Corb7 International March 31, 2021 Newsletter

International Business

Editor's Note

Crazy Uncle Ted's Bank Account

Let’s say for a second that you have a crazy uncle named Ted.  Ted has recently cleared out a bank account with UBS and now wants to give it to you.  Keep in mind it has zero dollars or Euros in it.  Would you want it?  Probably not and why would you.  Lord only knows what old Ted did within that bank account or if he has a debit card still attached to it. Plus, the bank just called, and you are going to need to produce the same background information to take over that account as if you are opening a new one.  It doesn't make much business sense does it?

Why then would you consider buying a vintage company with an existing account previously owned by a total stranger?  Again, it doesn’t make much business sense does it?  Ahh, but that is exactly what is being sold on the internet.  Plus, for this privilege and a few others of dubious value you will get to pay five to six times the real market value often totally $600,000 or more.

The exiting bank account pitch, especially when it comes to traditional Swiss Trust Companies, is nothing more than a sales gimmick with no real value.   If you go that direction you will pay dearly for it. 

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International Business

Business Psychology

The Mindset of Champions!

by Toni Delos Santos
90% Mental
90percentmental.com
 

  What do Michael Jordan, Serena Williams, and Tom Brady all have in common? They are all exceptionally talented athletes who have achieved greatness in both their respective sport and life. When we watch them perform, we see the results of the hours and hours of work that they put in both physically and mentally to be able to achieve their highest levels of success. They have all faced adversity and use the same resilience that they developed throughout their lives by implementing strong mindsets and belief systems that we can all learn from to become the best version of ourselves.

Having the right mindset is one of the most important pieces of the puzzle that individuals need to be successful.  Stanford’s professor and bestselling author Carol Dweck has done extensive research on mindset, and she has established that there are two types of mindsets that exist within people: fixed mindset or growth mindset. According to Dweck, “In a fixed mindset, people believe their basic qualities, such as intelligence or talent, are simply fixed traits.” She continues, “Alternatively, in a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are the starting point.”

People with a fixed mindset hold on to beliefs about themselves and their value that they are either naturally good or bad at certain skills and will never be able to attain a higher level. When we have a fixed mindset, we have limiting beliefs that were formed subconsciously as a defensive mechanism to help us to avoid feeling rejection and disappointment. These limiting beliefs get in the way of our growth and development. The growth mindset, however, is based on the thought that the ability to learn from each situation and move forward to succeed can always improve. With a growth mindset, each setback is a steppingstone that can get you closer to your goal by making adjustments. Some things will come more naturally than others, and with hard work and dedication your ability to improve and reach your goals is within your grasp.

Leaders and managers with a fixed mindset believe the talent they bring in will determine the success of the company. They are not open to suggestions and judge their work based only on the results and how it reflects on them. They are convinced that they are more intelligent and their way of doing things is the best way. This can lead to a company not keeping up with the changing environment and a competitor taking over their market share.

 In contrast, when you have leaders and managers that have a growth mindset, they believe that hiring talented people will be a great addition to their team; they will bring new ideas that will be beneficial to the team. If they do not get the result they were trying to achieve, they will go back, reassess, and make the necessary adjustments. This mindset will keep employees engaged and feel that their contribution to the company is valued.  Creating a psychologically safe environment where your ideas are welcomed and not judged can bring out a whole new level innovation. Having passionate people working together to achieve goals is invaluable. This mindset also creates solution minded workforce. If a certain idea does not work, they will work together until they figure out another way to make it happen.

A lot of times teams with the most talented players do not win championships. However, it is the teams that have great coaches with the ability to bring out each players potential and passion to work together for a common goal. When the team wins, everybody wins.

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International Business

  Offshore Perspective 

Bermuda Captive Insurance Conference

 June 14th & June 15th 

 Review
A captive is defined as an insurance company established in an offshore jurisdiction, created and controlled by either a parent company or professional association through which their own risk is insured. Those insured risks are frequently re-insured through a large multinational carrier.

