Starting companies on H1b


pranaykumar

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Hello , can someone help me what will be the legal obligations in the following conditions.

 

I work for an employer X on H1b with approved I140 petition and waiting in the never ending queue.

 

I see myself as a unique Entrepreneur  ... and Wanted to understand the legal obligations for me as a co- founder of 3  S- Corp's along with a US citizen partners who are leading the business development responsibilities and own around 55% equity together in each entity accordingly. I have around 45% equity in these companies.

 

 

 

All I do is find right ideas/ technologies and my partners do their due diligence in licensing it , forming teams around it , get investments.   I pay from my share of initial expenses incurred as an investor and to gain above equity.

 

All the work is done by this team mates before we go for an investment phase . I will not be doing any active work as this is not my expertise and I have nothing to do with any business development activities or the technologies .

 

I am just a leech who finds good techs from say like google search.

 

I now see some of my companies gaining traction to get millions of dollars in investment . Now I want to dig to see if I  get sponsored may be a EB1 or EB5 for some quicker path than the Eb2 I am with company X .

 

I have no intentions to draw salaries or work in  any of my companies , I only see my role as a board member and majority stock holder and expect the valuations to go up as time progresses.

 

Questions :

 

1) Am I infringing any of my current rights of H1b with my employer X  ... My employer is a fortune 100 company and I reported to their compliance system that I formed this entities and they blessed it as I am not hindering with any of their time to do my tech search .......

 

2) Finding technologies and forming entities and doing investments like the ones mentioned above , am I infringing any of my H1b guidelines set by USCIS.

 

3) I see that there might be queries when I apply for an EB1 Entrepreneur type petition and say I have 3 companies , I might need to justify how I started these 3 and what my time level and responsibility level is for these companies .  Do you see any other issues beyond these ...

 

4) Will I be able to get Eb1 based greencard if someone invests 5 million dollars in my company that has potential to create lot of jobs within USA .

 

I tried staying legally , and all I can say is I did not involve in any of the activities in my companies rather than the above mentioned ones .  Each company now has team of atleast 6 US citizens/ greencard  employees who are solely working on equities , and soon will collect salaries when company gets funding .

 

 

 

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You can generally only be a passive investor on H1.

There is an Entrepreneur option, but that has certain restrictions, e.g., the board has to control your work.

You should discuss your situation with a good immigration lawyer.

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  • 2 weeks later...

I got  my H4 EAD approved . Willing to start a business ,importing from other countries. Can I know how to start and the procedures?

If you have to ask,you aren't a good business person. A proactive person, what a businessperson should be, would at least use an Internet search engine, or go to the local bookstore to check out the tons of business help books out there...

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I got  my H4 EAD approved . Willing to start a business ,importing from other countries. Can I know how to start and the procedures?

Sorry to be so blunt, but your question is like "I want to buy a car, how do I do that?"

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Thanks Joef, for your time and reply.Am here to know what i don't know.If you can or know what am looking for pls share . Seeking for  encourage and guide .

 

Apparently, you also don't read...

I said: "use an Internet search engine, or go to the local bookstore to check out the tons of business help books out there..."

Do your homework. Educate yourself. In business, nobody holds your hand and "encourages" or "guides" you.

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  • 3 months later...

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