Setting up foreign company

Hi All,

I am looking to set up a company outside India. Please let me know what is the better route for making such investment i.e. under 

1) Liberalised Remittance Scheme (LRS) by Resident Individual (max limit of USD 125,000/- p.a.)

OR

2) Overseas Direct Investment (ODI) by Indian Company (max limit of 400% of Net worth)

Please guide me what is the better route of making the investment for setting up of JV outside India.

Also from tax point of view, what is better, keeping in mind the repatriation of funds back in India.

Thanks in advance.