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 have incorporated all the necessary information about the DUNS number.
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
- Address
- Industry
- 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.
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 them:
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 a 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 economical stability.
3. Ascertaining integrity to partners, shareholders, or customers
The 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 research on numerous firms to understand their growth, economical state, and credit. In such cases, a DUNS number will make it easier to get all the necessary information. The 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.
Known Worldwide
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.
Create Credibility
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.
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 through 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.
Conclusion
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. 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!
FAQ’s
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.