I485/AC21 and company ownership.

V

Voin

Registered Users (C)
Hi there!

Here is short background on my story: I have H-1B with small startup company. Company owners and founder are my good friends. Our main business went sour due to lawsuit from our competitors. Other employees left company, so right now we have two employees. Owner (US citizen) and me. Some time ago we started doing corp-to-corp consulting jobs. In a same time we filed PERM (now "in process").
My friend/company is not interested in this business, so he is keeping company open only to keep me in status and to give me a chance to get GC. In short, best solution for us both if I transfer ownership of the company to myself.

Question: From USCIS point of view - when this transaction will be possible. As I understand, I can't hold interest in petitioning company. What about I-140 and 485? As I understand, after I-140 approval +180 days I will be free to AC21 my case, so I can go to W2 contracts on EAD. But way with buying out my current company to keep my H-1B is better, since I won't have to transfer my visa. But I am not too sure about USCIS point of view on this case. Is it OK to buy a company that holds your petition?
 
Voin said:
But I am not too sure about USCIS point of view on this case. Is it OK to buy a company that holds your petition?
Click to expand...

I am extremely leery of such a situation. If USCIS finds out about the ownership structure you may have all sorts of problems. I would avoid this except if you absolutely no other options.
 
H1 under own company seems to be problem. In H1, I think you need a "genuine US job". If you are in H1 you may not come under that classification. Just tell your friend "PLEASE".......
 
You can easily find a billing company, who will take expenses + X %, do your H1 and file PERM/140/GC too, and your consulting continues...I can suggest you some if you want..

Your PERM etc will have value only after you file 140, and by waiting for 180 days you qualify. But if your fiend's co has litigation problems, they may reflect in ability to pay and GC can be in jeopardy..

Secondly, you may need to take a quick decision as your friend may not like to keep a company with litigation and potential liability.. Even you would not want to. Option above may be the best.
 
Thank you for the response. My question was more theoretical than practical at this point. I will not change anything until my 485 is mature enough for AC21.

This discussion brings another question. I went thru all INS publications related to I-129. There is no mentions about restrictions for alien holding interest in the company.
It will be a violation if I do, for example, accountant job in the company and get payment for doing it, while my petition was for software developer.

But what about software developer doing CEO/CFO/accounting for free? Can I volunteer my time for this duties and recieve payments only for development for our clients? Basically I will be my own (and only) employee plus I will be my own employer.
 
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