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I hear you. I too am working on a work visa, though it would be nice if we could start a start-up. The link provided by felipe was pretty useful, but it does not solve the problem. Thanks for asking the question though, it answered some of mine too...

I posted a similar question a while back: This is the thread http://news.ycombinator.com/comments?id=3531

Theres no reasons why you can't just start your company outside of the US. It may be a bit harder if you're not in the valley but you can always try.

Also, In India Internet companies/dot-coms are open to 100% Foreign Direct Investment and control. So if you start a company in India a VC or some other company can easily buy all of your stake. This could be true for other countries so check around...