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Has anyone started a small business while on H1B? I have an opportunity to start a business that I always dreamed of. However, due to Visa limitations i want to take advice before taking any steps. Has anyone been in this situation? P.S. I have talked to 3 attorneys and i have got mixed suggestions. Hence wanted to connect with someone who has experience with it or knows someone closely, who were able to pull it off successfully. Appreciate your help!
If even one of the three lawyers said you can do it, that lawyer deserves to get disbarred.
Really!!! That sucks! I was told that as long as i am not working for this new business, it should be fine. I can also take profits as an investor. How are you so sure of it? Really confused!
You can be a PASSIVE investor. You cannot "start" a business, have an official title like CEO, or something, take any meetings for getting funding, be involved in the day-to-day, or get any salary/benefits. So you can give the money to your friend in return for equity and that's it. No active work from you.
It's illegal, and I am assuming you don't want to be advised to do it. Honestly I am not sure which lawyers you went to but you need some better ones. The only way you can do any of this is in pure investor capacity. As soon as you actually do any work for the business you are breaking the terms of your visa. Enforcement is not frequent but the shit will hit the fan quickly if you are ever caught.
Appreciate it. Can you suggest some notable lawyers i can consult? Would really appreciate it.