I am currently on H-1B status with approved I-140 in EB2 category with a priority date of February 2011. Can I open a company, say, S-corp or LLC, invest money to start a business and be a passive investor while other hired people run the business and I just take profits? If business run well, can I file my H-1B from my own company and also file immigrant petition?
You can do all of that while on H-1B status, except have your "own" company (successfully) file an "immigrant petition" on your behalf. It will never get that far. The company will be stuck at the first phase of that, i.e. the labor certification application process, when it will have to disclose of the "beneficiary" holding an "ownership interest" in the petitioning company. That will then be the end of that one..
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You would be violating your status if you open your own company on H-1B. You might consider applying for an E-2 if you qualify and are from a treaty country.
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Yes you can if you are ready to hire people to run it including as basic operations as paying the bills for the business. Since you cannot do any of it. All you can do is enjoy the profits, if any is left once you paid all the salaries.
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