Initial registration + 1 year fee
Renewal of the legal entity identifier (LEI)
number starting from $50. Renewal for one year $65.
*0% Sales Tax
Initial registration + 3 year fee
Renewal of the legal entity identifier (LEI)
number starting from $50. Renewal for one year $65.
*0% Sales Tax
Initial registration + 5 year fee
Renewal of the legal entity identifier (LEI)
number starting from $50. Renewal for one year $65.
*0% Sales Tax
As of January 3rd 2018 all legal entities which wish to transact in European financial markets involving any kind of securities or derivates (for example Stocks, Bonds, ETFs, FX Forwards, Swaps, Interest rate Swaps etc.) need to register for an Legal Entity Identifier.
At present most of the LEI requirements are derived from the Markets in Financial Instruments Directive (MiFID II) and European Market Infrastructure Regulation (EMIR). The main purpose of these acts is to ensure a higher transparency and stability of the global financial market
The application for an Legal Entity Identifier is a simple three step process.
Your application will be sent for data validation as soon as you have submitted the payment. In 90% of the cases you will receive your Legal Entity Identifier within 1-24 hours*.
Over 3,000 UAE companies have already obtained an LEI. Legal Entity Identifier UAE requirements 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. The use of the LEI is similarly required by UAE entities when they are trading within the EU and USA. The LEI is not a mandatory requirement in the UAE just yet, but it is becoming increasingly more popular in an ever changing world of financial compliance. This means that Free Zone Companies, or UAE registered entities with European, US or UK connections will likely be required to complete Legal Entity Identifier registration UAE.
The DFSA (Dubai Financial Services Authority) issued a circular for Senior Executive Officers of UAE entities trading with Europe, outlining the requirement for an LEI Code in Dubai. This memorandum highlights that a lack of an LEI may effect your firms ability to trade with the EU. More can be read here.
A lot of international business is done in the free zones of the UAE including Dubai, Abu Dhabi and other business districts such as Ajman and Fujairah. These Free-Trade Zones (FTZs) are areas of economic benefits to expatriate investors of which there are 30. Many entities who export their goods and services from the UAE will require a Legal Entity Identifier (LEI) in order to be compliant with international trading rules. Companies on the United Arab Emirates business registry can easily complete an LEI application form which will be valid globally. People may wonder how to check company status in the UAE, however it can be done by conducting an LEI Search. This because a company cannot obtain an LEI until we have conducted a check against their Dubai company registration number.
If you currently own or are responsible for a FZE (Free Zone Establishment) or LLC in The United Arab Emirates, 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 3,000 LEIs registered in the UAE.
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?
However, more entities such as Limited Companies and Sole Traders are turning to the LEI even though it is not required. This is because there are many benefits associated with having an LEI. It 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.
We facilitate entity identification in the global financial system, capital markets and private sector. We make the process accessible and simple for Legal Entities to obtain Legal Entity Identifier numbers.
