What are the steps I need to take to start my own business on the H-1B and transition out of current job?

Question

My current role is with a fintech startup as a strategy manager, and I want to launch a venture capital firm. I will have one U.S.-based co-founder and another or two, potentially from Canada. Would appreciate quick thoughts on costs, timelines, and any other important considerations for this transition. Will need follow-on guidance too, happy to connect thereon.

James L. Arrasmith · Answer

Starting your own business on an H-1B visa requires careful planning. Begin by consulting an immigration attorney to ensure your venture complies with H-1B regulations, as you'll need to establish a legitimate employer-employee relationship with your new firm. This might involve setting up a board of directors and defining roles to meet USCIS requirements. 
 
Next, focus on building your venture capital firm. Incorporate the business, develop a comprehensive business plan, and secure initial funding. Costs can range from a few thousand to tens of thousands of dollars, depending on legal fees, registration, and operational expenses. The timeline for setup typically spans three to six months, but it can vary based on complexity and location. 
 
Additionally, consider the dynamics with your co-founders, especially if some are international partners. Ensure all legal and financial agreements are clear from the start. Plan your transition from your current job carefully to maintain your H-1B status, possibly by aligning your departure with the establishment of your new business. Stay informed about ongoing compliance requirements and seek continuous legal and financial guidance to navigate challenges as your firm grows.

Q: What are the steps I need to take to start my own business on the H-1B and transition out of current job?