Both the investor's and the enterprise's. The applicant must hold treaty-country nationality, and the enterprise must be at least fifty per cent owned by nationals of that treaty country.
Follow the chain to the individuals
Hypothetical example: The requirement that trips up family purchases is the second one, because it is about the business rather than the buyer. Where minority interests are being offered to relatives, business partners or a holding company, each layer of ownership has to be traced until individual owners are identified, and their citizenship documented. Two Canadian citizens and one non-treaty national holding equal thirds does not satisfy a fifty per cent test if the arithmetic is not checked before the shares are issued.
Corporate owners require the same exercise applied to their own shareholders. A Cavan Monaghan purchaser should therefore treat the share split as an immigration decision as much as a commercial one, settle the citizenship documentation for every participant first, and only then agree percentages. Restructuring after closing is possible but expensive, and it raises questions about the arrangement's history.