Are you an individual entity and looking to obtain your Legal Entity Identifier? It’s good to know that LEI registration is quite a simple one that takes a short time. In this article, I will show you three simple steps in LEI registration.
So, if you are looking for that LEI code to be easily recognized in your global financial transactions, then look no further since I got you covered. Here are the three easy steps in LEI registration.
The first process is the registration process. However, before you can register, you need to have an account where you can log into. LEI offers a portal where you can create a user account for either one or multiple LEIs. You can also renew if you had an existing LEI or transfer your LEI from another LOU to GS1.
The registration process is, therefore, to create a user account for your LEI code. This section will require your application details like your name, phone number, email, position, and company name. Yes, it’s that simple and fast!
You have registered and can log into your user account? The next step is the application step. Just as the registration stage, the application stage is also an easy one. This stage requires your entity details, and you will be required to fill a form as well. The form will ask for the legal entity name, registration ID, country of foundation, company’s website, name of authorized signatory, etc.
- Collect You LEI
The GS1 validation team takes things from here. Your record will be assigned an LEI and published to the LEI direct portal once the validation process is complete. IT takes an average of 72 hours for a standard LEI fulfilment. Yes, it’s that simple! Let’s now shift our attention to some of the critical factors to look at as well. These factors include the prices, reasons for an LEI code, and the period in which the LEI code is valid.
- What Are theLEI Prices?
LEI code prices differ according to the agents and the plans you select. The minimum plan goes for a year, with the maximum going for five years. Well, averagely the LEI costs £45/year, £120 for three years and £175 for five years. The costs tend to remain similar for applying for a new LEI code, renewing, or even transferring the code.
- Why Should You Have A LEI Code?
The LEI code is a unique code for legal entities that participate in global transactions. It identifies your entity as lawful and gives your entity the freedom to participate in international transactions. The regulators have come up with measures of ensuring that the entities have LEI for legal participation in the global financial markets by coining this- ‘No LEI, No Trade.’ To stay legal and get a chance to participate in the worldwide financial market confidently, you will need a LEI code/number. There is no other way about that.
- How Long Is the Lei Valid?
From the date of the first issuance, the LEI stays valid for one year. After one year, it expires and is to be renewed automatically. The regular renewal keeps the company details up-to-date and lawful.
Acquiring a LEI code is a simple task; however, you need to get one from a global agent. Selecting an international agent guarantees you security via modern encryption standards, customized customer support, and quick handling of the technical aspects of the LEI.
LEI codes can also be acquired immediately and without any obstacles, ensure you choose the right and efficient agent.