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Comment on Ask HN: How do I legally run a startup in US while on an F1 or H1B visa?

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You can do this by filing H1B through a consulting company and start working for the startup as a contractor through the consulting company. One catch is that consulting company has to pay a minimum h1B salary for you which shouldn't be a problem if you do get into the accelerator. If you need help for filing H1B, let me know through email. Good luck.

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