Such operations must be undertaken with non-residents. For the above purposes, securities, monies and precious metals are deemed based abroad when they are the object of rights and obligations undertaken with non-residents. For OBs authorized to set up in the Free Zones, free zone users are deemed to be non-residents. Executive Branch decision may be grounded in reasons of both law and convenience or opportunity.
Standards are normally higher for banks than for OBs.
Such deposit is returned to applicant upon issuance of authorization by BCU, whether or not the authorization has been actually granted. Time-frame of application process with the Ministry of Economy depends upon credentials submitted by the applicant, but in general terms application process involves between four and ten months. In the performance of its activities, Obs must use such denomination. Unlike all other financial entities, OBs may express their capital in foreign currency. Again, such obligation does not apply to OBs.