What is the LEI Number?
The legal entity number is a 20 character code based on a standard developed by an international organisation for standardization ISO. It helps in the identification of companies that carry out financial transactions globally. It has clear information about a firm’s ownership structure which further helps to know the identity of the real owner. Various agencies like leiservice.com help in the process of registration for LEI.
In the present era, fraud has become a common scenario. However, to avoid these from attacking your business, the LEI number is an extra layer of security. The LEI number helps clients put trust in your company and its policies. The LEI number is renowned globally to help establish transparency in the sector of trade and commerce.
Steps required to obtain an LEI number
The LEI number is mandatory for every business organization operating globally. It can be obtained by applying for the same through a number of easy steps. Here are the steps required for the same.
1. Start by Filling out the Application Form
The first step toward obtaining an LEI number is to fill out the form which is available online. The form will require the basic details of the company. These details could also be auto-filled if linked with the company website. The form filling stage takes less than 10 minutes which is time-saving.
After filling out the form one should always check the details even if they are linked with the website. This rechecking will help you correct any error which may cause unnecessary problems later.
2. Include Additional Documents When Required
Additional documents are only required when your company name has not yet been registered locally. Other than that if there are specific documents that you are willing to submit regarding the company details, you can attach them to the form.
However, submitting any extra documents may take more time for processing and hence delay the successive steps.
3. Avail Discounts if required, for LEI Registration
There are different discount options available which can be looked at. It will help you save some extra money. You can select the discount that suits your needs and move further in the process.
4. Choose a Payment option
Once you move at this stage, a prompt box will suggest some payment gateway options. From these options, pick the one that you are comfortable with. Perform the payment with a bank transfer or card payment.
5. Confirmation code with an hour
At the end stage, you will get the LEI code within a few hours. Ultimately you will receive the LEI number which would be universally accepted for your business.
Today, several companies are expanding continuously taking their businesses to a global level. This aspect also includes imports and export done worldwide. Along these lines, to reduce the chances of fraud companies rely on LEI numbers which help prove the integrity of a company.
Hence, the LEI number helps build trust and creates transparency in the business sector. As discussed above, the steps for the registration process for the same are quite simple.