[atria]

You want us to render advice that covers several legal specialties which converge between state, federal, tax, business, and immigration law, which if wrong, could result in a denial of a visa and untold aggrivation to your business partners? In addition, you want us to tell you the secret on how to found a company that will become a unicorn?

You are an F-1, so you are forbidden from working as statatory employee (immigration law + employement law), except as OPT. You are forbidden from forming a single-member Sub S corporation (tax law). However, there isn't any reason why you can't act as a sole proprietor or single member LLC (depending on state law regarding LLCs). While this violates the spirit of the law, as long as you declare your income on a Schedule C the IRS (tax law) won't care. You will not be able be an employee of the company, but you should be able to take a draw or distribution. If you go this route, should should reserve 30% of everything you make to pay taxes and be prepared to pay estimated quarterly taxes.

If you plan on holding accounts overseas, you need to find a CPA that understands the requirements for reporting foreign holdings. You really need to be asking a good attorney along with an even better accountant, and be prepared to pay for their advice.