How long does it take to get an LEI?
Depending on how accessible are the local company registries and whether the verification process can be automated, the LEI issuing time could be anywhere between a few minutes to 24 hours.
The Legal Entity Identifier (LEI) registration process is generally quite simple but the data validation time is dependent on many variables. Once your LEI application has been submitted, your chosen LEI service provider will need to verify the information for quality control purposes. For this, a local company’s registry is used.
LEI Issuing Process
As an example, if your company is registered in the UK, the data (company name, address, signing authority, and registration I.D) 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 needs to be contacted so that they can confirm the data is accurate. 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 get an LEI faster?
There are a few things to keep in mind if you need your LEI issued faster. First and foremost pick a service provider that prides itself in streamlining the registration process and issuing speed.
LEI Register is known as the fastest and most affordable LEI service provider in the world. That means that not only have we made the registration process easy and verify data at record speeds but we’re also working 7 days a week.
GET YOUR LEI FASTER
- Make sure you have the entity’s legal documents ready, in case the service provider requests them for data verification.
- Many LEI service providers don’t work on the weekends, so if you’re registering during a weekend either expect delays or pick a service provider who works during weekends.
- LEIs should be applied for on behalf of a CEO or director, therefore get ready to provide a Letter of Authorisation.
- Last but not least, try to be available in case the service provider reaches out with additional requirements.
LEI Database Updates
The Global Legal Entity Identifier Foundation (GLEIF) is the body that manages a network of LEI issuing organizations. Their responsibility is to determine the quality of LEI data and make to make sure the service and data pool are openly available for everyone. Once registering an LEI code, 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 in a rush to finish a transaction, we suggest reaching out to your bank with the LEI issuing confirmation which often counts as proof.