The cost of insurance represents a considerable expense for most businesses. In recent years, premiums have skyrocketed leading many professionals to explore creative cost reduction strategies. One imaginative – yet proven – strategy is the use of wholly-owned subsidiaries to meet insurance needs which can control or even cut expenditures. Captives can be established to self-insure part or all of property loss, product liability, work compensation, malpractice and virtually any other coverage. Consequently, the driving force behind the move to offshore captive insurance extends virtually across all industries including, but not limited to: medical malpractice, workers compensation, manufacturing, financial, energy-related, and real estate developers, just to name a few. Over 350 of the Fortune 500 companies in the United States have insurance captives. As a result, Captive Insurance Companies have become a growing and significant sector of the global insurance industry.

Benefits:
1. Instances when insurance cannot be purchased from commercial insurance companies for a business risk. In many instances companies within an industry form a joint captive insurance company for that reason.

2. In very specific cases, premiums paid to a captive insurance company may be deductible as a business expense for tax purposes according to the Internal Revenue Service. It is important to note that the IRS has established very strict guidelines to qualify for tax benefits and the use of a professional is critical.  The rule of thumb is that the insurance company will need to be adequately capitalized and offer sufficient third party (non-related) insurance to qualify.

3. Insurance can be obtained through the international reinsurance market at a more favorable premium with higher limits of coverage.

4. Investment returns can be obtained directly on its invested capital.

Bermuda
Bermuda stands as the world's leader in Captive Insurance.  As such, their annual conference is consider one of the most important in the industry.  

Conference Information

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International Business   

Business Tools

Don't Get Hijacked!

    A good friend recently related to me that someone had tried to hijack his corporation for fraudulent gain.  Fortunately, it was caught before any funds were lost but others have not been so lucky. Frankly, I had never heard of this type of scam and thought it worthwhile to bring to the attention of our readership. Far removed from the type of hijacking portrayed in the movie “Captain Phillips,” this is a real threat to small business owners.  It is essentially when a fraudster targets a company, re-domiciles or hijacks the company to a new location via corporate filings, and then attempts to open false lines of credit or clean-out existing bank accounts.  This all can happen without the real owners of the company realizing until it is too late. 

Corporate Hijacking
“Changing, replacing or amending company records such as directors’ company addresses or auditors by a third party totally unrelated and unknown to the current officers.  In such instances, access to the victim’s records is obtained illegally and without having legal access to the customer code or password of the company in question.” 

It is unfortunate but identity theft is no longer only just a consumer or retail crime. Manuals teaching one how to carry out corporate ID theft can be easily found on the internet. Thieves have learned that businesses also have identities that can be stolen and unsuspecting businesses can be very easy targets. To criminals,business identitytheft means the potential for easy money.  One solution to stop hijacking would be for business owners to consider using jurisdictions that protect corporate filings with a password. This simple step may be the easiest and most effective method to discourage thieves.  

Related Link:

Click Here

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Lifestyle

Executive Fitness 

Eggs Are Health Food!

Eggs are a topic of conversation each spring, largely because of their relationship to the Christian celebration of Easter. Brightly colored Easter eggs are on display, chocolate eggs line store shelves and egg-lined birds nests in trees and bushes dot spring landscapes.

Eggs take center stage in early spring, but they're more than just novelties to include in Easter celebrations.

· Eggs are nutritious. Eggs are loaded with vitamins A, D and B12 and the nutrient choline. They're also an excellent protein source in a small package. At 72 calories and packing six grams of protein, eggs can make for a great, filling meal at any time of day.

· Eggs boost brain health. The choline in eggs is a crucial nutrient for memory, mood and muscle control, according to the University of Missouri Health Care system. Choline also is essential in fetal brain development and can help prevent birth defects.

· Eggs don't always have to be refrigerated. In countries outside of the United States and Canada, eggs may not be refrigerated and do not have to be chilled. Also, outside of North America eggs are not washed prior to commercial production. However, according to the food resource, The Kitchn, power-washing eggs removes a protective coating and makes the eggs porous and vulnerable to contamination. A synthetic coating is put on washed eggs.

· Shell color does not matter. The color of the eggshell doesn't indicate taste, nutritional value or even egg quality. The color of the eggshell reflects the breed of hen that laid the egg. Red-feathered hens tend to lay brown eggs, while hens with white features lay white eggs. Similarly, the shade of yolk is representative of what the chicken is eating. A dark, yellow yolk means the hen was probably fed green vegetables. Lighter yolks coordinate to corn and grain diets.

· All eggs are "hormone-free." The term "hormone-free" on egg cartons does not signify anything special. It's like advertising that snow is cold. The United States Food & Drug Administration banned the use of hormones in all poultry production in the 1950s. All eggs are hormone-free.

