The company will be a Bermuda entity
I will not be an employee of the company
I will not own more than 40% of the company
The company will provide fund manager services to hedge funds
I will receive periodic dividends when the company becomes cash flow positive
Does this type of investment qualify for my self-directed account?
ANSWER: I understand that the "employer in Bermuda" is not the company sponsoring the solo 401k.
Given this understanding the question is whether the company is a disqualified person.
The investment would qualify as long as the company is not a disqualified person (see definition at http://www.mysolo401k.net/Solo-401k-disqualified-person.html). Doesn't appear to fit under no. 7.
In sum, it does not appear to be a Disqualified Person based on the information provided in your email.