Trade is one of the oldest forms of social interactions for mankind; the sector has seen incredible growth over the years and has become the engine that drives the world’s economy. The business community is the pillar that supports the financial wellbeing of every country; for this reason, the number of registered enterprises has soared over the last few years. For there to be order, trust, and transparency when it comes to differentiating individual businesses, there has to be a way to identify each one. This is where the Legal Entity Identifier (LEI) comes to play. An LEI is a unique 20-character alpha-numeric code that enables all market participants to identify each other for the purpose of facilitating healthy business transactions. LEIs also provide a free, accessible, and accurate database for companies to use whenever making business to business transactions.
When it comes to acquiring an LEI, there are a few things that all business owners are required to know. Although the traditional method of registering for an LEI may have been a tad tedious, business owners can now rest easy knowing that they can get an LEI and have it frequently renewed without breaking a sweat. When you register for a Legal Entity Identifier with LEI Register, you can be sure to receive swift and exceptional service. The process barely takes two minutes and you can have your LEI within hours. Click the link below to know more about registering for an LEI with LEI Register.
The registration process when seeking a Legal Entity Identifier using LEI Register is quite simple and swift. Here’s a breakdown of how you can register your business for an LEI.
Once you’re ready to register your enterprise, visit the LEI Register website and fill in the registration form. However, this data is usually collected and filled automatically courtesy of the Company Registry database.
After filling out the application, you need to submit it and pay for the LEI according to the plan that suits you best.
Once the application has been submitted, it will be sent for data validation. If the information provided is approved, you’ll receive a confirmation through e-mail alongside your Legal Entity Identifier. In the event that the data you provide is not identified in the public records, you’ll be contacted in order to verify the information given.
Every legal entity that is involved in any financial transactions is required to have an LEI. In fact, there are several laws that prohibit certain business transactions without LEIs; this means that every entity involved in the transaction is required to have an LEI.
Legal Entity Identifiers are important because they foster favorable and transparent global trading transactions which goes a long way in boosting the economy. In previous years when the LEI system had not been invented, there was a global financial crisis that was brought about due to a lack of transparency in the global market. This lack of order presented a huge risk to many enterprises, leaving them rather vulnerable to fraudsters. In addition, funds could not be traced due to lack of identification, meaning that money could easily be laundered under authorities’ noses without suspicion.
Fortunately, the LEI system was formulated in 2011 to help reduce the risks that come with allowing unidentified businesses to trade freely in the international market. The main aim of this system was to create a digital database of all legal entities, which is up-to-date, accessible, and most importantly accurate. Therefore, with the help of this system, you can get credible basic information concerning any registered entity including the name, address, contacts, and partners.
The Legal Entity Identifier system has undoubtedly been of immense benefit in the world of international business. With the ability to precisely identify virtually any entity in the world, both business entities and authorities can rest assured that global trade is safe and secure. Moreover, if any entity needs an LEI, they can be sure to get it swift and easy when they register using LEI Register. Not only will this be a time-saver for the entire enterprise but also ensure that they contribute towards a safer international trading market.
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