Are there any best practices for structuring a non-US search fund?

I'm launching the first search fund in the Philippines and would like to know from searchers what the best practices are, if any, regarding structuring the limited liability company that I will be operating under. Due to the stable legal and regulatory frameworks in Singapore and Hong Kong, I am considering incorporating the SF in either of these jurisdictions while looking for an acquisition target in the Philippines. Have any of the searchers here done something similar (i.e. incorporating in the Carribean or Channel Islands for US- and Europe-based search funds respectively)? What are the downsides, if any, of structuring an SF this way?