LEI vs. RCS Number: what is the difference?
LEI vs. RCS Number: the main difference lies in their function. The RCS number identifies a company in the national registration register, while the LEI code identifies a legal entity in international financial transactions and regulatory reporting.
A Luxembourg company may therefore need both identifiers: the RCS number for its local legal existence, and the LEI for its financial transactions.
Table of contents
- LEI vs. RCS Number: what is the difference?
What is an RCS number?
The RCS number is the identifier assigned to an entity registered with the Trade and Companies Register. It is used to identify a company in the relevant national register.
In Luxembourg, the RCS number is used to identify commercial companies, holding companies, funds, securitisation vehicles and other entities registered with the Trade and Companies Register.
The RCS number is mainly used to identify:
- a commercial company;
- a financial holding company;
- a holding company;
- a securitisation vehicle;
- a registered fund or compartment;
- a registered foundation or association;
- another registered legal entity.
It is used in registration formalities, legal documents, relations with authorities and administrative checks.
What is an LEI code?
The LEI code, or Legal Entity Identifier, is a unique international identifier assigned to a legal entity. It is composed of 20 alphanumeric characters.
The LEI is based on the international ISO 17442 standard, which defines the structure of the identifier and the reference information associated with each entity. This standard enables reliable, standardised and globally recognised identification.
It is used to identify a company, fund, holding company, SPV, securitisation vehicle or other legal entity in financial transactions.
The LEI is used by:
- banks;
- custodians;
- brokers;
- investment services providers;
- asset managers;
- fund administrators;
- financial markets;
- supervisory authorities.
For a complete overview of this identifier, you can read our guide: what is an LEI code?
LEI vs. RCS Number: key differences
LEI vs. RCS Number: these two identifiers do not serve the same purpose. The RCS number is a national registration identifier. The LEI is an international financial identifier.
| Criterion | RCS Number | LEI Code |
|---|---|---|
| Scope | National | International |
| Format | Format specific to the relevant register | 20 alphanumeric characters |
| Assignment | Upon registration of the entity | Upon application to an accredited LEI issuer |
| Main use | Legal and administrative identification | Financial and regulatory identification |
| Entities concerned | Entities registered with the RCS | Legal entities involved in financial transactions |
| Renewal | No, except in case of administrative changes | Yes, generally every year |
| Use by banks | Yes, for local identification | Yes, for regulated financial transactions |
The RCS number proves that a company is registered with the relevant register. The LEI identifies the same entity in an international financial context.
The two identifiers can therefore coexist for the same company.
Why the RCS number does not replace the LEI
The RCS number does not replace the LEI because it does not have the same purpose.
The RCS number identifies a company in the national register. It confirms the legal existence of the entity, its form, registered office and certain statutory information.
The LEI follows a different logic: it identifies an entity in international financial transactions and regulatory reporting.
In practice, a bank, custodian or broker may know the RCS number of a Luxembourg company but still require an LEI to process a financial transaction.
The RCS number may help verify the existence of the company, but it is not always sufficient to:
- buy or sell financial instruments;
- issue bonds or other securities;
- open or use a securities account;
- structure an investment vehicle;
- participate in a financing transaction;
- satisfy certain reporting obligations;
- identify a counterparty in a regulated transaction.
The RCS number does not provide international identification of the company, unlike the LEI.
When does a company need to obtain an LEI in Luxembourg?
A company must obtain an LEI in Luxembourg when it participates in a financial transaction requiring regulatory identification.
The most common cases include:
- buying or selling shares;
- buying or selling bonds;
- issuing financial securities;
- opening a securities account;
- structuring a fund or SPV;
- transactions carried out through a bank, custodian or broker;
- certain regulatory reporting obligations;
- identifying a counterparty in a financial transaction.
The need for an LEI applies to many Luxembourg structures, including commercial companies, holding companies, investment funds, compartments, securitisation vehicles and SPVs.
For a company, the request often arises when a specific transaction is planned: banking relationship, bond issuance, financial investment, fundraising or vehicle structuring.
How to obtain an LEI with an RCS number
To obtain an LEI with an RCS number, the company must submit an application to an accredited LEI issuer. The RCS number helps verify the existence of the entity and the consistency of its registration information.
The procedure generally follows four steps:
Prepare the company information The company must gather its legal name, legal form, RCS number, registered office address, legal representative and any relevant group information.
Check the available documents Registration information from the Trade and Companies Register confirms the legal data of the entity.
Submit the LEI application The application is sent to an organisation authorised to assign LEI codes.
Follow the validation process The issuer verifies the information and assigns the LEI code once the file has been approved.
For a detailed explanation, read our guide: how to obtain an LEI
Get support to obtain an LEI
Obtaining an LEI can be quick when the company’s information is simple, accurate and up to date. The procedure may become more technical for a holding company, fund, SPV, compartment or structure belonging to an international group.
Get LEI supports companies with their financial identification procedures, including obtaining an LEI in Luxembourg.
Our support may include:
- document preparation;
- verification of legal information;
- application submission;
- follow-up until the LEI is assigned;
- assistance in case of additional requests.
To start your application, you can access our dedicated page: LEI application
To discover all our support services, you can also view our services
FAQ
What is the difference between an LEI and an RCS number?
The RCS number identifies a company in the national registration register. The LEI identifies a legal entity in international financial transactions and regulatory reporting.
Can a Luxembourg company have both an RCS number and an LEI?
Yes. A Luxembourg company generally has an RCS number after registration and may also need to obtain an LEI if it participates in financial transactions.
Is the RCS number sufficient for financial transactions?
No. The RCS number can identify a company in a national register, but certain financial transactions require an active LEI.
Does the LEI replace the RCS number?
No. The LEI does not replace the RCS number. The two identifiers have different purposes and may coexist for the same company.
How can a company obtain an LEI in Luxembourg?
The entity must prepare its legal information, including its RCS number, submit an application to an accredited LEI issuer and wait for the file to be validated.