Where recession, economic development, and financial aid have become major factors in setting up and running a company, businesses constantly need to prove their credibility. And thus, to come afloat the existing scenario of a competitive market, the DUNS number can be your savior.
Over the decades, DUNS Number has become a cornerstone of modern business operations in providing businesses with a unique identity. It allows businesses to stand apart from other businesses and showcase themselves as a unique entity. It also enables the investors and stakeholders to make up their minds about doing business with you.
But what is this DUNS number?
The DUNS Number is a unique identity given to your business that creates your credit file. It is also called the Live Business Identity.
Founder
Dun & Bradstreet created DUNS (The Data Universal Numbering System Number) in 1963 for identifying businesses as part of its business credit reporting system. It is a 9-digit unique identifier number for businesses which provides your investors and stakeholders with a reason to work with you.
How does it work?
Dun & Bradstreet has a Data Cloud where information regarding all the DUNS registered entities has been stored. Investors and stakeholders can access this data to derive your Live Business Identity or DUNS Number.
This registration is done basis D&B identifies your company as having a unique identity and being different from the already existing entities. Therefore, it is important to have an updated profile that gives a clear picture of the performance of your organization.
The DUNS Number also helps determine corporate relationships and hierarchies which can showcase the probable risk and opportunities for stakeholders. It is required for any activity that involves the United States government, or any work with the United Nations. Moreover, it is mandatory compliance to become eligible for government contracts and to conduct business abroad.
Applicability
The DUNS Number is used in many countries around the world, including the USA, Australia, the European Union, the Middle East, Africa, India, China, and many other Asian Pacific countries, and offers numerous benefits to businesses.
Why is there a need for a DUNS number?
The Live Business Identity associated with your DUNS Number can help potential partners and investors learn whether or not to work with you as a client, supplier, or partner.
1. Ease in getting credits: It helps you after you’ve signed a contract or accepted a loan. DUNS provides a clear picture of your business, allowing your business to get credits on improved terms and conditions or a favorable line of credit.
2. Prepare you for uncertainties: Many businesses face cash flow problems. Getting another company’s business credit file using the DUNS Number can help you decide on how to manage your business’s cash.
3. Establishes credibility: It showcases your business stability and the way you run your business. It also provides insight into your financial well-being to build a strong corporate image for you.
How can you get one?
To register for a DUNS number, one has to file an application by providing basic business details. However remember, there is no scope for mistakes as once the DUNS Number has been issued, it would be the ultimate identifier of your business’s capability.
Therefore, it is suggested to take assistance from an expert and stay prepared with the below-mentioned details:
• Legal name
• Company name and address (Headquarters)
• Doing Business As (DBA) or any other name by which your business is commonly recognized
• Physical address, city, state, and ZIP Code
• Contact details including contact numbers and mailing address
• Number of employees in your business
• Confirmation whether you are a Home-Based Business or not
NOTE: After submitting the application, it can take up to 30 days to complete the process and then, you will receive your DUNS Number. However, if you need it urgently, then you can pay an additional amount of $229 to D&B to get it within five working days or less.
Once you receive this number, your business is ready to go with the unique identification and approach investors and stakeholders. So, what are you waiting for? Establish your global business credibility by applying for the DUNS number today.
Written by – Aniket Tyagi
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