As a business that has been thriving in guiding other business owners especially those in the oil and gas sector, it is important that we guide on registration process and requirements for DUNS.
In this article, we delved into DUNS registration, the required documents and also the step by step process for its registration.
What is DUNS?
The Data Universal Numbering System, abbreviated as DUNS or D-U-N-S, is a proprietary system developed and managed by Dun & Bradstreet (D&B) that assigns a unique numeric identifier, referred to as a “DUNS number” to a single business entity.
This number is widely recognized by government agencies, corporations, and financial institutions around the world as a way to track and verify businesses. It plays a crucial role in helping you establish credibility, secure funding, and create business opportunities both domestically and internationally.
Before diving into the registration process, let’s briefly go over why a D-U-N-S Number is essential for your business:
- Business Identification: A D-U-N-S Number is a globally recognized way of identifying your business. It’s used by suppliers, lenders, and even government entities to verify your company’s identity.
- Credibility & Trust: It boosts your business credibility and provides transparency, making it easier for you to establish trust with potential partners and clients.
- Access to Funding: Many financial institutions and creditors rely on your D-U-N-S Number to evaluate your business’s financial health and creditworthiness.
- Global Expansion: If you plan to do business internationally, many countries and corporations require a D-U-N-S Number for compliance purposes and to ensure your business meets global standards.
- Government Contracts: If you intend to do business with the U.S. government, the D-U-N-S Number is a mandatory requirement for contracts, grants, or loans.
Required Documents
The documents required include the following:
- Evidence of Company registration – CAC Certificate, CO2 (Allotment of Shares), CO7 (Directors Details)
- Proof of Address (Utility bill)
- Current 3 years Audited Accounts with Auditor’s signature and Seal (If your company has been operating for more than 3 years).
- Current Tax Clearance Certificate (TCC) for 2021, 2022 & 2023
- VAT Letter
- PenCom Certificate (or list of Employees on a Company Letterhead if less than the number mandated by PenCom Act)
- Bank reference letter
- NUPRC Permits (If Client is into Oil & Gas)
Should there be need for any clarification on any of these documents listed above, do not hesitate to contact Aziza Nigeria to guide you through and provide consultancy services you may need.
Guide to Registering for a D-U-N-S Number
Step 1: Prepare Your Business Information
To register for a D-U-N-S Number, you’ll need to gather some basic information about your business. Ensure you have the following details ready:
Legal Business Name: The official name of your company, as registered with local authorities.
Business Address: The physical location of your business. If you operate online, you’ll need to provide a valid physical address.
Phone Number: A working phone number that can be used to contact your business.
Name of the Business Owner or Executive: Typically, the owner or an executive responsible for managing the business.
Legal Structure of the Business: Whether your business is a sole proprietorship, partnership, corporation, or LLC.
Number of Employees: The total number of employees in your business.
Step 2: Send a mail to Dun & Bradstreet that indicates your intention to register
Go to the official Dun & Bradstreet website for D-U-N-S registration. D&B has a dedicated page for obtaining a D-U-N-S Number.
Step 3: A response to your mail would be sent requesting the required documents for processing
Send these documents. Ensure that all details are accurate to avoid delays.
Step 4: Verification Process
After submitting your required documents, D&B will verify your business information. This process may take a few days. Be ready to provide any additional documentation they may request, such as:
Legal documents: A copy of your business registration or tax identification number (TIN).
Proof of Address: A utility bill or lease agreement showing your business address.
Step 5: Receive Your D-U-N-S Number
Once your application is approved, you will receive your D-U-N-S Number via email. This number is crucial for building your business’s credibility and may be required for various business transactions, partnerships, and government contracts.
Step 6: Maintain Your D-U-N-S Profile
To ensure your D-U-N-S Number remains accurate and useful, regularly update your business information with D&B. This can help improve your credit rating and business prospects.
Fees for new registration (pay the naira equivalent)
VENDOR CATEGORY
TURN OVER RANGE (N)
DUE DILIGENGE FEE
($)
DUE DILIGENCE FEE FOR NEW REGISTRATION
(WITH 7.5 % VAT)
EXCHANGE RATE
??=1$
CATEGORY A
Above 50 million
200
CATEGORY B
10 million – 49,999,999
150
CATEGORY C
5 million – 9,999,999
100
CATEGORY D
0 – 4,999,999
70
Conclusion
Obtaining a D-U-N-S Number in Nigeria is a straightforward process that can enhance your business’s credibility and access to opportunities.