

Ask HN: Any founders here on H1B? - QJ

I have been debating for the last few days whether I should start my own company to test a product idea I have. My problem is that I am currently on a H1B visa in the US and I've been told that I can only work/get paid by the company which sponsored my visa. Is it possible for me to keep my current, full time job (hence my visa) and still own 100% equity stake in my own company? I don't mind not getting paid by my own company for a few years till I become a US resident.<p>Anyone else been in a smilar situation? If you're a startup founder did you face any legal hurdles along the way because of your visa?
======
israelyc
This is from memory, so double check.. A. C or S corp only (S corp need a US
citizen) B. Theoretically you can transfer your H1B and keep your I40 only if
you have a non-controlling interest in the company (i.e. less than 50% or
biggest share, not sure) - so if you get 2 co-founders or serious funding
you'll be fine. C. Until then, you cannot work for your company, and cannot
withdraw a salary (not even as a contractor), only dividends.

------
yashchandra
I researched on this a while ago and it is a difficult situation. You can open
a company on H1B (not all types though. E.g. Only US citizen/permanent
residents can open an S-corp). The problem comes if you actually want to work
actively using that company. You are allowed to have equity stake as long as
you do not do any work yourself. It is kinda like holding stocks in a company
which is allowed to anyone under the sun. In short, you _cannot_ perform any
active duties as part of that corporation. You can perform some volunteer work
but that remains in a grey area which only attorneys can help with.

