No. Read the actual voting, management and operational rights. Economic contribution and the power to develop and direct the enterprise are not the same fact.
Explain decisions under the signed agreement
Identify who can hire, set budgets and enter contracts, and how disagreements are resolved. Assess the applicant’s control under the real arrangement rather than assuming a larger cheque overrides equal votes. Treaty nationality and substantial at-risk capital remain separate requirements even if the control account is satisfactory.
An investor who owns the company, hires the staff, manages the cash, signs the lease and answers for the losses is developing and directing the enterprise even though a brand agreement dictates signage, systems and prices. Irrevocable commitment and exposure to loss are settled by how the purchase money actually moves, and substantiality by whether the committed sum is large in proportion to what this enterprise costs to buy or establish — there is no fixed figure. A new enterprise can qualify if it will be real and active, and it must not be marginal, generally showing capacity beyond a minimal living or significant economic impact within five years after normal business activity begins.