Currently in my 4th year of H1B. Company has started the PERM process. Is it advisable not to look for other jobs in this scenario? What if I want to change jobs? What should I request the potential employers?

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Since you are at the beginning, you can look for other employers as long as they are willing to start your PERM right after you join. Otherwise it's not worth moving for the time being.

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Firstly, getting I-140 this year is highly unlikely. PERM process alone takes over a year nowadays (PWD 5-6 months, PERM 6-8 months plus attorney processing delays that add another 1-2 months to that timeline).

Once your PERM gets approved, your legal team will submit I-140. That takes about 7-9 months regular processing or 15 business days if Premium Processing is paid (usually, if employer doesn't want to pay premium they let applicants cover that fee). Once your I-140 is approved and 180 days have passed since the approval, your employer cannot withdraw it anymore while you wait for your date to become current. In that case, you can move to other employers and can use said I-140 to get as many H1B extensions as you need. You just have to redo the PERM with your new employer. You don't need a secondary I140 unless you change your EB category.

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