How to Register an LEI
What is an LEI registration?
LEI registration refers to the process of obtaining a Legal Entity Identifier (LEI), a unique 20-character alphanumeric code used to identify legally distinct entities that engage in financial transactions. The LEI system is a global standard, designed to improve the transparency of financial transactions by providing an international framework for identifying legal entities participating in financial markets.
The application for LEI registration requires basic information about your company/entity such as its legal name, jurisdiction, type, and structure. After payment, you will be required to confirm Legal Entity Reference Data (LE-RD), and then either directly eSign, or delegate eSigning of our Terms of Service.
LEI Registration scenarios
There are two different scenarios of LEI Registration currently supported by LEIpapa:
- Auto Registration. In this case, the online LEI application requires only your company name and locality, and from there we connect directly to your local business registries to auto-fill the remainder of the application (supported by several jurisdictions).
- Manual Registration. This option is used only if your entity doesn’t appear during automatic pre-search on the LEI registration page.
Please use this link to view jurisdictions that support automatic LEI registration.
How to Register an LEI with LEIpapa
First of all, be sure that the LEI code has never been issued for your legal entity. You can check it, using our LEI lookup tool. If there is no LEI exists for your company, you can start the registration process.
Step 1: Log in to the app
Log into your LEIpapa account, or create an account if you are not already a LEIpapa account holder.
Step 2: Go to the Apply section
Navigate to the APPLY HERE section.
Step 3: Select Country and Entity Type
Choose the relevant Country and the Entity Type from drop-down lists, and press Search.
Step 4: Select your Entity
Select your Legal Entity from the list. If your entity is not present in the list, and if your entity name consists of more than one word, try writing the full company/entity name for a more accurate query. If the entity still does not appear, click HERE to proceed with the manual registration.
Step 5: Choose the Term (Duration)
Specify for how many years you want to register an LEI code by selecting the option from the dropdown list.
LEI pricing depends on your chosen registration duration. Opting for multiyear registration and renewal can lead to significant savings on your annual LEI fees. When you decide to order LEIpapa services for multiple years, we’ll handle the annual LEI number renewals throughout the selected timeframe. Need more information on LEI costs? Read on to find out more.
Step 6: Provide info on your entity’s structure
We need to understand the ownership structure of your entity. In case your entity has a complicated structure and consolidates financial statements into the controlling legal entity, you need to provide Level 2 Data for this entity. Don’t worry, once you have placed an order, we will contact you to clarify the details of the ownership structure. The fee for Level 2 Data processing will be added to your order.
Press the Next button to move further.
Step 7: Fill the data
Fill in all the required data and upload documents to help us process your application more efficiently.
Step 8: Proceed to Checkout
To submit your application, payment is required. The cost of acquiring a Legal Entity Identifier varies depending on the jurisdiction your company falls under, the company type, and the ownership structure.
LEIpapa utilizes automation to keep LEI registration costs low. These savings are passed on to customers through low LEI registration fees. Our pricing is transparent – you see LEI pricing here.
Documents to upload
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Signing Authority is used to highlight who has Signing Authority for the application. If you have authority (let’s say, you are the director or a board member), you don’t need to tell us, as the account name will suffice, but if you don’t please confirm who gave you permission.
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Evidence of Authority (EoA) is generally used for Entity Supplied Only LEIs such as Funds/Trusts/Wills/Pensions and usually takes the form of a copy of the deeds. However, in some cases even for a Legal Entity, the Business Registry does not publicly highlight the name of a signing authority, so we would need a copy of the Articles of Incorporation or a copy of the Memorandum of Understanding to highlight who is able to sign.
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Letter of Authorization (LoA) is used to give permission for the LEI registration procedure. If you don’t have an LoA to upload now, don’t worry; you can send us an LoA by emailing Email to LEIpapa Support after placing the order. The LoA templates will be available for you after placing the order or you can download LoA templates here right away.
How to Register an LEI with LEIpapa (User Guide)
Download this User Guide as PDF file
Verification Process
Upon receiving your application, the LEI issuing organization will carry out a verification process. This process ensures that the data provided matches public official data. The integrity and reliability of the Legal Entity Identifier system depend on this rigorous verification process.
LEI issuing organization connects directly to the various business registries around the world to auto-retrieve organisation identity reference data, making applications faster and more accurate.
Receipt and publication of LEI
After the data is verified, your company’s Legal Entity Identifier will be issued. The LEI will be registered in the GLEIF database, making it accessible to the public for entities needing to search an LEI code.
Renewing Your Legal Entity Identifier (LEI)
It’s important to note that a Legal Entity Identifier is not a one-and-done process. To maintain its validity, the LEI must be renewed annually. The renewal process involves verifying the company’s information for any changes. This process of continuous data validation helps maintain the accuracy and reliability of the Global Legal Entity Identifier system.
LEIpapa offers multi-year LEIs to make renewal easier. You can register LEIs for up to five years in validity, and our systems automatically check for organisation reference data changes at renewal. This approach reduces the risk of LAPSED LEIs.
Conclusion
Registering a Legal Entity Identifier (LEI) for your company/entity is an investment towards financial transparency and streamlined global transactions. It’s a crucial step in being a responsible participant in the global financial marketplace. By following this guide, you can navigate the process of obtaining an LEI at LEIpapa with ease, enhancing your entity’s financial visibility and credibility.
Should you need help registering your LEI, do contact our team and we will be happy to help.