Having an LEI number will open many possibilities for your organization, especially if you want to do business across borders. Having Legal Entity Identify (LEI) will make it easy for your organization to do the financial transaction in some of the wealthiest markets, including the USA, EU countries, and the UK. The good news is obtaining an LEI number is pretty easy.
If you want to learn about LEI, please refer to What is LEI? article.
Providing information required
While registering your LEI code, you will have to provide with reference data to be attached to your LEI number. The reference data that every entity has to provide include the following:
1. Entity information
It includes the official name of the legal entity and its registration address. This information is usually referred to as Level 1 data.
Our registration form is making this straightforward for any new registrant by autofilling all the details, once the correct entity is selected from the suggestion list. Start by selecting country, and optionally state of your company. Next start typing yours company name, once company will be available on the list, our application will autofill the details of the company.
An example of LEI registration autofill option for *Mastercard Incorporated*.
Additionally, you will need to provide information about applicant's first and last name and contact details, email and phone number. Those fields are required for any communication around your LEI number, for example, in case of renewals.
2. Relationship information
This includes details of a direct and ultimate parent entity, if any. So, so if your business is attached to any organization, these details have to be provided while registering for new LEI. This is defined as Level 2 Data, and it is required to include information about "Who owns who" in a LEI record.
Similarly to the previous point, our application is providing aid for completing this form by autofilling parent companies details, where available.
3. Supply required documents
In the majority of the cases, LEI registration data which is submitted through the registration form will match the record in local business registry held by Local Operating Unit (LOU) and no further documentation will be required.
However, in rare occasions, when some data is missing or mismatching, submitting documents might be needed to be submitted by the applicant. In those scenarios, our LEI registration agent will get in touch to ask for additional documents by email or phone provided in application form.
An example of a document that might be needed would be a Letter of Authorization, required whenever LOU is unable to verify if the applicant is a representative of the company applying for LEI number.
As an official LEI Registration Agent we are helping entities to go through registration process of obtaining LEI code worldwide. We have successfully aided and helped numrous number of organisations to obtain the LEI registration code by making the process transparent, simple and automated whenever possible.
Verification
Data submitted through registration will be verified in matter of hours by our Registration Agent. By the end of this process, we will send information about successful verification of the entity by email.
Publication of data
The last step in the process is the publication of the record in LEI Database, making the entity information with its LEI code publicly available and reachable for potential business partners. This adds to a more transparent global marketplace and offers companies a one-stop approach to identifying legal entities.