Trading on H1-B / H4 visa

[limitdown]

Quote from NYDreamer:


BTW, the visa quota was met in less than a week this year. It shows how eager companies are to cut costs.

companies are free to do as they choose, just when they take corporate and social welfare from the US taxpayer base, through whatever means they achieve (...), then that social obligation has consequences.

I feel for....
a) the tens thousands hard working students both going into, already in, and those graduating from --- US colleges, who in all kinds of fields of endeavours are not being recruited, hired, trained or developed in favor of cheap foreign labor

b) the parents, municipalities (where home owners taxes distinguish between well funded school districts and poor performing districts) who are not getting a positive return on their social investment, as promised, as the (so called "play by the rules") rules state....

c) the net effect that has happened over the past 2 technology bubbles in the last 20+ years, in such a detrimental way upon the society and state, local and collegiate budgets and household budgets

the high cost of allowing the best to go elsewhere, with the high social cost of producing the best educated students through the pipeline (as it were) and them not achieving all that they were supposed to,

is hitting us in the face, and in comments like these...

no, abuse of that process of bringing in cheap labour is by no means the sum of the discussion, detriment to society, and our tax base / overall economic condition as a country, or a state (pick any of the 51), or a county within a state, or a municipality with those counties....

yeah, the US has a lot to offer,
and that offer no longer goes to citizens first,

why?

 

[DarthSidious]

NYDreamer, You are worrying about all the wrong things. You can absolutely trade, as much as you like, as frequently as you like, as long it's a personal or joint a/c. H4 visa holders are not allowed to "work", because the government doesn't want you taking someone else's "job". You are not "working" when you are trading.

You need a Social Security number first, so you can file taxes. If you can't get a Social Security Number, get a http://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-(TIN)#itin

 

[limitdown]

Quote from DarthSidious:

NYDreamer, You are worrying about all the wrong things. You can absolutely trade, as much as you like, as frequently as you like, as long it's a personal or joint a/c. H4 visa holders are not allowed to "work", because the government doesn't want you taking someone else's "job". You are not "working" when you are trading.

You need a Social Security number first, so you can file taxes. If you can't get a Social Security Number, get a http://www.irs.gov/Individuals/International-Taxpayers/Taxpayer-Identification-Numbers-(TIN)#itin

Darth,


your moniker / avatar / handle / name

suits you well.....

 

[Nab]

Quote from NYDreamer:

Yes, the visas are being abused on a large scale by using them for importing cheap labor (Indian outsourcing companies received over half of the available visas in 2012). It's unfair competition for US engineers, and it will hurt the US in the long run.

Simply wrong. There is indeed a lack of highly qualified workers in the states. One of the reasons being that most of the students who run from the start through the american education system are worthless in the end. Take a look into the PhD programs of the top schools. Most of the students are actually foreigners (followed by asian americans) ... or into Tech firms ... This is definitely not because they are cheaper. In contrast, it is more expensive/risky to hire them. But you have to take the best if you want to stay competitive ...

 

[DarthSidious]

Quote from Nab:

Simply wrong. There is indeed a lack of highly qualified workers in the states. One of the reasons being that most of the students who run from the start through the american education system are worthless in the end. Take a look into the PhD programs of the top schools. Most of the students are actually foreigners (followed by asian americans) ... or into Tech firms ... This is definitely not because they are cheaper. In contrast, it is more expensive/risky to hire them. But you have to take the best if you want to stay competitive ...

+1

And Dubya's "No Child Left Behind" had the effect of dumbing down entire school education to meet "standards". It's not getting better. It is getting worse

 

[limitdown]

Quote from Nab:

Simply wrong. There is indeed a lack of highly qualified workers in the states. One of the reasons being that most of the students who run from the start through the american education system are worthless in the end. Take a look into the PhD programs of the top schools. Most of the students are actually foreigners (followed by asian americans) ... or into Tech firms ... This is definitely not because they are cheaper. In contrast, it is more expensive/risky to hire them. But you have to take the best if you want to stay competitive ...

