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 between a few minutes to 24 hours.
The Legal Entity Identifier (LEI) registration process is generally straightforward, 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. For this, a local company’s registry is used.
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 GLEIF-accredited Registration Authorities.
Straightforward access to these local company registries largely determines the effectiveness of validating data. For that reason, in countries like Australia, 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?
Remember a few things to remember if you need your LEI issued faster. First and foremost, pick a service provider that prides itself in streamlining the registration process and giving speed.
LEI Register is known as the world’s fastest and most affordable LEI service provider. That means that we have made the registration process easy and process data at record speeds, and we’re also working seven days a week.
Get your LEI faster
- 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 weekends, 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, try to be available if 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 organisations. They are responsible for determining the quality of LEI data and ensuring 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 rushing to finish a transaction, we suggest contacting your bank with the LEI issuing confirmation, which often counts as proof.
