Though certain other identifiers are also available. But the role of LEI has its importance that can not be neglected. So better to obtain an LEI code for hurdle free dealing in the global financial market. To obtain the LEI code you can follow the given steps. For more visit leiservice.com
Here are the steps of obtaining an LEI code are:
The process of acquiring a Legal Entity Identifier is very simple. Any agent of the company can lay on the behalf of the entity as it takes only a few minutes for the LEI application form to get filled and submitted.
- Click on the “register new LEI” button here or see the homepage of the website:
Originally, you are required to fill out all the essential details as the applicant. This filled information is for further use if in case any additional information is needed.
- Afterward, start filling out the required details of the business entity which requires an LEI code:
This includes details related to the entity such as the name of the director or person who is legally accountable for the decisions of the entity as CEO, or the owner, the address of the place entity is situted.
In the case of a US LLC or LP then including a shareholder or other legal representative is required. Proofs can be asked further for the authorization procedure
- The next step is ‘Level 2 Data’ which permits you to report the information of the parent company:
If the company is a branch of a bigger organization or another company is the owner of the concerned entity, then you may have to give detailed info on the LEI record. Although it is not at all a legal obligation to give the parent company’s attribute. But if you are wishing to report a legal parent company, then you will be essentially requested to provide pieces of evidence regarding the relationship by way of compressed accounts. When you are serving for LEI in the US then you have to report the whole company structure through a document showing the company structure.
- The final step is to allow you to upload the appropriate documents to your application:
With the submission of the LEI application, the data is cross-checked with the appropriate documents of the local companies’ registry.
If the company is not discovered, or the collected data does not match with the registry then supporting documents may be asked to provide. These documents may comprise a certificate of incumbency, a register of directors, or a registry extract.
- If you are using the LEI code in the US then you are needed to include a document from the US secretary of state. For filling of LEI, it is required to have an authorized signatory. Also required articles or memorandum of association.
- Once the application is submitted, select the payment mode as per preference and complete the application. You can use PAL and STRIPE as payment providers by LEI across the world.
- A member of the worldwide LEI team will review the submission after the completion and further you will acquire your LEI code within a few hours of submission.