· Size and eggshell thickness indicates the age of the hen. Eggs come in different sizes, such as medium, large and jumbo. The age of the chicken determines the size, with older hens producing larger eggs. Age also affects shell thickness, with younger hens laying thicker-shelled eggs, says Eat This, Not That!

· Eggs won't hatch. Eggs sold for consumption are not fertilized. Hens that have laid them haven't mated.

· Many birds lay eggs. Kiwis lay the largest egg in relation to their body size of any species of bird in the world. However, the ostrich, emu and cassowary lay the biggest eggs.

· The sink or swim test can say a lot about an egg. Eggs become more porous as they age. You can tell if an egg is old by putting it in a glass of water. If it sinks, it is fresh. If it floats, it is an older egg.

Eggs get a lot of fanfare around Easter, and there's more than meets the eye to that carton of eggs in the refrigerator.

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Lifestyle

International Spirits & Cuisine

Sake!

WAS-OBB-EE. WAS-OBB-EE!  Do you remember the 1999
Budweiser commercial when they played with the word (correctly spelled) wasabi? Click here if you don’t  Budweiser-Wasabi
 
Nothing like a beer commercial to give mass exposure to that "green stuff' the Japanese use as a spice. If you are not familiar with Wasabi, it is an olive colored seasoning and should be approached with caution. It is hot! Chances are, however, that you are familiar since eating sushi is no longer considered one of those "things" for crazy Californians. And nothing accompanies sushi better than sake.
 
Sake is defined in Webster's dictionary as "a Japanese alcoholic beverage of fermented rice usually served hot." Well, that might work as a partial definition, and certainly represents the American understanding, but it is thought to be much more. Important fermentation distinctions would cause purists to debate the association with wine. In addition, since rice is used as a raw material and the result is a negligible sugar content, many consider it a drink option for diabetics. Actually, the word sake itself is generic term defined by law as any beverage containing at least one percent alcohol. In 1973, the Central Brewers' Association attempted to further define sake and started to use the designation of Nihonshu which means Japanese sake. The term seishu, loosely meaning refined sake, has also been used. In most circles today, it is universally accepted just to say sake. By the way, the word sake is pronounced sock - KAY, not sock-key.

Sake has been known throughout the ages. Originally, sake was most likely used to celebrate rice harvests. Over the centuries, various political and processing influences have resulted in many changes. Today's sake probably tastes little like the product of the past. Contemporary sushi restaurants will usually have a house brand, which is served hot and unless you have more refined tastes. Trying a chilled brand is a little more adventuresome and can be a nice change in the summer months. If, however, you do have a sophisticated palette, consider what was recommended by a fine sushi restaurant that we discovered years ago in, of all places, Las Vegas at the Luxor Hotel. Hamada of Japan, recommends two premium sakes: Kurosawa Kimoto (Very Dry) for around $36 a bottle, Kurosawa Dai-ginjo (Very Dry) for approximately $136 a bottle.

In closing, consider for a moment the following affirmation. It is believed that ancient philosophers found the camaraderie developed through conversation while drinking alcohol, especially sake, to be a good thing. I didn't realize that my Irish lineage and Asian culture had so much in common.

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Lifestyle

Leisure & Style 

 

Easter Traditions in Europe

Easter Wells

Easter wells are colorful, traditional decorations in Germany and Franconian Switzerland. The custom of Osterbrunnen, which started in the early 20th century, includes decorating public fountains and wells with Easter eggs. The tradition begins on Good Friday and continues until two weeks after Easter. According to the Bavarian tourism site www.bavaria.by, before the wells are decorated, they are first cleaned in a ceremony known as "Brunnen fegen," which loosely translates to "sweeping the well." Once cleansed, the well is dressed and decorated. The practice traces back to the belief in water as a life-giving force. Some infants are even baptized in the well's water, and others drink the Easter water as a protection against illness.

Easter Trees

Even though trees may be more widely associated with Christmas, Easter trees are an increasingly popular and festive tradition that trace their roots to Germany. The Easter tree is known as Ostereierbaum in Germany and is a centuries-old custom. Eggs are hung on outdoor tree branches and bushes or are placed on cut branches displayed inside. While the tradition is traced to Germany, German-influenced locales like Hungary, Poland, the Czech Republic, and the Pennsylvania Dutch region of the United States also are popular places for Easter trees to appear.

