Before applying. The consulate needs to see the ownership and control terms as they will exist, so the operating agreement, the purchase agreement and the escrow should be signed first, with closing conditioned on visa issuance. Applying on a draft invites refusal or delay.
Sign the governance first, close on approval
E-2 is decided on the enterprise as it will actually be owned and run, so the governing documents cannot be left for later. Hypothetical example: a Shannon facilities-services owner and her American partner should negotiate the share split and her management authority, sign the operating agreement and the purchase agreement, and place her capital in escrow releasable on visa approval, all before the consular application is filed. Source-of-funds records and the business plan are assembled in parallel.
The consular appointment is booked once the file is complete; wait times vary by post and should be checked early. On approval the escrow releases, closing occurs, and she enters to direct the business. If she is already in the United States in another status, a change of status by Form I-129 is an alternative but does not produce a visa for later travel.
E-2 is granted for a defined period and renewed only while the business continues to qualify, so the hiring plan should be tracked from the first month.