How to Apply for an LEI Code – A Step-by-Step Guide
An LEI code (Legal Entity Identifier) is an international identifier that helps legally registered entities be reliably identified in financial transactions. Applying for an LEI may initially seem complex, but with the right guide, the process is actually straightforward and quick. Below is a step-by-step guide on how to apply for an LEI code, what documents are needed, and how long the entire process takes.
Step 1: Choose a Reliable LEI Registration Agent
To apply for an LEI, you first need to go through an accredited registration agent who collaborates closely with the Global Legal Entity Identifier Foundation (GLEIF). For instance, LEI System (hereafter LEI System) is a trusted LEI registration agent that not only offers fast, convenient, and affordable service but also manages the entire process for you. As a result, the application becomes as simple and smooth as possible.
Step 2: Gather Required Information and Documents
Before submitting your application, make sure you have all the necessary information and documents ready. To apply for an LEI code, you’ll need to provide:
- Company Name and Registration Number: The official name and registration number as per the business registry.
- Address and Contact Details: The legal address and contact information of the entity.
- Ownership Information: Some legal entities must disclose their ownership structure, including beneficial owners, to enhance transparency (this depends on national regulations and entity type).
Step 3: Submit Your LEI Application Through LEI System
Once you have the required information and documents, complete the LEI application form on LEI System‘s website. The application process is simple and online – you fill out the form, provide the necessary details, and pay the application fee. LEI System offers competitive rates for both initial LEI registration and annual renewal.
Step 4: LEI System Verifies and Submits Your Application
After submitting your application, LEI System, as an official registration agent, reviews your information to ensure accuracy and compliance. If everything is correct. LEI System submits the information to GLEIF, which issues a unique LEI code and adds it to their official database.
Step 5: GLEIF Publishes the LEI Code in Its Database
GLEIF issues your company’s unique LEI code and typically publishes it in their database within 24 hours. Your LEI code stays valid for one year and requires annual renewal. LEI System actively provides reminders and support to help you renew your code on time.
If you would like to see what the GLEIF LEI register looks like, click here.
How Long Does the LEI Application Process Take?
Applying for an LEI code usually takes around 1–2 business days. Thanks to LEI Systems quick and convenient service, most clients receive their LEI number within 24 hours after submitting the application and verifying the necessary documents.
Conclusion
Applying for an LEI code is a crucial step for businesses that wish to participate in international financial transactions and, furthermore, meet regulatory requirements. Fortunately, LEI System simplifies the LEI application process. Handling all the complexities, thus ensuring your application is both accurate and timely. If your business needs an LEI, start your application here!
