Legal Entity Identifier (LEI) IrelandHow to obtain an LEI for an Irish CompanyIf you are transacting in the global financial system, you will more than likely be required to obtain a Legal Entity Identifier (LEI).
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 in Ireland due to the European Mifid II & EMIR directives. In the case of a strict trading policy being introduced with Britain after BREXIT, LEIs may become very important to Irish companies conducting business in the UK. |
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How to get an LEI in Ireland
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 this further in our recent post What is a Legal Entity Identifier?
Who needs an LEI Code in Ireland?
In recent years Dublin has benefitted greatly from foreign investment, and is now a world leading tech and business city with 9/10 of the largest tech companies in the World having their EU headquarters based in Dublin. As an Irish owned company with Headquarters in Dublin, LEI Worldwide thoroughly understand the LEI requirements of companies based in Ireland.
The LEI has been mandated in the EU since 2017 when the Mifid II and EMIR directives were introduced to companies transaction in the the EU markets. This was part of a global effort to bring transparency to the global financial marketplace. As a member state of the EU Irish companies engaged in cross-border activity are required to have an LEI.
Currently there are approximately 20,000 Irish companies who have already obtained their LEI codes. The majority of these include Aviation leasing companies and shipping companies but other industries such as investment firms and funds are following suit and now there are roughly 10 LEIs being issued per week in Ireland.
The LEI has been mandated in the EU since 2017 when the Mifid II and EMIR directives were introduced to companies transaction in the the EU markets. This was part of a global effort to bring transparency to the global financial marketplace. As a member state of the EU Irish companies engaged in cross-border activity are required to have an LEI.
Currently there are approximately 20,000 Irish companies who have already obtained their LEI codes. The majority of these include Aviation leasing companies and shipping companies but other industries such as investment firms and funds are following suit and now there are roughly 10 LEIs being issued per week in Ireland.
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To see a list of international mandates requiring the LEI see our post discussing Who Needs an LEI?
If you are a registered Limited Company with the CRO (Companies Registration Office) or intent to create one, you may easily apply for a Legal Entity Identifier. There are many benefits associated with having an LEI code for a limited Irish company. The LEI provides you with an instant credibility boost, and an internationally recognised identity card. You can also benefit from the added layer of identity security and prevent any such related errors. |
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If you are in financial services you will be required to legally register your entity for an LEI in order to be compliant with local regulations such as Mifid II, EMIR or to fulfill your local reporting obligations. To find out if you fall into this category and require an LEI please see our post discussing Who Needs an LEI?
How to get a Legal Entity Identifier in Ireland
Obtaining a Legal Entity Identifier code for an Irish company 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.
1. Click on the 'Register New LEI' button here or at the top of this page. 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.
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2. Next, begin filling out the details of the entity which requires an LEI. This will include information such as the address, name of Director or person legally responsible for the entity such as CEO, or Owner.
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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.
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.
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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 Certificate of Incumbency, Register of Directors, or a registry extract.
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 Certificate of Incumbency, Register of Directors, or a registry extract.
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.
A member of the LEI Worldwide team will review the submission upon submission and you will receive your LEI code within a few hours.
If you have any questions please contact info@lei-worldwide.com
A member of the LEI Worldwide team will review the submission upon submission 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.
