E-2 Business Plan: How to Prepare One That Works
Bu sayfanın Türkçesi: E-2 İş Planı Nasıl Hazırlanır?
For a Turkish entrepreneur, the E-2 treaty investor visa is often the most direct way to run a business in the United States, and the E-2 business plan is usually the document that decides whether the consular officer believes the business is real, adequately funded and able to grow. This guide explains what the plan must prove, how to structure it, and where applications most often go wrong.
Why the business plan carries so much weight
E-2 applications from Turkey are decided by a consular officer who reviews a large file in a short time and then interviews the investor. The officer must be satisfied on several legal points at once, and the business plan is the one document that ties them together: the investment, the operations, the staffing and the financial path forward.
The State Department’s Foreign Affairs Manual is explicit that a marginal enterprise does not qualify. Under 9 FAM 402.9-6(E), a marginal enterprise is one without the present or future capacity to generate more than a minimal living for the investor and family, and the projected capacity should generally be realizable within five years. A credible, well-supported five-year plan is how you answer that question.
What the plan must prove
| Legal requirement | What the plan shows | Typical supporting evidence |
|---|---|---|
| Real and operating enterprise | A genuine business with products or services, customers and a location | Lease, licenses, supplier agreements, website, photos |
| Substantial investment | The investment is large relative to the total cost of the business (the proportionality test) | Itemized startup budget, invoices, wire records |
| Not marginal | Revenue and hiring projections that go beyond supporting the investor | Five-year pro forma, staffing plan, market data |
| Develop and direct | The investor owns at least 50% or has operational control | Operating agreement, share certificates, organizational chart |
| Funds at risk | Money is committed and irrevocably exposed to business loss | Purchase agreements, escrow terms, spent funds |
| Lawful source of funds | Where the investment came from and how it moved | Bank statements, sale deeds, tax records, transfer trail |
How to structure an E-2 business plan
- Executive summary. One or two pages stating the business, the investment amount, ownership and the investor’s role.
- Company and ownership. Entity type, state of formation, cap table and who controls day-to-day decisions.
- Market analysis. The local market, competitors and customers, using specific U.S. data rather than general statements.
- Operations. Location, suppliers, equipment, licenses and a realistic launch timeline.
- Staffing plan. Positions, hiring dates and wages by year, consistent with the payroll lines in the financials.
- Use of funds. An itemized breakdown of how the investment is spent, matched to invoices and receipts.
- Five-year financial projections. Revenue, expenses, payroll and profit, with the assumptions explained.
- Investor background. The experience and skills that make it credible that this investor can run this business.
An E-2 business plan is not a sales pitch. It is evidence, and every number in it should be one you can defend at the interview.
Common mistakes that lead to refusals
- Using a generic template that could describe any business in any city.
- Revenue projections that are not supported by the lease size, staffing or market data.
- A hiring plan with no matching payroll budget.
- Numbers that differ between the business plan, the DS-156E and the bank records.
- Funds sitting in an account instead of being committed to the business, without an escrow arrangement or signed agreements.
- A thin explanation of where the money came from, especially for funds from property sales or family transfers in Turkey.
Plan the investment structure before money moves. Transferring funds, signing a lease or buying a business before the structure is settled can create source-of-funds and at-risk problems that are hard to fix later. Visa refusals also stay on your record for future applications.
Frequently asked questions
Is there a minimum investment for the E-2 visa?
No. The State Department sets no fixed dollar minimum. The investment must be substantial in proportion to the total cost of the business, so a lower-cost business generally requires a higher percentage of its cost to be invested.
How many years should an E-2 business plan cover?
Five years is standard. State Department guidance says the capacity to generate more than a minimal living should generally be realizable within five years of the business starting normal operations.
Can Turkish citizens apply for the E-2 visa?
Yes. Turkey has been an E-2 treaty country since May 18, 1990. Under the current reciprocity schedule, E-2 visas for Turkish nationals have no issuance fee, allow multiple entries and are valid for up to 60 months; the $315 application fee still applies.
Do I need a professional to write the business plan?
Not legally, but the plan must be accurate, specific and consistent with the rest of the application. Many investors work with a business plan writer and have an immigration attorney review the plan against the legal requirements.
What you should do now
- Decide on the business and the investment amount relative to its total cost.
- Gather the paper trail for your funds, from origin in Turkey to the U.S. business account.
- Form the U.S. entity and document ownership and control.
- Have your business plan and application reviewed together so every number matches.
Ozek Law Firm, LLC · Tolga Ozek, Attorney at Law
4500 East West Highway, Suite 150, Bethesda, MD 20814
+1 (202) 854-8545 · info@ozeklaw.com · ozeklaw.com/contact
Tolga Ozek is the founder of Ozek Law Firm, LLC in Bethesda, Maryland. His practice covers business and immigration law, including investor and intracompany-transfer visas, employment-based immigration, and adjustment of status. The firm advises clients in English, Turkish and Spanish.
We review the business plan, the investment structure and the source of funds together, in English or Turkish.
This page is for general information only and does not constitute legal advice. Attorney Advertising. Treaty dates, reciprocity terms and fees are as published by the U.S. Department of State as of Sept. 25, 2026, and can change; confirm at travel.state.gov before applying. Every E-2 decision rests with the consular officer, and no attorney can guarantee a result.
Ozek Law Firm, LLC · 4500 East West Highway, Suite 150, Bethesda, MD 20814 · +1 (202) 854-8545 · info@ozeklaw.com · www.ozeklaw.com
Admitted in Maryland, New York and Washington, D.C.; federal immigration practice throughout the United States. Consultations in English, Turkish, Spanish and Swedish; interpreters for other languages.
