Advice on starting offshore fund in Caribbean

Hi,

Me and my business partner have 10 years of market experience. For 3 last years trading we are making 50-60% profits a year with minimal drawdowns on our small 400k USD account at IB. We also run our own companies not connected with finance.

We are in our at our 40s and we are thinking of scaling up our trading operation and sharing our profits with investors. Since we don't have connections in investment banks in USA and no millions of dollars required to run a hedge fund in USA or Europe, we are thinking of setting up incubator fund in BVI, which is cost effective. I know we will not be able to market to US investors and possibly not EU investors after MIFID II, but still a lot of investors left in the rest of the world.

We are planning to run this fund in minimalistic way (off sourcing operations, legal, accounting, no flashy offices, etc.) and see if after 2-3 years of heavy marketing/sales efforts, we will get any clients. I know getting clients is most difficult thing in this business so we would focus mainly on this, but incubator fund requirements need only 20k USD as minimum investment.

I would like to ask for advice or tips of anybody who is experienced in offshore fund space. What are the traps to watch for and what to focus on when starting such fund and getting clients?

I am pretty sure a lot of travel for live meetings around the world would be needed.