Ask HN: Incorporate in US, but Live in India?

Hey everyone - I currently work on H1B visa in the US, have a Singapore Permanent Residence, and Indian citizenship. I am planning to start up a global internet-based company with initial users in the US. To build global credibility, I'm inclined to incorporate in US, but on a personal front, I'd like to move back to India and operate from there.

Do you have insight on the legal, tax and cost implications of operating in such a manner? Would you do an alternative structure?