Government Urged to Move Quickly on UBN

Government Urged to Move Quickly on Unique Business Number

AUCKLAND, 28 October 2010 – A unique number for all New Zealand businesses is critical to minimise credit risk and enhance laws such as Anti Money Laundering requiring companies to know-your-customers (KYC).

Veda Advantage Managing Director John Roberts urges the Government to move urgently to a single business numbering system.

The company supports Xero founder Rod Drury’s call for a unique business number so that companies have one single number they use with government agencies and the private sector rather than a myriad of numbers they have now. Mr Drury says such a number could spark an innovation boom.

Mr Roberts says a unique number would reduce wastage and help minimise credit risk.

Veda knows this from direct experience with companies especially small to medium sized enterprises (SME’s). In developing its TradePayments credit bureau of more than 300,000 business entities it has found that many organisations are unable to identify the correct legal entity they have a credit relationship with. This is especially an issue for sole traders.

“This is not only unprofessional but reflects the complications of dealing with entities that are identified with a myriad of numbers from a range of government agencies,” Mr Roberts says.

“A single company number works successfully in Australia and most other developed markets and it is time New Zealand stepped up to what is an efficient business reality in the 21st century.”

ENDS

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