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If you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
Whether your company is based in Cyprus or registered is registered there from an offshore destination in the EU, you can obtain an LEI quite easily regardless of the location.
Applying for an LEI number is simple, and can be completed in a matter of minutes regardless of the entity type. Having an LEI is recommended especially within the Cyprus due to mandates for reporting obligations in the countries that regularly trade within Cyprus.
For local support contact Ryan Constantinou: ryan@lei-worldwide.com
There are currently 7,335 Legal Entity Identifiers registered in Cyprus. This accounts for 0.5% of all LEIs globally which is a significant number. A Legal Entity Identifier (LEI) is a 20 digit code that is unique to a legal entity and provides basic information about the entity such as name, address and entity type e.g Limited Company.
We explore the LEI concept further in our recent post What is the Legal Entity Identifier?
The Mifid II directive was introduced for European entities that trade in securities. The use of the LEI is similarly required by Cyprus entities when they are trading within the EU, USA or further afield. The LEI is a mandatory requirement in the Cyprus as it is technically within the EU, but it is becoming increasingly more popular in an ever changing world of financial compliance and is being adopted by entities that do not require it also.
LEI codes are required for legal entities that fall into the following classifications. Entities that:
If you currently own or are responsible for a Cyprus company or LLC registered there, you may not need an LEI by law yet. If you are engaged in international activity it is a good idea to have an LEI before you need one as it is quickly being adopted as a global standard and there are already nearly 10,000 LEIs registered in Cyprus.
If you are in financial services you will be required to legally register your entity for an LEI in order to fulfil your reporting obligations. To find out if you fall into this category and require an LEI please see our post discussing Who Needs an LEI?
Obtaining a Legal Entity Identifier code is a simple process. The LEI application form only takes a few minutes and any representative of the company may apply on behalf of the entity.
Step 1: Click on the ‘Register New LEI’ button here or visit the homepage of this website. To begin, fill out your contact details as the applicant. This information will be used to contact you in case any additional information is required.
Step 3: The next section ‘Level 2 Data’ gives you the opportunity to report parent company information.
For example, if your company is a branch of a larger organisation, or is owned by another company you may have that information appear on the LEI record. However, this is not a legal obligation. If you wish to report a legal parent company, please note that you will be requested to provide evidence of this relationship by way of Consolidated Accounts (i.e an annual report).
You may only report parent information if the parent company consolidates the accounts and the subsidiary is listed there.
Step 4: The final section allows you to upload documentation relevant to your application.
When an LEI application is submitted, the data is cross matched with what is on the relevant local companies registry.
If however the company cannot be found, or the data does not match the registry, we may request that you provide supporting documentation. Some good examples include a document from ASIC, a Certificate of Incumbency, Register of Directors, or a registry extract.
A registered company in Cyprus for example may with to provide their Apostilled company certificates including the Cyprus HE number as it confirms important company information.
Once the application is submitted, simply choose your preferred payment method and complete the application. LEI Worldwide use our payments provider STRIPE and PayPal. We also offer the ability to complete a bank transfer or swift payment in any currency including Euro and US Dollars.
A member of the LEI Worldwide team will review the submission upon completion and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
To apply for your own LEI or on behalf of a legal entity, please select the option from the buttons below.
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