Before it is adjudicated. The category is not satisfied by an intention to invest, so the funds have to be irrevocably committed to the enterprise at the time the application is decided, which is why the sequence of closing, funding and applying has to be planned rather than improvised.
The uncomfortable order of events, and how to make it safer
This is the requirement that most unsettles buyers, because it asks them to spend before knowing the outcome. Two mechanisms reduce the exposure without defeating the commitment. An escrow arrangement can release the purchase funds on visa issuance, provided the only condition remaining is the immigration decision, so the money is otherwise irrevocably committed.
Conditional terms in the purchase agreement can be drafted to the same effect. What does not work is holding the funds back entirely, applying, and promising to close afterwards. Sequencing also matters for the business itself: an enterprise that must be real and operating is easier to demonstrate where the vendor's trading continues through the transition rather than pausing.
Plan the closing, the funding and the application together with counsel on both sides of the border before any deposit moves.