Capital must be committed and at risk before the application is assessed, so the transaction generally has to be substantially complete. The usual structure closes into escrow with release conditional on the visa, which commits the funds without leaving the buyer with a business they cannot enter.
Commit first, but structure the commitment
The tension is genuine: a buyer does not want to own an operating company they are not yet permitted to direct, and the classification does not accept a plan to invest later. Escrow resolves most of it. Beyond that, sequence the rest deliberately. Complete due diligence and reconcile the seller's figures before signing anything, because a marginality problem discovered after closing is expensive. Arrange for the business to continue operating during the interval, including who supervises the crews, and be careful that the buyer does not begin directing operations from inside the United States before authorisation exists. Set a realistic outside date in the purchase agreement that reflects actual processing times rather than an optimistic guess, and agree what happens if that date passes.
Hypothetical example: A small metal-fabrication shop has a signed asset purchase agreement that becomes nonrefundable only after a zoning approval, while the investor hopes to start within two months. The first review should map closing conditions, lease execution, permit dates, fund transfers, and the point at which capital is exposed to loss. Those transaction records settle whether the commitment is real. Build the submission calendar around documents that must exist after closing, such as ownership records and operating evidence, rather than around an optimistic opening date. A business cannot be described as operating before the supporting facts exist. Allow time to correct a forecast if the final lease or equipment terms change.