From locally to global: identification of your company through the Lei code

From locally to global: identification of your company through the Lei code

In our globalized world, the verification and authentication of companies is essential for working on international business relationships. One of the mechanisms that are used here is the legal entity identifier (lei), a unique identification code for legal entities in the financial market. With a Lei-code, your company is not only locally, but also globally transparent and traceable. But what exactly is behind this identifier, and why is it so important for your company?

What is the Lei code?

The Lei is a 20-digit alphanumeric code that provides clear information about a legal unit. He was introduced by the Financial Stability Board (FSB) and the G20 after the financial crisis in 2008 to ensure a clearer overview of the actors in the financial markets. The system of the Leis is designed in such a way that it is controlled centrally, but is managed decentrally, which offers the highest level of flexibility and reliability.

Why is a Lei code important for your company?

1. transparency and authentication : The Lei code makes it easier to verify business partners and thus create a safer business environment.

2. Efficient processing of business processes : The use of Leis reduces the administrative effort because the identification of business partners can be automated.

3. global networking : A lei makes your company visible and relieves global business activities at an international level.

4. regulatory requirements : In many countries, the use of a leis is already required for certain transactions. A lei ensures that your company is regulatory up-to-date.

how do I get a leisure?

Application for a lei is a relatively uncomplicated process that can be processed online. Various providers, such as Lei-code , offer this service and take you through the necessary steps to get your code.

FAZIT

A lei code is no longer just an option, but rather a necessity for companies that want to act in the global context. It not only offers a safe and efficient possibility of identification, but also meets legal requirements and opens doors to international markets.

sources:

• Financial Stability Board: Lei Regulatory Oversight Committee
• G20 agenda for the introduction of the Lei
• Studies on increasing efficiency through the use of Leis

So that you can identify your company from locally to globally, the Lei-code is the key to a more transparent and safer business world.