How much does an LEI code cost?
The Global LEI System (GLEIS) has been set up in a way where LEI cost can differ among various service providers. Obtaining an LEI code can cost you anywhere between $65 to $200, depending on who you’re registering with. Since the number needs to be updated yearly – the costs will start to add up. For this reason, we encourage you to pay close attention to the price and take it as the primary factor when registering an LEI code.
LEI code costs can vary
Issuance of Legal Entity Identifiers (LEIs) is controlled by The Global Legal Entity Identifier Foundation (GLEIF), a not-for-profit organization. The foundation doesn’t issue LEI codes itself, but leaves it to a network of public and private companies, acting as Local Operating Units (LOUs). LOUs may serve customers directly or choose to cooperate with Registration Agents.
That is why you’ll see that the LEI code cost varies between different service providers. To be frank, there are no better functioning or upscale LEI codes. The GLEIS was created to reduce risk exposure and empower opposite parties in contracts or financial transactions. LEI prices are determined by the organization’s own charging structure and have nothing to do with the value of the LEI code itself. The code is simply a tool that enables you to easily identify legal entities, that are active in the financial market.
Currently, GLEIF surcharges LOUs 11 USD per application for one year. It’s important to note that not all Registration Agents include that fee in the initial price and it might appear as an additional cost during checkout. The same goes for VAT-s, 0% VAT is applicable if the company has a valid EU VAT number.
LEI Register is one of the biggest and most inexpensive LEI Registration Agents worldwide. LEI Register’s LEI price consists of the initial registration cost for the chosen period and the GLEIF fee. We process your VAT number against the VIES (VAT Information Exchange System) database and once authenticated, no VAT will be added.
Multiyear LEI registrations
In order to ensure that the LEI code database is relevant and up-to-date, it’s required to renew your LEI code annually. Once the deadline passes, your LEI will become inactive until renewed. To make matters easier, LEI Register has developed multiyear renewals. So in addition to one-year registration, you’ll be able to select a 3- or a 5- year period.
Not only will this be more cost-efficient, but we’ll take on the responsibility to renew the data of your LEI code seamlessly, using an official company registry.
Key takeaways
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- The LEI code cost is determined by the individual organization, which is why it tends to vary across different providers.
- LEI Register has grown into one of the biggest Registration Agents in the world by keeping prices low, whilst offering the fastest and most seamless registration process.
- LEI codes need to be updated annually and once the deadline passes, the entity won’t be able to participate in the financial markets.
- In order to help you steer clear of trouble, LEI Register has created a multiyear registration model, that will take on the responsibility to renew your LEI data for the selected period. Not only will it save you time but it also works out to be more cost-efficient!