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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 Brazil or is registered there from an offshore destination, 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 Brazil due to mandates for reporting obligations in the countries that regularly trade with Brazil.
This data suggests that the LEI is not yet heavily regulated in Brazil. The Federal Revenue of Brazil (FRB) request the LEI for the Corporate Taxpayers Registry. To see a list of LEI mandates by country please click here.
With the LEI quickly being adopted as the leading business identifier globally, the number of LEIs in Brazil is expected to rise quickly. Currently, most companies in Brazil use the identifier allocated to them by the National Companies Registry (Junta Comercial), and there are around 28,500,000 companies registered in Brazil.
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. A mass adoption to the LEI in Brazil could bring much transparency to Brazils vast economy and industrial sector.
We explore the LEI concept further in our recent post What is the Legal Entity Identifier?
In Brazil, the tax authorities (Federal Revenue of Brazil) request the LEI from certain legal entities. The final beneficiary of applications to the Brazilain corporate taxpayer registry (CNPJ) is to supply a Legal Entity Identifier code. The final beneficiary is the person who has significant or legal control of the legal entity/company e.g Director, CEO.
LEI codes are also required for legal entities that fall into the following classifications. Entities that:
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 1.6 Million LEIs registered in the world.
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 Brazil for example may with to provide their ASIC registry form 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 Dollars and Brazilian Reals.
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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