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Nothing. At least that is how you initially feel as you wait weeks before the Office of Foreign Assets Control (OFAC) acknowledges its receipt of your application for a license.
With such acknowledgement comes a case number assigned to it. This number must be used to identify your case on any subsequent correspondence you make with the agency related to the case.
For a specific license, the agency will typically come back months later requesting additional information. While they will likely not state for how long you have to respond, it's in the applicant's best interest to do so as soon as possible due to the risk of the agency rendering a decision before you have a chance to get your additional documentation in.
Following this, there may be additional back and forth with the agency and a decision may not be made for over a year. The moral of the story? Do your diligence in advance to ensure all parties may be engaged in the proposed transaction, submit a comprehensive application, and do so well in advance of the time the business venture intends to gets underway. You will need the time.
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Other Reading: How Can I Apply for an OFAC License?
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