Legal Entity Identifiers (LEI) are required for any legal entity that regularly involves financial transactions. Obtaining an LEI is easy, it involves choosing an appropriate registration service provider and completing an application.
How to get an LEI number?
Registering a Legal Entity Identifier (LEI) is a simple process which is includes selecting a suitable service provider and completing an application form. From there, The provider will validate your details and contact you with an leiservice.com for number/code.
LEI numbers:
Local Service Providers (LOUs) are in charge of issuing LEIs. Next, the Global Legal Entity Foundation (GLEIF) introduced Registration Agents (RAs). An RA works in collaboration with LOUs and helps you in the process of obtaining an LEI.
A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company. LEI Registration in India is a simple process of completing a 5 minute application form. This form can be completed by anybody within your organisation. The LEI is mandated for use in financial transactions in India.
The LEI has been mandated in India since 2017 in a bid to improve market transparency and prevent banking frauds. All borrowers of banks in India will require an LEI going forward and all entities trading internationally including those who are responsible for reporting OTC Derivative trading.
Registration Agents (RA’s) success depends on its ability to simplify the LEI registration and renewal process. The fees charged for the issuance and maintenance of an LEI are entirely a matter of the Registration Agents (RA’s).
LEI Register is an official RA .They have managed to build a loyal customer base by making the LEI registration process simple, automated, fast, and affordable. LEI Registerhas managed to maintain the lowest prices on the market. LEI prices can differ among various service providersi.e. leiservice.com. The price of an LEI has to do with the organisation’s own pricing structure
Register your LEI in 3 Steps:
1. Sign in or create an account:
Please login to your existing account or create a new user account to apply for an LEI.
2. Apply the application form:
Complete the secure online LEI application form.
3. Get your LEI:
Local experts validate your information and issue and publish your LEI.
When all documents are uploaded/submitted and payment is received, the LEI should normally be issued within 12 business days.
Let’s look the process of registering an LEI in brief:
1. Filling the application form:
LEI Register has created an extremely efficient system with automatic filling of company data. Filling out the application should take no more than 2 minutes.
2. Include additional documents when required:
Attach additional documents if necessary. This is only required if your name is not on the local company register or if you need to prove a relationship with a parent company.
3. LEI Register has discounts available:
LEI Register offers discounts for multi-year registrations and automatic renewals.
4. Choose a payment option:
Choose a payment options whatever you want.
5. Receive confirmation:
You will receive a confirmation of your LEI code in a few hours. Track your order here.
Conclusion
So we have discussed about LEI and the steps to obtain an LEI. However, a Legal Entity Identifier (LEI) is a 20-digit code that is unique to a legal entity and contains basic information..
