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My friend and I, we are on H1B working for big tech. We want to do a startup in US but it would take us 3-4 months to raise funding. In the meantime, can we register the company on our name, pull our H1Bs under it, and start working full-time for the startup?

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Possibly. The issue is going to be your ownership and control of the entity which almost certainly will result in a request for evidence. But you can structure the company in a certain way - independent board of directors, etc. - to minimize the chance of an RFE or even a denial.

For the same situation, what if the visa is H1B1 and not the H1B?

It looks like H1B1 is non-transferrable to a different company and needs a new application from the beginning.

That's right, there's no "portability" for an H-1B1 (or premium processing) so if one is in the US and wants to move from one H-1B1 employer to another, he or she needs to leave and apply for a new H-1B1 visa at a US Consulate abroad through the new employer or the new employer needs to file an H-1B1 petition with USCIS. But since premium processing isn't available, the latter process would take months.

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