When decorating Easter trees, families can use plastic eggs or even real ones. Using a sharp knife or needle, make two small holes in a raw egg. Blow out the inside of the egg until the shell is hollow. Then decorate the egg and thread a ribbon through the holes so it can be hung on the tree. If desired, place sweet Easter treats, such as chocolate eggs or pastel-colored cupcakes, under the Easter tree.

Easter Eggs

Coloring eggs is a beloved Easter tradition. Eggs long have been symbols of fertility and rebirth, making them fitting icons for spring. Dyeing eggs is an entertaining activity, but one that also may have some religious significance. Many families will color eggs this Easter, and these guidelines can make the process go smoothly.

· Wait until just before coloring to hard-boil eggs. Good Housekeeping recommends boiling eggs for 11 minutes for a hard boil. Do not chill the eggs afterward; warm eggs absorb color more effectively for more vivid results.

· Egg dye can stain furniture, clothing or tablecloths. Therefore, dress in clothing that you're not worried about staining. Also, cover work surfaces with an old tablecloth and newspapers to soak up any spills.

· Make a drying rack to ensure that eggs will dry evenly. This can be a rimmed cookie sheet lined with layers of paper towels to absorb any excess dye that runs off the eggs. Or push pins into thick foam board and place the eggs on top to allow air to circulate.

· Consider using glass bowls or ceramic mugs to house the colored dye solutions. These vessels are more sturdy than plastic cups, and less likely to be overturned by eager young hands.

· Scissor-style tongs are ideal tools for retrieving eggs from the dye. Eggs tend to slide off of the spoons or wire rings provided in kits, leading to splashing and kids dunking their fingers in to grab eggs.

· Stir dyeing cups often to guarantee consistent color.

· Use electrical tape to make patterns on Easter eggs. Dip the eggs and let dry. Afterwards, remove the tape to reveal the designs.

· If food coloring-based dyes seem too messy, use watercolor paint sets and allow everyone to get creative.

Finally, according to Emily Rubin, RD, LDN of the Thomas Jefferson University Division of Gastroenterology and Hepatology, "hard-boiled eggs should be refrigerated within two hours of cooking and discarded if left out for more than two hours at room temperature." 

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Lifestyle

Travel

Punxsutawney Phil vs. Zurich Boogg

 In the United States there is an eccentric tradition of having a groundhog try to predict the end of winter each year. Punxsutawney Phil is the groundhog and central figure to the celebration held in Pennsylvania every year on February 2nd.    

Since 1887, Punxsutawney holds a festival with music and food. During the ceremony, which begins well before the winter sunrise, Phil emerges from his temporary home on Gobbler's Knob. According to the tradition, if Phil sees his shadow and returns to his hole, he has predicted six more weeks of winter.  If Phil does not see his shadow, he has foretold an early spring.  If you have ever seen the movie Groundhog Day staring Bill Murray, then you are aware of the event which has caused this local tradition to get national attention.

Not to be outdone, the people of Zurich have their own tradition to mark the end of winter when they blow up an 11-foot-tall snowman whose head is filled with straw, cotton and dynamite.  This traditional spring festival occurs on the third Monday of April (this year April 19th) and is called Sechseläuten, or “Sächsilüüte” as it is known in local dialect. The event is marked by a parade and climaxes in the burning of 'Winter' which takes the form of a snowman called the Böögg. The Böögg's head is packed with fireworks and the exploding head makes a makes a stunnning finale to the day. The origins or the festival go back to medieval times.

One final interesting note, in 2006, the Böögg was abducted by leftist "revolutionaries", who thought the holiday to be a capitalist celebration. Since then, no chances are taken and duplicate Bööggs are held in reserve with the main one stored at a bank - talk about cancel culture.    

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Business Services

Business Acquisitions

BUSINESS OPPORTUNITIES FOR SALE!

*19-Year-Old Swiss Trust Company
Established 2002
Place of Incorporation Zug, Switzerland
Turnkey Opportunity
Interested Parties Call for Details & Price

Simply the Best Service at the Best Price Available Anywhere!

Call:  +1-310-601-3115 (Beverly Hills Office)
 or
Email: contact@corb7.com 


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