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May I use my saved 500k while I am on H-1B visa to start my own business?

May I use my saved $500,000 while I am on H-1B visa to start my own business? The $500,000 will be used to start-up an IT staffing and consulting business. Although I might not use the whole amount, but will be able to create more than 10 jobs in 2 years. Will my case be approved to receive unconditional Green Card? What if I create fewer than 10 jobs in 2 years and show potential to increase job creation after some more time. Can I extend my stay?

Answers

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    Shahzad Q Qadri

    RC Creator
    Answered on

    You cannot start your own business while on a H1B as those are employer specific. In order to take advantage of the $500k investment yo have to invest in a RC.

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    Julia Roussinova

    Immigration Attorney
    Answered on

    You may use personal saved funds to apply for EB-5 direct case. You must be able to demonstrate the lawful source of funds. Additionally, in order not to violate your H-1B status, you may not manage your own business and will need to have it properly structured with you as a passive investor. You will need to be able to demonstrate the requisite job creation within 2 years of approval of I-526 petition or show a reasonable estimate when the requisite jobs will be created if not all 10 full-time jobs are created within the above time frame. Your direct investment will need to be in a rural area or TEA to qualify for a reduced investment of $500K; otherwise, the required minimum investment is $1mln. Approval of I-829 petition will depend on many factors and it is highly recommended that you engage the services of an experienced EB-5 immigration attorney to help you through the process. Do not hesitate to contact our office should you have further questions.

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    Reza Rahbaran

    Immigration Attorney
    Answered on

    Yes, you may apply for the EB-5 visa whilst on the H1-B. You must however not manage the business while your application is pending. You will need to use all the investment funds within 24 months of visa approval and create 10 full time jobs. If you fall short on the job creation you may file for an extension. This will be granted depending on the circumstances leading to the delay and the likelihood that the jobs will be created within a reasonable time. For further information please contact Rahbaran & Associates.

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    Lei Jiang

    Immigration Attorney
    Answered on

    Yes. You can use your saved money for EB-5 immigration. You need to be in a TEA to qualify for $500,000. It is very risky if you cannot create 10 jobs in 2 years. Please feel free to contact me.

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    Albert Lewis

    Immigration Attorney
    Answered on

    Yes, you can be an EB5 investor while on H-1B status. You can make an investment but you cannot work at starting your own business. You need to be careful about the activities your do so that you do not fall into the classification of "working" in violation of your H1B. H1B only allows you to work for the employer who obtained the H1B for you. If you start your own business, the investment must be the entire $500,000 if your business is in an underemployment area. Otherwise your entire investment must be $1,000,000. Will my case be approved to receive unconditional Green Card? Approval will depend solely on the business plan, satisfaction of regulatory requirements, and the USCIS economic consultant''s assessment of whether your plan will actually created 10 full-time jobs. What if I create fewer than 10 jobs in 2 years and show potential to increase job creation after some more time. There may be some possibility of an extension if the 10 full-time jobs are not created within 2 years, but be very careful. Your business plan must show the growth to 10 full-time jobs.

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    Marisa Casablanca

    Immigration Attorney
    Answered on

    You may use your funds during your H1B visa. The source of funds is actually easy to document when you earn it in the US under that type of visa. We are available if you need further assistance.

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    Ed Beshara

    Immigration Attorney
    Answered on

    Personal funds derived from lawful sources may be used in an EB-5 New Commercial project. You may file an I-526 Investors petition, however you may not start managing or directing the EB-5 enterprise during the adjudication process of the I-526 petition. If the I-426 petition is approved while you remain in legal HI-B status, you may file your application for conditional permanent residency status. With the filing of the application you may file and receive employment authorization which will allow you manage the EB-5 enterprise even before you receive conditional permanent residency status. Currently the USCIS is discussing draft policies allowing investors to obtain unconditional residency, even when the required jobs are not created before the two year anniversary and there is a showing of substantial compliance and a showing there will be a creation of the required jobs within the next 12 months.

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    Philip H Teplen

    Immigration Attorney
    Answered on

    You certainly can use your saved money but it may not qualify. I suggest we speak when you are ready.

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    Roberto Ortiz

    Immigration Attorney
    Answered on

    In order for you to be eligible to apply for an EB-5, you must invest all of the $500,000.00 in a new commercial enterprise and you have to demonstrate that in 2 years you will create 10 full time jobs. Also, during those two years you will have to be managing the new commercial enterprise. If you have any other questions, please do not hesitate to contact me. Thank you.

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    Igor Serbinin

    Immigration Attorney
    Answered on

    With half a million you can invest in a targeted employment area (TEA). The entire amount must be at-risk to qualify for permanent residency, partial investment even creating 10 or more qualified jobs is not enough. You can be in H-1B status while applying for EB5.

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    Elizabeth Krukova

    Immigration Attorney
    Answered on

    A: Yes, you can use your savings and apply for EB-5 while on H-1B. Yes, you can start with $500,000 and invest more later. The job creation ratio of 10 employees per 1 investor should be met before the final adjudication for a final green card. In practice, it is about 3 years, from the date you start your application process. This is because it might take a year for initial application and then you will have additional 2 years to reach the threshold of 10.

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    Ying Lu

    Immigration Attorney
    Answered on

    There are several questions you need to consider before starting a direct EB-5 business. First, you need to make sure about the investment amount. Not all EB-5 cases are $ 500,000. Only investment made to a commercial enterprise located in a targeted employment area can be decreased to $ 500,000; otherwise, the investment amount should be at least $ 1 million. Second, the investment must be at risk. You cannot just let all or partial funds sit in the business?s bank account. All funds must be used in job creation. Third, you must prove to USCIS that 10 new jobs have been created before you can remove the conditions on your conditional green card. If you have not created 10 new jobs by the end of the second anniversary of your conditional residency, you must provide reasonable explanation to USCIS and hope that USCIS will agree to give you more time to create the jobs. Direct EB-5 is very complicated, you may want to contact any experienced EB-5 attorney like us to get it started.

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    Rebecca White

    Immigration Attorney
    Answered on

    You may be able to do as you indicate below, or there may be other paths open to you for securing a greencard. A consultation would be a good starting point.

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    Lynne Feldman

    Immigration Attorney
    Answered on

    Possibly. The $500,000 will only work for EB-5 if it is invested in a TEA area of high unemployment or rural area as designated by the State. As long as you are not working for the start up should be OK in terms of your status. If you wish to work there you will need a concurrent H-1B.

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    Margo Chernysheva

    Immigration Attorney
    Answered on

    First, you need to make sure that your company is in a geographical location that qualifies for the reduced investment amount. Second, you need to invest or be in the process of investing (and show when you will complete the investment in your business plan) the entire required amount ($1M or $500K). and Finally, you have to be sure to hire an experienced immigration attorney to assist you.

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    Bernard P Wolfsdorf

    Immigration Attorney
    Answered on

    Yes but the question is how will you run the business. You need an independent board that can hire and fire you, that company must then petition for your H-1B. Let us know if we can help.

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