The corporate world is full of different types of identifying numbers that makes ot easier to know about the business. The DUNS Number is one such identification number that is important for companies. A DUNS number is necessary for corporations that get their funding from the cooperative structures and via federal grants. A DUNS number can be explained as an online identifier that lets the investors, authorities, and several other firms keep a track of the data of listed businesses.
To grow in your business, you must understand what is DUNS number, its importance, benefits, how to register for it, and how does it work. So, for your convenience in this article, we will examine briefly the DUNS Number, as well as its significance, advantages, and application process.
What is DUNS Number?
DUNS Number stands for Data Universal Numbering System, and it consists of 9 digits that form the identity of any registered business. It is generated by the credit agency, Dun & Bradstreet, which lets them list a corporation in their database. One can find all the details about the listed corporations in this database.
Examples of some details that you can find are:
- Company name
- Phone number
- Number of employees
- Credit and financial health details
- Branches and subsidiaries
The corporations can turn in their applications for a DNS number for free. By doing so the organizations can gain popularity amongst business partners, investors, and even lenders. And if a corporation wishes to get a federal grant, according to the rules, it should mandatorily have a DUNS number. Another situation where a Data Universal Numbering System is necessary is when a firm wishes to start an international business. With the help of a DUNS number, you can create a separate identity of your firm which the entities and government can use to track funds.
Why Do you required a DUNS Number?
The DUNs Number is utilized all around the world to identify and access business information. A DUNS Number identifies a company’s Dun & Bradstreet business credit file, which may include firmographic data (company name, address, phone number, and so on), business family relationships (headquarters, branches, subsidiaries, and so on), and scores and ratings that assess various financial health indicators. This information profile is known as the Dun & Bradstreet Live Business Identity when taken as a whole. Potential partners and lenders can use your DUNS Number or other business identifiers to get a business credit report on your company. You may also utilize the DUNs Number to get the same information about any firm with whom you would like to work.
The DUNS Number, due to its global stature and unique assignment, may also function as an important data key inside an organization’s Master Data Management system. In this way, the DUNS Number (together with the associated Live Business Identity data) provides a single source of truth in the capture and storage of information about a company’s customers, partners, and suppliers.
Importance of DUNS Number
The businesses that aim to hold a specific type of business or need federal grants should have a DUNS number. Even though the Data Universal Numbering System offers many perks, all corporations don’t need to have it. This type of digital identifier is only needed by companies that wish to gain funding from the government or want to go international. As stated before, a Data Universal Numbering System has a lot of perks.
So, let’s dive in and learn about a few of the importance of DUNS numbers:
1. When in need of a cooperative agreement or federal grant
All the legal entities at the state, federal, or local level make use of DUNS numbers to keep track of the funding and e-commerce with corporations. So, it means that if your firm wishes to get a federal or government grant it needs to have a Data Universal Numbering System.
2. Establishing an international firm
If you are an entrepreneur or someone who wishes to expand his/her business to a foreign nation, you can benefit from a DUNS number. Several international firms make use of the DUNS number to check the legitimacy of foreign firms. This number also makes it easy for firms present in different locations to maintain contact with each other. For instance, a shop finding sources for its products can utilize the firm’s Data Universal Numbering System and confirm if the firm is credible, and also check its economic stability.
3. Ascertaining integrity to partners, shareholders, or customers
Firms which want to get in touch with possible business associates, clients, and investors, can also benefit from a Data Universal Numbering System. Keeping a DUNS number will make it easy for several corporations to find you. For instance, an investor can start researching numerous firms to understand their growth, economic state, and credit. In such cases, a DUNS number will make it easier to get all the necessary information. Firms without a Data Universal Numbering System can fail to seek the investor’s attention.
Benefits of DUNS Number
Now that we have covered almost everything about a DUNS number, let’s learn about the benefits it has to offer.
Dun & Bradstreet is globally known, and a DUNS identity is widely accepted as the benchmark in corporate reporting and recognition. This technology monitors millions of enterprises worldwide. It is inextricably linked to the establishment of any firm.
Possessing a DUNS designation is an indicator of trustworthiness. It displays to other companies and organizations your concern about your organization and that you value your economic well-being and business image. It indicates that you plan to pursue regulations on business and are not scared of making your firm visible to the public.
