H1b as an entrepreneur

[bangaloreguy78]

I am planning to leave my present H1b job and get on H1b (as entrepreneur) with my own company. I am very close to getting seed-funded. At the outset, I will be the first employee with majority stake, along with a board of directors, who will just get Equity. 

Questions:
1) Can I just have 1/2 people in my board of directors of new company? Any restrictions as to who can be a member of the Board ?
2) My current LCA/actual salary is ~130K. Do I need to pay myself at least the similar rate in the new company ? Or can I pay myself a lower salary (~50K-75K) as I have significant Equity ?
3) How much minimum funding might I really need to get H1b accepted ? Guess it would depend on (2) above
4) Do I need funding from an accredited investor/VC/angel or can it be friends’ or my own money ?
5) In current circumstances, for future GC, does O1 make more sense than H1B ?

Responses much appreciated in advance.

 

 

 

 

[Vinayprirajin84]

The H1B visa is issued for a specialty occupation, requires theoretical and practical application of a body of specialized knowledge. 

As far as i know, H1B is not eligible to operate as enterprener. if that's the case every person who is on H1B can open their own company. 

You cannot be on H1B to start your company. But it does not /should have ur name on the company board of directors. You can be an employee to that company. 

[JoeF]

https://www.murthy.com/2012/12/17/entrepreneur-h1b-petitions-a-new-option-for-start-up-companies/

You should discuss this with a good immigration lawyer. There are lots of pitfalls for this route.

It also seems that the current administration isn't happy with the entrepreneur rule, as per news reports.