How to get a Legal Entity Identifier SAUDI ARABIA ??
A legal entity identifier is a 20 digit alpha-numeric code that is used to identity counterparties to regulated financial activities globally.
There are over 200+ mandates requiring use of the LEI in reporting globally, including MiFID 2/EMIR in Europe, US Dodd-Frank Act and local jurisdictional securities laws in financial markets around the world including Saudi Arabia.
Market participants in these regions, and those in Saudi Arabia transacting with entities in foreign regions will be subject to local LEI regulations.
If you wish to obtain a Legal Entity Identifier in Saudi Arabia please see below:
LEI Worldwide are connected to the Saudi Arabia commercial registry data, meaning you can receive your LEI in minutes.
STEP 1: Click the Register New LEI button. If you already have an account ensure you are logged in, you may also proceed as a guest.
STEP 2: Enter your company name and click SEARCH. This will locate your company on the Saudi Arabia registry.
STEP 3: Select your company from the list. If your companny does not appear click 'Manual Entry' e.g if it is a Fund.
STEP 4: Enter additional relevant company information so the LEI data in Saudi Arabia can be registered accordingly.
STEP 5: Proceed to checkout and complete payment.
Once your application is comete the LEI will be processed and confirmation sent to you via email.
LEIs help businesses link data sets, improving analysis.
Building a complete picture of a business, by linking its data, could also help small businesses to access finance.
We will champion the LEI as a globally recognised identifier for all businesses in the UK.
- The Bank of England
Why use LEI Worldwide?
- Fastest Saudi Arabia LEI Application
- All Saudi Arabian legal entity types covered
- Global leader in Fund LEI Management
- Official listing on global LEI index
- LEI portfolio management tools
- Full global coverage
- Get started with LEI Worldwide today
LEGAL ENTITY IDENTIFIERS IN SAUDI ARABIA
Over 3,509 Saudi Arabian registered companies have already obtained an LEI. In March 2023 LEI Worldwide provided almost 50% of all LEIs issued in Saudi Arabia. Legal Entity Identifier requirements in the Saudi Arabia stipulate that to engage in cross border transactions an active LEI Number must be present. The Mifid II directive was introduced for European entities that trade in securities, and is also mandated under a litany of EU regulations falling under the scope of AML, KYC and transaparency directives. Saudi Arabia has one of the most competitive import/export sectors in the MENA region, and is home to over 78,000 registered legal entities according to globaldatabase.com
Saudi Arabia has one of the worlds most prominent Oil & Gas export trade industires, with the second largest reserves of oil.
Saudi Aramco is one of the largest oil and gas exploration, refinery, and trading companies in the world. The net income of Saudi Aramco for the year 2021 was 110.0 billion USD.
The impact of the oil and gas sector in Saudi Arabia has global impacts. Oil exports contribute roughly 40% to the country's GDP, and accounts for almost 90% of national income. This has driven economic growth but also plays a role in funding the nation's ambitious development projects.
While the oil and gas industry remains the backbone of Saudi Arabia's economy, the nation is actively seeking to reduce its dependence on oil revenue. Through various Vision 2030 initiatives, Saudi Arabia plans to diversify its economic base, attract foreign investment, and create employment opportunities for its growing population.
As such Saudi Arabian legal entities looking to conduct business abroad will lean heavily on international regulatory frameworks, such as those in the EU, US and Asia.
The importance of the LEI is recognised by Saudi Arabian officials, as the Saudi Arabian Monetary Authority (SAMA) posted Circular of the Saudi Arabian Monetary Authority of 3 July 2018 "The importance of obtaining an LEI through any accredited LOUs".
In the circular it is stated that SAMA has emphasized that banks, insurance companies, reinsurance companies and finance companies, operating in the Kingdom of Saudi Arabia, have to obtain a Legal Entity Identifier (LEI) to enable regulatory entities to assess potential risks, maintain financial stability, and supervise financial market participants.
Amidst the international regulatory frameworks, the Legal Entity Identifier (LEI) emerges as a crucial tool for streamlining operations within the oil and gas industry in Saudi Arabia. As numerous companies all along the supply chain, contractors, suppliers and third parties interact in the sector, the LEI offers a transparent and standardized means of identifying legal entities at each touchpoint.
The LEI can play a role in facilitating accurate data management, counterparty due diligence, and regulatory compliance is paramount in ensuring the industry's stability and bolstering investor confidence and boosting prospects for foreign investment.
The following classifications are examples of entities that require an LEI in Saudi Arabia, Asia, Europe and the US:
- Sale, purchase or repossession of securities
- Issue equity, debt and all entities listed on an exchange
- Engaged in OTC Derivatives markets
- Are supervised by a financial regulator and their affiliates, subsidiaries and holding companies
- Trade with an EU-licensed broker
- Fall under the categories of Mifid II, Emir, SFTR, CSDR
- Engaged in international trade with EU, US or AU
ABOUT LEI WORLDWIDE
LEI Worldwide is an Official GLEIF LEI Registration Agent (RA), and the first RA providing LEIs on a global basis since 2017. Our approach since inception has been focused on providing high quality customer service and helping our clients manage large portfolios of LEIs.
LEI Worldwide was formed to help some of the worlds largest organisations meet their regulatory requirements, with emphasis on the updated Markets in Financial Instruments Directive (MiFID II) & regulation (MiFIR) and to assist entities in the process of obtaining an LEI number.
There are over 144 pieces of legislation globally mandating the use of the LEI. If your firm is subjected to regulations such as MiFID II transaction reporting obligations, you will require a UK Legal Entity Identifier number or you will be declared ineligible to execute a trade in the UK.
This could mean a no trade ruling or financial penalty “no LEI, no trade” as the saying goes.
In order to meet the demand, and the volume of firms applying, LEI Worldwide have created a designated state-of-the art, proprietary LEI registration and management portal called RAMP 2.0 (Registration Agent Management Platform) which streamlines and automates the process, ensuring timely registration and ease of LEI portfolio management.
We cater for companies from anywhere in the world and those who are seeking a Legal Entity Identifier from all countRIes. By co-operating LEI issuing organisations, and uniquely providing global access, we bring our clients the fastest and most comprehensive LEI solutions available on the market.
We aim to fulfill our mission of providing a first class service which will facilitate the global conformity to the ISO 17442 standard and GLEIFs mission to fulfill “One identity behind every entity”.
