How to turn an idea into a startup while holding H1b

#1

Post by dcozel » Fri, Oct 07, 2011, 2:06 PM UTC

Hi,

I just started talking to VCs about my business plan, when I realized that my H1b might be a big obstacle. I have H1b from a big corporation.

I have a legal resident co-founder, but I still am not entirely sure of the big problem awaiting me.

How do I go from working for big co. to being able to create and run a startup? Anyone have experience/suggestions?

Re: How to turn an idea into a startup while holding H1b

#2

Post by AskGeeser » Fri, Oct 07, 2011, 2:46 PM UTC

From what I understand speaking with an immigrations attorney will be best advised due to the sensitive nature of your concern. Should you be wrongly advised it can cause financial strain on your business and your partnership. I'm assuming that would restrict you from providing yourself a salary meaning you won't be able to be an active participant only a passive. In sum, you would be able to invest as a shareholder not an executive. There is also the option of getting your start up to sponsor a visa or a H1B for you but that's a bit complex best inquired to a legal professional. Again I suggest getting official legal advice because one inaccurate move can result in permanent banning/ deportation or even monetary fines.

Re: How to turn an idea into a startup while holding H1b

#3

Post by dcozel » Sat, Oct 08, 2011, 2:25 PM UTC

Thank you for your advice, I will find an attorney as soon as possible.