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How much money do you need to safely port to self employment?

Discussion in 'Start up company issues' started by lumina83, May 14, 2012.

  1. lumina83

    lumina83 Junior Member

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    Back in 2007, I got an offer at Google and they were kind enough to sponsor me for a greencard. I left the company in late 2010 to run my own thing, and Ron and Peter Clark saved me big time when a NOID was issued after Google notified that I left about 6 months later (it was past 180 days).
    After that incident I am back fulltime at another media/tech company. As you can probably tell, I have strong desire to run my own show.

    In the Q&A for AC-21 port to self employment, one of the questions read as follows:
    http://www.imminfo.com/Library/AC21/AC21-portability-self-emplyment.html

    "Q:
    I expect my new company/contracting will only slowly pick up speed, but I do have savings that will support me in the meantime, so I won't need any form of welfare. Does self-employment need to be productive, or just legitimate? Do I need a minimum revenue, number of contracts/clients etc.?

    A: While you do not have to earn the same salary as that offered in the PERM, you do have to show that you will be able to work on a more or less full time basis and that you will earn enough to support yourself if you are going to port to self-employment."

    Right now, my business partner and I make about 4k a month in passive income from various web properties. So I get about 2k. It covers all of my basic expenses, etc despite the high cost of living in the Bay Area. This is in addition to my "normal" 9-5 salary.

    I guess I am asking anyone who has successfully done this before, how much money do you need to prove "you will be able to work on a more or less full time basis and that you will earn enough to support yourself".

    Right now, "support yourself" for me means I can pay rent and food and basic expenses with 2k, if I were to leave my job and do this startup thing full time.

    Thanks guys!
    -Rich
     
  2. Ron Gotcher

    Ron Gotcher Attorney at Law

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    Re: How much money do you need to safely port to self employment?

    The key is documenting that you are (a) working in the same or similar occupational classification, and (b) that you have enough income to keep you off public benefits. Other than that, you are golden.
     
  3. coldmax

    coldmax Junior Member

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    Re: How much money do you need to safely port to self employment?

    lumina83 – so, what happened? did you take the plunge?
     

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