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Yes. You can own a startup on H1B but you cannot get paid by the startup i.e. the seed money and angel funds would need to be be strictly used for startup expenses. You can hold equity but cannot cash it.
Kudos! On the funding. Happy to chat through my startup experience on H1B.
we went through three screenings with them to demo the application to three different groups. We have verbal and written confirmation they are willing to invest but they want to meet the management team as a final step which I don't know what it is .. to you question, I will quit the next minute once this is done !
Did anyone go through this before? I need some suggestions please.
Sure, thank you for the response .. how do I message you?
Guys... Please please discuss here. It'll be helpful for many others on h1b who think twice before going down the startup path.
No it won’t. If you are good enough to get 250k investment, then you should have enough sense to get a solid legal opinion.
EY1-i think we all know that one should get good solid legal opinion, thank you. VC is asking for the management team and their IDs and current profile, INC details (which is okay). I need to respond to him as he is very interested too. My confusion, we are only two people, one on H1 and one has green card and we both are technologists and built the application ourselves. Can I be honest and tell him we are only two people? I have got this far with a VC firm after lots and lots and lots of struggle and talking to many
OP it is fine to tell the VC that you both were the primary creators and owners. They do this all the time and can help think of legal immigration options. Don’t lie to them as that will hurt you in the long run
Isn't it always two or three people Max at the seed level? I don't think it'll be an issue as long as you both are tech. If two "strategists" out of a three people team would be a no.
@OP couple of questions: have you already secured the $250k or have been promised and VC is in the DD process? The VC questions are standard to validate their investment. It is going to be an uphill battle to convince investors to put their money into something that is not your primary job and doesn’t have your full time commitment. This is even more crucial for future funding rounds
OP unrelated but can I ask how you approached these angel investors
@OP: quit and then what ? Assuming you want to stay in the US : Who will sponsor your H1B ? Is your startup already Inc. ? Has it filed for your H1B ?