Rules for Creating Hedge Fund?

I like to create a Hedge Fund which will be used to invest in the South Asian countires. Please help me to understand if I need to registart in USA or not? Even though most of the investors will be from USA. If yes, where should I registart?

You do not need to register the fund (not yet anyway; the SEC's attempts to require regisrtration of hedge funds have been foiled by the Supreme Court). You may, however, have to register the management company as an investment advisor with the Securities and Exchange Commission (SEC) if you plan to have more than 13 U.S. investors or manage more than $25 million in assets. Also, since you are not going to register the fund, you are only allowed to accept investment from accredited U.S. investors (individuals whose investable assets exceed $1 million or who have had an annual income in excess of $300 thousand in at least two of three most recent years and companies whose investable assets exceed $5 million).

Since you plan to have both U.S. and international investors, you should probably create three funds: the offshore master fund, through which you will handle all investments, the offshore feeder in which your international clients will invest, and the onshore feeder in which your U.S. clients will invest. This is called the master-feeder structure. The onshore feeder is usually structured as a U.S. limited partnership, the offshore feeder and the master, as corporations in convenient jurisdictions (popular jurisdictions include Cayman Islands, Bermuda, Luxembourg, Ireland and a few others).

It is considered a good taste to hire an independent administrator, who will maintain the funds' books and periodically advise investors on the value of their holdings and the amounts of income and capital gain they have received from funds.

That is getting hashed out right now..... most likely not. but also depends on which state and AUM