D-U-N-S stands for Data Universal Numbering System and is referred to as a proprietary system, which was developed by Dun & Bradstreet (D&B) back in 1963 to originally help support their credit reporting practice.
The 'DUNS' system was adopted across the world and is now used all over the European Commission, the United Nations, and the United States government. It is recognised in over 50 industry and trade associations across the globe, and the DUNS database holds 280 million business entries worldwide.
How can a DUNS number be used
When you are looking to secure your company with finance through credit or business loans you will require your DUNS number. Your company will consist of a D&B business credit file logged on to the database of DUNS and can be referred to as the potential credit and loan lenders to help them create financial reliability and stability. Moreover, your credit file can be utilised by your new business partners for knowing your company's financial stability before joining hands with you for the business venture. The DUNS database will provide updated financial information to help them make informed lending decisions easier.
Why is the DUNS number required
DUNS number is used in dozens of countries worldwide, including the European Union, USA, and Australia. This can be beneficial for you if you are planning to expand your business and trade in other countries. There are many benefits for the businesses that participate. Establishing new partnerships overseas and seeking funding sources in other countries can be made easier with the help of the DUNS system.
Even if you have begun to set up your reach more afield and have already become committed to a contract, then your DUNS number can help you in the future to improve the likelihood of securing renewed funding, increase the amount of your loan, or negotiate an improved credit term for funding opportunities in the future.
Having a DUNS number will allow a business to get a good level of credibility with potential lenders and can help one win more terms favourable for business loans and contracts. Moreover, your company will be portrayed as genuine and serious in front of the government bodies both inside and outside your home country, so you will be more preferable for home as well as foreign government contracts. In fact, in the majority of the countries, you are required to obtain a DUNS number from Dun & Bradstreet before you can bid on any government proposal.
How can you get a DUNS number
Getting a DUNS number for your firm is easy if you have a registered company that is based in the UK and Ireland. Every newly registered company in the UK and Ireland will automatically be issued with their D-U-N-S Number. You will not be charged anything for obtaining your number from Dun & Bradstreet.
If your company is registered in the UK or Ireland, but you are not sure about your DUNS Number, then you can check your number online.
You can obtain your DUNS number by requesting a number online from Dun & Bradstreet website and the procedure takes about five working days.
To apply for a DUNS Number for companies registered outside of the UK or Ireland, you will need to provide the information given below:
- Legal name
- Name of the headquarters and your company's address
- Doing Business As (DBA) or by another name by which your business is identified.
- The physical address, city, state and postal code
- Mailing address for companies that have a separate physical address from headquarters
- Phone number
- Contact name
- Number of employees at your physical address
- Whether your business is home-based
Therefore, having a DUNS number not only makes it easier to get better credit and finance terms but also makes it simpler to trade with a lot of businesses.