Before we get into the filling out of the LEI application. Here is a quick crash course on what LEI is.
LEI is the abbreviated form of Legal Entity Identifier. It is a set of 20 alphanumeric – code consisting of both alphabets and numbers – code which is unique to every legal entity.
LEI is an important requirement in the present time. The reason being that it simplifies the identification of legal organizations. Ever since the financial crisis of 2008, the world needed a system that can bring transparency in the financial transactions of the legal entities involved.
That is why, LEI has gained popularity and is advocated by many countries.
Now let us get into the nitty gritty of filling out the LEI Code application form. Of course there is a lot to talk about here, and we won’t be able to address everything. But still let’s start off with some essentials.
First and foremost, let’s address some basic questions.
Can you fill out the form on your own? The answer to that question is yes. One can fill it all by themselves.
The next question is should you fill it out all by yourself? We would not recommend it. The reason being that it is a lengthy procedure. A single mistake will render your application ineligible.
So how can you avoid this?
A simple answer is to find agents. People who can fill out your LEI code application. Such as LEI service. It makes the procedure easy. Visit their site for more information regarding LEI. They offer two kinds of services when it comes to registration. The only thing that you have to do is verify the details of your company. After that, the process will be handled by the agents themselves. You can save yourselves a lot of time and energy.
But if you still wish to carry the process all by yourself. Let us divide the procedure.
Where can you find the application?
The form can be found at any LEI issuing organisations. They are also called LOUs or Local operating units. They are put in place by GLEIF (Global Legal Entity Identifier Foundation) to locally coordinate the process.
Before filling the online application, do check out the document checklist so that you do not miss out on anything. Also to ensure that there are no discrepancies between the application and documents for submission.
The online application consists of five pages.
The first page is all about the company information. This is where you put all the basic information related to your company.
The second and third page of the LEI code application is about the details of the parent company. Both holding and ultimate parent company details are to be filled in these two pages.
The fourth page is the payment gateway. You have to pay a certain amount as fees for your application.
The last and final page of your online application is the upload window. This is where you are going to upload all the necessary documents.
You can still save yourself from all these procedures and take assistance from LEI services. We will take care of your application and register you in the first attempt itself.