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13Financial investment or investments in assets abroad, unless made in currencies thatdo not have to be channeled through the exchange market.Guarantees and surety agreements in foreign currencies.Derivatives operations.2. Open Market: Operations in currencies that do not have to be channeled through theexchange market.Exchange aspects are currently regulated by frame laws, issued by the Colombian Congress,however, the Central Bank is the maximum exchange authority entitled of developing the applicableregime in accordance with the Constitution.3. Colombian Commercial relationships:a. Export percentages for each productb. Growth graphicsi. Exportsii. Importsc. Commercial treatiesIncentives for investors:The applicable tax, customs and foreign trade regimes give a more favorable treatment toenterprises that carry out their activities in free trade zones, created by law.In essence, whenever, when a company is based inside one of these Free Trade Zones, eventhough it is still considered part of Colombian territory, the regime grants certain benefits as:The applicable income tax rate is only 15% on the company’s duly depurated income,as opposed to the standard rate of 25%.No V.A.T. is generated when importing goods from abroad into the free trade zone;however, V.A.T. is incurred as soon as these goods are permanently introduced toColombia for their distribution.Types:The Permanent Free Trade Zone is an area in which multiple companies are based,benefitting from the special tax and customs treatment, administered by an operatinguser (as defined in the Law).Special Permanent Free Trade Zones are, as the name implies, a type of free tradezones in which a company obtains a special recognition as a free trade zone,whenever it aims to develop an investment project that is especially relevanteconomically and socially for the entire country.