Easier access to government assistance or contracts
Do you want to get a federal contract? To make that happen you will require a Data Universal Numbering System.
Useful when seeking funding or credit.
Possessing a Data Universal Numbering System identifier, as well as D&B’s extra credit report system, will come in handy to qualify for a mortgage or credit line.
Working of DUNS Number
An interesting fact about the DUNS number is that it was created in the year 1963, and it works by providing a special identification number to a listed business. The number does justice to the organization’s online profile that is present in the Dun & Bradstreet information database. Any business entity that can access this database can track and find a corporation with the help of its DUNS number.
The entity can then find a firm’s profile and gain access to information related to its address, functions, business partners, and also its economical status. Several companies utilize their DUNS number and online profile to get federal grants and start a multinational companies. To state simply, a Data Universal Numbering System is a standard firm identifier that the legal bodies use for e-commerce.
Requirements to obtain a DUNS number
You’ll require the following details in order to apply for a DUNS Number:
- Name and address of your company’s headquarters
- Doing Business As (DBA) or another name under which your company is frequently known
- The organization’s physical address and mailing address
- Contact Details
- The number of staff working at your actual location
- Whether your business is home-based
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How to Register For DUNS Number?
Now, let’s learn how to register for a DUNS number. Follow the below-mentioned steps to successfully register for the DUNS number:
Gather the data needed for the application
The first step to start with the registration process is knowing what all data is important for the application process. Once you compile that, it becomes easier to continue with the further steps.
Some of the data that you will need are:
- Company address
- Company name
- The year of incorporation or founding
- Company’s legal structure, for example, if it’s a partnership, proprietorship, or corporation.
- The total number of workers present in the firm, both part-time and full-time.
- Type of industry or business
Start the application process by phone or digitally
After compiling all the data, you can kickstart your application process either online or via phone. For the firms that are established in the United States, this registration process is free of cost. But for firms based in different nations, the registration process may differ. The person applying should be a certified agent of your firm.
Wait for the process
Once your application is complete and submitted, you’ll have to wait for its processing. For companies that want a DUNS number to gain a federal contract, the waiting time is as minimal as 24 hours. But firms that need a DUNS number for any other reason than that will have to wait for at least a month. So, when you register for your DUNS number, ensure that you are starting the process well ahead of time to avoid any problems later.
Example of DUNS Number
A DUNS number can be easily identified by knowing that at times a 9-digit. Data Universal Numbering System is written with dashes to enhance its readability. For instance, “14-089-2684”. But nowadays the use of dashes is omitted and the DUNS number is written as “140892684”. It is to be noted that the dashes aren’t included in the D&B’s actual description of the DUNS number. Corporations can also put extra alphanumeric values to their digital identifier number.
The current world of corporate is tough and pretty competitive. To exist in such an environment, one will have to stand out. A Data Universal Numbering System will help you in bagging clients, lenders, and investors. The Data Universal Numbering System, sometimes known as the DUNS Number, is a distinctive identification code given to companies by Dun & Bradstreet (D&B), a major international provider of corporate information and insights. It is widely acknowledged and utilized by businesses, governments, and organizations worldwide.
So, if you wish to apply for a DUNS number but don’t know where to start from, no worries. Contact us at ODINT Consulting. We will ensure that our clients are getting whatever help they need. Our skilled professionals will be on their toes to assist and guide you on every step. Reach out to us today!
No. A DUNS number doesn’t need any kind of renewal. Once you get a DUNS number, it will always be with your company for its identity. But you will have to keep updating the information annually.
The registration procedure of the DUNS number gets completed in a day when done for a federal grant, but for other reasons it may take up at least a month.
Yes, the DUNS Number is well-known and acknowledged globally. It enables cross-border communication between organizations and their partners, vendors, and clients.
- The DUNS Number is crucial because of the following reasons:
- It aids in establishing a company’s trustworthiness and reliability.
- Having a DUNS Number is frequently required to apply for government grants and collaborations.
- It operates as an important benchmark for evaluating the performance, dependability, and financial health of businesses vying for government contracts.
Yes, you can change the information associated with your DUNS Number. If your company’s data, such as its address or ownership, shifts, you should contact Dun & Bradstreet to give current information and guarantee the correctness of your DUNS record.
No, DUNS Number is not necessary for all businesses.