Yes, if each is a Canadian citizen, each has invested their own committed funds and the operating agreement gives each a genuine role in developing and directing the enterprise. A partner who is only a passive investor will not qualify.
Equal shares, provided each partner directs
The develop-and-direct requirement is ordinarily satisfied by ownership of at least fifty percent of the enterprise or by operational control. Where two nationals each own exactly half, both can meet the test as long as each has authority over the business and neither has surrendered control to the other. Consular guidance recognizes that an equal owner with negative control, meaning the ability to block major decisions, can qualify. The operating agreement should assign each partner real management responsibility, such as one running dispatch and customer contracts and the other running maintenance and finance, and should provide for deadlock. Each partner also needs their own investment trail, because the requirement that funds be at risk applies to the applicant personally. Register the company with the consulate once, then each partner applies as an investor under it.
Hypothetical example: a Canadian citizen plans to buy a board-game distribution company and remain its managing owner. The first review answers four separate questions: passport evidence proves treaty nationality; issued membership records show ownership and control; the signed purchase and funded escrow show commitment; and a staffing forecast tests whether the company will be more than marginal. The business plan should identify decisions the investor will make, not merely say 'owner-manager.' A passive share with no operational authority fails the direction analysis even where the money is substantial. Money must be exposed to commercial loss, not held back for a future choice.