Hi, I've been trading FX for quite some years now and have finally been able to generate a consistent profit stream for the past 2 years. Now I am looking to manage some OPM. Right now what I am thinking is to set up a managed account service via Oanda's FXManager platform. I'd like to set up an offshore company for this purpose. I'd like to set it up the same way as Rove Capital does, but preferrably in Cayman or BVI. Does anyone have any experience in this? Could you kindly refer me to a lawyer/company that can help me with this? BTW I am foreign-based and does not need to be registered with the SEC, CFTC or any other regulator. Thank you all in advance for the help.
Why offshore? you are still liable for taxes unless you are moving offshore and denounce your US citizenship. Just trade OPM via the brokers 3rd party trading facilities. Draw up contracts with clients and see how it goes.
Thanks for your response! I already live offshore and am not an US citizen. I'd like to set up a company so its more official.
FX is not regulated in my country. SEC has no jurisdiction here. CFTC has no jurisdiction here. Nor does the FSA and IRS. I can take care of tax issues myself. Thank you. Could someone help me with this?