All of the original conditions. The investors and the enterprise must remain treaty-national owned, the capital must remain invested and at risk, the enterprise must be real, operating and more than marginal, and the investors must still develop and direct it. Renewal examines the business as it is at that moment.
Nothing about this classification is settled permanently
The first application is often described as the difficult one, which encourages investors to treat everything afterwards as routine. In practice each renewal is a full application assessed on current facts. Ownership must still be at least half treaty-national, which can be disturbed by a share issuance to a manager or by an estate freeze.
The capital must still be in the business rather than extracted, so a series of dividends that strips the balance sheet creates a problem. The enterprise must still be operating and more than marginal, which is a question about the current year's payroll and contracts, not the projections filed at the outset. And the investors must still develop and direct, which means they cannot have retired into passive ownership while a hired manager runs everything.
Reviewing those five points annually, at the same time as the financial statements are prepared, converts renewals into an assembly exercise and surfaces problems while they can still be fixed.