Do not decide from the share label alone. The actual management and control arrangement requires assessment under the applicable rules.
Read rights across the documents
Identify who can make important decisions and remove the applicant. A management title without effective authority should not be presented as conclusive.
The investment showing still has to stand on its own: treaty nationality based on citizenship, at least fifty percent treaty ownership, substantial capital irrevocably committed and at risk, a real operating commercial enterprise, non-marginality, and genuine development and direction by the investor. Collect the instruments that show control: the operating agreement or shareholder register, banking authority, and the approvals the investor personally signs. Enterprise treaty nationality and the applicant’s ability to develop and direct are related but distinct conditions, and neither should be assumed from a label alone. Describe the investor’s enterprise as a set of real commercial functions: product selection, branding, sales, inventory risk, customer obligations, quality control, and supplier management. Fifty percent or more creates a presumption of control, which the shareholders' agreement can rebut if the minority partner holds vetoes over ordinary decisions or if unanimity is required. The file must still show treaty nationality, at least 50 percent treaty-national ownership, development and direction, proportional substantiality with no fixed minimum, and non-marginality, ordinarily through more than minimal livelihood capacity or meaningful economic contribution within five years after normal business activity begins.