How long does it take to get an LEI?
Depending on how accessible the local company registries are and whether the verification process can be automated, the LEI issuing time could be anywhere from a few minutes to 24 hours.
The Legal Entity Identifier (LEI) registration process is generally simple, but the data validation time depends on many variables. Once your LEI application has been submitted, your chosen LEI service provider must verify the information for quality control purposes. A local company’s registry is used for this.
LEI issuing process
For example, if your company is registered in the UK, the data (company name, address, signing authority, and Registration ID) is cross-matched with the local government agency Companies House.
Straightforward access to these local company registries largely determines the effectiveness of validating data. For that reason, in countries like the UK and most of Europe, where it’s possible to get instant access to data in the registries, your LEI can be issued in hours, if not minutes.
Another example is the Virgin Islands, where a local registry must be contacted to confirm accurate data. As you might guess, this system often works out to be quite inefficient as there are time differences, counted workers, and limited time in a workday. Therefore, in areas like the Virgin Islands, we’ll try to streamline the process as much as possible by requesting supporting documents like a Trade License or a Certificate of Incumbency.
How to get an LEI faster?
If you need your LEI issued faster, keep a few things in mind. First and foremost, pick a service provider that prides itself on streamlining the registration process and issuing quickly.
LEI Register is known as the world’s fastest and most affordable LEI service provider. We have made the registration process easy and verified data at record speeds, and we work seven days a week.
Tips for LEI registration
- Ensure you have the entity’s legal documents ready if the service provider requests them for data verification.
- Many LEI service providers don’t work on the weekends, so if you’re registering during the weekend, you can either expect delays or pick a service provider who works weekends.
- LEIs should be applied for on behalf of a CEO or director; therefore, prepare to provide a Letter of Authorization.
- Last, be available if the service provider contacts you with additional requirements.
LEI Database updates
The Global Legal Entity Identifier Foundation (GLEIF) is the body that manages a network of LEI issuing organizations. They are responsible for determining the quality of LEI data and ensuring the service and data pool are openly available for everyone. Once a LEI code is registered, it appears in the GLEIF database within 24 hours whenever GLEIF updates its database. Bank databases are interfaced with GLEIF, so your LEI technically cannot be used until the database has been updated. If you’re rushing to finish a transaction, we suggest contacting your bank with the LEI and issuing confirmation, which often counts as proof.
