Elevate Accounting & Auditing as an Auditing company understands the value of ICV Certification for their client and provides a Good package for ICV and External Audit.
The ICV Certification is projected to produce social development and commercial development that pay for sustainable economic growth and advance.
ICV Certification promotes GDP diversification, creates employment opportunities for UAE citizens in the private sector, and provides local businesses with more scope to participate in business activities with the participating entities. As such, ICV Certification stimulates broad-based economic growth, benefiting all relevant stakeholders. (Participating entities are those having ICV Certification done)
The UAE is an industrial hub that draws the attention of traders from all around the world. Of late, the authorities have been attempting keenly to enhance funding possibilities in the UAE. A lot of groups in the UAE had been looking to supply their merchandise and additives regionally to assist enhance the countrywide economy. The authorities too have been making an investment in such plans, which assist enhance local industries and simplify delivery chains. One such program is ICV or In-Country Value addition. ICV certification is a process that certifies the supplier or the contractor ICV score by the independent pre-approved ICV certifiers. Once attained, the ICV certification in UAE is valid for 14months from the date of Audit Report is issued. From January 2018, the Abu Dhabi National Oil Company (ADNOC) has initiated In-Country Value (ICV) so that it will diversify the UAE’s financial system with the aid of using localizing goods and services, create more employment possibilities for the UAE nationals withinside the personal region and the localization of vital functionalities in the subject of oil and gas.
It means when there is a demand in the local market for any business they will ask tenders, proposals, offers from the local UAE Market from those companies having ICV Certificates. If you have a business and you are buying and dealing from a company that is ICV Certified your score will be high in the next ICV Certificate.
ADNOC has hired some audit companies to act as an ICV certifying Body. The auditors are responsible to audit and issue the certificate. Elevate is one of the Audit companies in the ICV Certifying body along with Al Raqamiya Management Consulting to provide ICV certification Services.
Elevate is an approved auditor to do an Audit for ADNOC ICV in UAE and is providing the best ICV certification services in UAE. Elevate provides exclusive packages for External Audit then the ICV team takes care of the ICV Certification. We don’t guarantee any score for ICV. The ICV score totally depends on the business information.
Elevate will take care of the ICV Audit and take the load off of you.
Upon the issuance of IFRS-based financial statements that are audited by a licensed auditor from the Ministry of Economy, i.e Elevate Auditing . Suppliers are expected to complete the Certification Submission Template and approach one of the ADNOC Approved certifying bodies to obtain their ICV certificates. Suppliers can refer to Supplier tender guidelines for assistance in completing the submission documents.
All suppliers need to provide all details for the last financial year related to the following zones:
- Goods that manufactured (for suppliers engaged in manufacturing );
- Third-party spend (for service providers);
- Investment in the UAE;
- Expatriate contribution;
- Bonus for (i) Exports & (ii) Emirati Employees
Supplier spends that is leftover within the UAE, or pays to the UAE economy, is measured for the ICV calculation.
An audit Report for ICV is mandatory. As an ICV Certifying body need an Audit report and copy of the trade license to evaluate the scope of the work. Generally, it takes 3 to 4 weeks time for an ICV Certification Process. If the Audit report is qualified then it can not be used for ICV Certification. Also if the accounts team has not archived all the root level data for the accounting the ICV process can be difficult for them. ICV certification popularity has already increased and somehow it is becoming essential for businesses in UAE.
Many Business Owners were not up to the mark in terms of Accounting systems in their companies. Still, they could have managed to have an External Audit. But the process of ICV Certification will be easy if you have a dedicated Accounts person & all data are in the archive.
UAE has changed the lives of many Asians who used to struggle in their home country. Now as the Local population of the country is increasing Government is planning to avail enough employment to the UAE Citizens. More industries in the UAE, more manufacturing units in the local market will boost the local economy. It means local B2B trading will happen and importing will be reduced.