The Costs of Obtaining and Using an LEI Code: What Companies Need to Know
An LEI code (Legal Entity Identifier) is an international identifier that allows legal entities to be reliably identified in financial transactions. Applying for and renewing an LEI code annually involves certain costs, which can vary significantly depending on the service provider. This post provides an overview of the costs associated with an LEI code and factors that companies should consider when evaluating the price and quality of LEI services.
What Are the Costs Associated with an LEI?
The total cost of an LEI code typically includes an initial registration fee and an annual renewal fee. Prices vary between providers based on the quality of services, additional options offered, and pricing policies. Here are the main categories of costs:
- Initial Registration Fee
- The initial registration covers the creation and registration of the LEI code in the Global Legal Entity Identifier Foundation (GLEIF) database. The amount can differ depending on the provider. Some providers offer low registration fees, but these may be temporary discounts or come with conditions that increase the price in subsequent years.
- Annual Renewal Fee
- An LEI code is valid for one year, so it must be renewed every 12 months to remain active. Renewal fees vary by provider and, in some cases, may be similar to the registration fee. Some providers offer lower renewal rates, which can help reduce costs over time.
- Package and Additional Service Fees
- Some providers offer multi-year packages, allowing you to prepay for LEI code renewals over several years at a discounted rate. Additionally, some providers offer extra services, such as document management, renewal reminders, and assistance with data verification. LEI System OÜ (hereafter LEI System), for example, offers competitively priced multi-year packages and comprehensive customer support to ensure client satisfaction and save time.
How to Choose the Right LEI Service Provider
While the costs of an LEI code are essential, they should not be the only factor when selecting a service provider – service quality, customer support, and transparent pricing policies are also crucial. Here are some tips on choosing an LEI provider:
- Transparent Pricing
- Avoid providers that do not clearly present their prices or have hidden fees. LEI System has a fully transparent pricing policy, providing clients with clear information about all costs for both registration and renewal.
- Multi-Year Packages and Discounts
- If your company intends to use an LEI code long-term, consider choosing a provider that offers multi-year renewal packages. Multi-year packages can help reduce costs and eliminate the need for annual renewals. LEI System offers multi-year solutions, allowing clients to save on recurring costs.
- Customer Support and Additional Services
- Quality customer support can save time and reduce potential issues during the LEI application and renewal process. A reliable provider offers support throughout all stages and ensures that the LEI code is always up to date. LEI System provides thorough customer support, including renewal reminders and assistance throughout the entire process.
Why Choose LEI System?
LEI System is a trusted and official LEI registration agent that offers competitive prices and high-quality customer support. Our goal is to make the LEI application and renewal process as simple, transparent, and affordable as possible. We offer both single-year and multi-year packages and ensure that our clients are always informed of their LEI code renewal deadlines.
If your company needs an LEI code or wishes to renew an existing code, choose LEI System – a reliable and convenient choice. Explore our affordable prices by clicking here.
