No. Continuing royalties and advertising contributions are operating expenses. Initial and transfer fees, equipment, build-out, training and opening inventory are ordinarily part of the investment.
One-time acquisition costs versus running costs
The distinction is between money spent to acquire and establish the enterprise and money the enterprise spends because it is trading. A transfer fee paid to the franchisor to take over the agreement is acquisition. Signage and equipment required by the system are acquisition. Initial training required before opening is acquisition. The monthly royalty and the advertising levy are the cost of doing business and belong in the projections rather than in the investment schedule, where including them looks like padding and undermines the rest of the numbers. Where the couple has committed to a build-out that will be paid in stages, include the contract and the schedule so the officer can see what is irrevocably committed as against what remains discretionary. Keep the visa costs in a separate ledger entirely.
Hypothetical example: a mobile-equipment repair company buys diagnostic tools, a service van and inventory before it opens. A first review sorts paid invoices, lease deposits, start-up contracts and recurring operating expenses into separate schedules. The primary records are receipts, cancelled payments and signed commitments that show the capital is at risk. If the largest item is a refundable deposit or an amount that the owner can freely withdraw, it should not be counted as committed investment. The applicant must decide whether to make a commercially sensible additional commitment, renegotiate the transaction, or defer filing until the record matches the plan.