Sallie Mae, is loaded with the billions of dollars of student debts, run up over the broken promises that if you attain education, whether doled out and dumped on you, or earned competitively through rigorous course work and classroom projects...

billions of dollars of debts, from students who believed that if they just participated and became good grown up citizens and presented themselves to the marketplace they would be employed and able to repay their indenture as well as provide for their families and livelihoods, almost through retirement

those millions of present and former students are a more close approximation of the reality of the disenfranchisement and seething open wound conditions that exist, when any of these companies justify their need to hire and import offshore...

simply put, during WWII, the companies took farm hands and held classes and trained enough peoples of all gender, races, ages, skill sets to handle the complex needs of the manufacturing, engineering and technical skills needed to produce all those products...

so the notion that suddenly, corporations must have plug-and-play candidates only without any investment or adjustment or adaptation just doesn't hold penchant or legitimacy in any academic, secular or social setting...

what I alluded to were the economic and social expectations and interdependancies that our US domestic systems are based upon, that are being dismantled, broken, unfulfilled and allowed to flounder, as if the solution were to allow more Visa workers in.

I know many hundreds who invested their careers in technology, programming, systems and networks that rhue the day the doors were flung open...

 

[Nab]

Quote from limitdown:


simply put, during WWII, the companies took farm hands and held classes and trained enough peoples of all gender, races, ages, skill sets to handle the complex needs of the manufacturing, engineering and technical skills needed to produce all those products...

what I alluded to were the economic and social expectations and interdependancies that our US domestic systems are based upon, that are being dismantled, broken, unfulfilled and allowed to flounder, as if the solution were to allow more Visa workers in.

First of all, it is not the responsibility of companies to provide education. Despite that, if you take a closer look, the donations of companies (and private donors) are in fact what currently keeps public universities floating.

The lack of quality of education (if you go away from the ivy league scene) is not the fault of companies, but rather of government and *society* in general.

Highly qualified foreign immigrants are nothing new. You can attribute a significant portion of americas economic, scientific, etc. successes in the past to them ... ( I'm curious what kind of visa status the Googlers had )

"trained enough peoples of all gender, races, ages, skill sets to handle the complex needs of the manufacturing, engineering and technical skills needed to produce all those products"

If there is no proper foundation (and right attitude), training is more or less impossible. A good technical education takes years of strong commitment, pain and suffering ... but nowadays everyone wants free lunch.

 

[abcd1234]

Quote from abcd1234:

I m interested in this kind of issue.
Although someone who has H1b from some employer, they can't work for another one, unless you have another H1b from the other one too.

However, a prop trading is not an employment from my understanding. Some companies use their traders as their customers who only use their trading platform and spend trading fee and application fees. Even licensed prop firms don't pay salary but only give leverage based on traders' deposit.

So, my question is if a prop trading is a type of job which we need an H1b? As long as we have SSN and report our taxes, we can trade as we do day trading on our own account, can we?

I thought I failed to post, but now i can see my comment way back.

Anyway, does anyone know if foreigners can trade at a prop firm?

If they take a license such as series 56, is it considered that they are employed at the firm?

 

[Nab]

Quote from abcd1234:

I thought I failed to post, but now i can see my comment way back.

Anyway, does anyone know if foreigners can trade at a prop firm?

If they take a license such as series 56, is it considered that they are employed at the firm?

If it is a serious prop firm (you are an employee), it is not uncommon that they sponsor H1B, though the qualification threshold is usually a bit higher.

 

[NYDreamer]

Quote from Nab:

Simply wrong. There is indeed a lack of highly qualified workers in the states. One of the reasons being that most of the students who run from the start through the american education system are worthless in the end. Take a look into the PhD programs of the top schools. Most of the students are actually foreigners (followed by asian americans) ... or into Tech firms ... This is definitely not because they are cheaper. In contrast, it is more expensive/risky to hire them. But you have to take the best if you want to stay competitive ...

Yes, education in the US is another problem, but I was talking about this phenomenon:

http://www.npr.org/blogs/alltechcon...H1-B-Visa-Workers-Its-Not-Who-You-Might-Think

I didn't deny that there is a lack of skilled workers, and you are right that the foreigners in the US colleges are doing better than American students, but there is a separate quota for 'graduated from US college' H-1Bs (about 25% of the total no. of visas).