. Under 9 FAM 402.9-6(B)(c), a loan secured by the business or its assets does not count, even if some personal assets are also used as collateral, because the required element of risk is missing.
No. Under 9 FAM 402.9-6(B)(e), possession of uncommitted funds in a bank account does not suffice. You must have entered into a real commitment and be close to the start of actual business operations. Under 8 CFR 214.2(e)(12), the funds may be held in escrow pending approval, as long as they are irrevocably committed to the enterprise.
Only in a limited way. 9 FAM 402.9-6(B)(f) limits lease and rent payments to the funds devoted to that item in any one month. The annual rental cost does not count unless it was paid in advance, and the market value of leased equipment does not count at all. Purchased equipment and inventory on hand can count under 9 FAM 402.9-6(B)(g).
No fixed percentage exists. 9 FAM 402.9-6(D)(c) describes an inverted sliding scale: the lower the cost of the business, the higher the percentage required, and the manual says 100 percent of the cost is substantial. For a low-cost business, plan on funding most or all of it from qualifying funds, because the proportion will be read strictly at that end of the scale.
The first step is the intake questionnaire at fitenkolaw.com/intake. The consultation is $200 for 30 minutes, paid by card through a link before the meeting and always credited toward your fee. It runs on Google Meet, by phone, or at our Coral Springs office, in English or Russian. You can also call (305) 315-3425 or email fitenkolaw@gmail.com.
This article is informational only and is not legal advice. Treaty tables, State Department guidance, USCIS policy, forms and fees change; confirm current requirements with the Department of State and USCIS before acting. Reading this page does not create an attorney-client relationship.
Fitenko Law PLLC, 11555 Heron Bay Blvd, Suite 277, Coral Springs, FL 33076 (main office); 600 Three Islands Blvd, Hallandale Beach, FL 33009 (by appointment only). Phone: (305) 315-3425. Email: fitenkolaw@gmail.com