It is a general regulatory requirement for businesses to have an LEI (Legal Entity Identifier) number for financial transactions. You will need an LEI to open an InvestEngine Business Account.
If you don’t already have an LEI, InvestEngine can provide one to customers for free for the first year and it will be applied automatically after you have funded your account with a minimum of £100.
You will need to have an active LEI in your second year with InvestEngine, or you will not be able to trade. If you fund your account with £20,000 or more, we will provide the LEI for you free of charge.
If you have not funded your account in the second year to the value of £20,000, business account holders will have the option to renew the LEI themselves. If you are not able to do this, InvestEngine will have to provide the LEI for you, but will be reaching out to you to cover the £45 fee.