Starting your own business can be an incredibly exciting time, however, you also need to remember it comes with a lot of responsibility. There is far more to do with your business than just choosing your name, branding, and which bank account you are going to open. You also need to do your research on legal requirements of your new company. It might be that you need to sign up for an LEI number (Legal Entity Identifier). If you miss anything that is legally required then you can find yourself in serious trouble.
If you are planning to trade, invest, or report financial transactions then you will need an legal entity identifier. This is essential and the article below will tell you all about legalentityidentifier.co.uk and how you can get your unique code.
What Exactly Is An LEI?
An LEI is a 20-character unique identification code, this is assigned to businesses and individuals who are involved in financial transactions. To some this might just look like a random series or letters and numbers. However, it does serve a very practical purpose.
LEIs are used to identify which companies are taking part in financial activities. These transactions can be tracked and can reduce the risk of fraud and misusing funds. To put it simply, authorities will be able to see who is trading with who and where the money is going.
Without a valid LEI your business won’t be able to trade in any financial dealings. This includes shares, bonds and stocks.
Who Needs An LEI?
If you are a registered business, trust, charity, or other legal entity and you take part in financial trading then you need an LEI. There is one simple rule to remember when it comes to trading, NO LEI = NO TRADE.
LEIs are not a one time only thing either, you will need to continually renew your LEI for as long as you have your business. Allowing your LEI to expire can cause terrible issues for your business and trading. The great thing is legalentityidentifier.co.uk covers automated multi-year renewals: offers 3- and 5- year ‘set and forget’ plans. This means you can remain compliant with the law and not have to remember your renewal dates.
About legalentityidentifier.co.uk
legalentityidentifier.co.uk works as an LEI registration agent. This means they don’t directly issue LEIs but they work with official Local Operating Units (LOUs). The LOUs are the ones who are responsible for the issuing and maintaining of the LEI records.
So what sets them apart from the rest of the crowd? Well, that would be how approachable and simple they are to use. This platform avoids all the confusion and jargon, it is straightforward and many clients love using this service. So if you are looking for an LEI middle man that doesn’t expect you to jump through loads of hoops and follow complicated steps then get yourself onto legalentityidentifier.co.uk.
Clients of this particular LEI website include larger corporations like banks, to smaller companies just starting out in the charity industry.
What Can You Do On legalentityidentifier.co.uk?
In a world of increasingly regulated markets, you need to maintain your LEIs. This isn’t just a formality, it is the law. legalentityidentifier.co.uk allows you to get your business ready for international and local trade in a matter of minutes. You can ensure your data remains active and up to date, avoiding any lapses in your ability to trade. If you are wanting to move your account from one LEI provider to this one then this can be a seamless process.
Within the site itself you can make use of competitive rates and superior management tools. The company is proud to bridge the gap between rigorous regulatory standards and effortless user experience.
This platform allows you as a business to:
Apply for a new LEI, renew an existing LEI, and transfer one LEI from another provider.
The application is so quick and easy, in many cases you could have your new LEI number within a couple of minutes. All you need to do is input your details and the rest is done for you.
As with any company out there, you will always have pros and cons to consider. This is one of the leading agents in the UK offering a specialised platform to obtain and maintain your LEI. while they have a pretty streamlined interface, it all comes down to what you are wanting from this company. To help you decide if this is the right platform for you, we have compiled a list of the pros and cons. Check it out below.
Here’s The Pros
- The application process is incredibly easy and doesn’t involve excessive amounts of paperwork
- Multi-year renewal options which can help prevent accidental expiry
- All-In Pricing: No hidden GLEIF fees at checkout. The price quoted is the final price paid
- Customer support is available and is second to none. They truly care about their customers
- Bulk management options are incredibly useful if you have a corporate group or you are a service provider
- Fast processing times, makes this perfect if you are on a tight deadline
And The Cons
- This service is only available online, this means there is no face to face option. It might prove tricky for those who aren’t tech savvy
- LEIs are only issued through third party Local Operating Units (LOUs). This can occasionally cause delays
Final Thoughts
Overall, would we recommend legalentityidentifier.co.uk? In short, yes we absolutely would. They are a solid option for businesses that need to apply for an LEI without the unnecessary stress. The process is quick, simple, and the platform is incredibly easy to use. The automated renewals are a definite selling point for companies and busy business leaders needing an LEI.
So, if your business needs to stay compliant while also focusing on your growth then using a service like this will make the whole process far more manageable.
