H1-B: Starting a Company

[akash2006]

All,

With the recent changes to encourage entrepreneurs, I am trying to find the best possible way how to start a company while I am on H1 and working for another employer. It is bit unclear, so I would like to have some advise on this before I go and talk to attorney.

I am on H1 and working for Company X. Myself and couple of my friends who have finished PhD are planning to start a company. They are also on OPT, and we are Y-combinator backed at this stage. Before we raise serious funding, we have the following questions:

1. Being on H1 with another employer X, can I start a company and at what stage the H1 needs to be filed ? after funding or even before funding ? Is this concurrent H1 or a normal H1 transfer to our own company controlled by Board of directors.

2. The EB2-NIW is also bit unclear that, does one first need to go to H1 status(own company) and then file for NIW or one can directly file for NIW without even going for H1.

3. The lesser clarity question is, do I need to inform my current employer about the concurrent H1 or NIW ? Because if the new H1 gets RFE or something, how does that work ?

Any expert advise in this regard is highly appreciated.

Some of the USCIS updates I am coming from are:

http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=3f412bfb4cf81310VgnVCM100000082ca60aRCRD&vgnextchannel=44eec665e1681310VgnVCM100000082ca60aRCRD

http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=3d015869c9326210VgnVCM100000082ca60aRCRD&vgnextchannel=6abe6d26d17df110VgnVCM1000004718190aRCRD