How long does it take to get an lei?
It can take from 5 minutes up to 24 hours to get an LEI issued. There are multiple factors which cause the LEI issuing timeframe to be prolonged including jurisdiction and entity type. Once the LEI application is submitted we begin the process of validating the LEI. This can take anywhere from 5 minutes, to a few hours and it depends on the below variables:
- Jurisdiction
- Entity type e.g Limited company, Fund, Trust
- Accuracy of information provided by customer
- Documentation uploaded
- Local transparency laws
- Selct Fast Track LEI at checkout
Jurisdiction effects LEI registration time because our LEI management system RAMP has connected to multiple companies regisries around the world. An LEI application in the UK for example will take just a couple of minutes to process as the Companies House UK data is very accessible and the entity data can be validated at source very quickly.
However, if the LEI registration is for a British Virgin Islands entity where the company data is more private then the registry will have to be contacted to validate the data and this can take up to a few hours. In most cases it is registered quickly regardless.
Entity Type can also play a role in determining how quickly an LEI will be issued. Most Limited Companies have simple structures and can be validated easily by sourcing where the company was registered and checking the companies incorporation documents. The company profiles are publicly available in most countries. However when a Fund, Trust or Pension Scheme needs an LEI, the validating process is slightly different. Firstly, a Fund must register its Umbrella Structure and the Fund must be validated using a prospectus or originating document. Likewise for a Trust or Pension Scheme. This is not a signifigant delay, but checking these documents can take a little while longer, up to a few hours.
The same applies for documentation uploaded. To be safe be sure to upload comprehensive documentation during the LEI application. To see which documents to upload please see our guide at the link.
Selecting Fast Track LEI at checkout will ensure your LEI application is prioritised ahead of other applications made at the same time. This is not a guarantee of delivery time, but the order is automatically loaded to the top of our internals queue based system.
The LEI Worldwide system RAMP is the most advanced and fastest way to get an LEI code. The system not only automatically pre-populates your legal entity details, it also verifies the data at source through API connectivity with companies registries. The support team and systems are active 24/7/365 and have great experience in handling urgent LEI requirements. If you require an LEI quickly or are in a hurry, then consider registering your LEI with a provider that has built custom software built for streamlining previously outdated and time consuming processes such as LEI Worldwide.
5 Tips to getting your LEI Faster!
1. Data Verification
Have a legal document ready in case requested, such as a Certificate of Incumbency / proof of address (in the case that the entity cannot be found on a public registry we will need to be sure that everything is correct).
2. Authorisation
LEIs should be applied for on behalf of a director / CEO, so please be aware that you may be asked to provide authorisation by way of a 'Letter of Authorisation'. Just contact [email protected] for the template to save time and have it ready in advance.
3. Fast track
Use the Fast Track service. As we operate on a queue basis, 'Fast Track' ensures your application will be prioritised by our team. Just check the appropriate box on the transaction page.
4. Business Hours
Applying on weekends or outside business hours - expect delays. Despite the modern advancements in automation systems, LEI applications still need to have the data checked by an actual real life human before being published.
5. Be available!
Mistakes happen.. If you have input incorrect data in your application we may contact you to correct it. We may not be able to have the LEI issued without hearing from you - so leave your best email address in the contact box!
This means manually confirming the data is accurate by cross checking with existing public records. We work on weekends, but not everybody does, so you may encounter set backs on Saturdays or Sundays. Try applying early on a Monday morning for instant replies (the team will thank me for that).