What is an ICV certificate?
The In-Country Value Certification (ICV) was first introduced in Abu Dhabi in 2018 by the Abu Dhabi National Oil Company, ADNOC to promote Emiratization, GDP diversification, and strategic considerations. By 2021, ICV certification process was broadened as a National In Country Value program for suppliers across UAE. The National ICV certification program allows suppliers to win tenders from government and semi-government organizations.
Obtaining an ICV certificate in the UAE allows suppliers to add weight while bidding. Suppliers can receive it by showing a score based on their contribution according to the latest audited financial statements and other factors. Professional assistance from ICV certification service provider in Dubai (Certifying bodies) helps suppliers overcome the challenges involved in the process.
The ICV certification program aims to achieve the following main objectives:
- Increase employment opportunities for Emiratis in the private
- To contribute to the growth and diversification of GDP.
- Development of new local industries and services .
- Strengthen local supply chains.
Who needs an ICV certificate?
Any company or organization that works directly or indirectly with the following departments as a supplier or sub-supplier must obtain a valid ICV certificate in Abu Dhabi.
- ADNOC Companies
- Department of Economic Development (Abu Dhabi)
- Aldar Properties
- Abu Dhabi Ports
- Environment Agency (Abu Dhabi)
- Govt Departments of Abu Dhabi
- Musanada (Abu Dhabi General Services Company)
- Aladar Properties
How to get an ICV certificate in Abu Dhabi?
The MoIAT has developed a simplified procedure for obtaining an ICV certificate in the UAE. The best ICV certification service provider in Sharjah (Certifying bodies) can guide suppliers through the process. Following simple steps need to be followed to get an ICV certificate:
- Preparation of audited annual financial statements for companies/suppliers in accordance with IFRS.
- Complete the Certificate Application Form – ICV Template, according to the latest guidelines and financial reports.
- Upon successful completion of the process, ICV certificate is issued which can submitted to any participating entities.
It is important to note that ICV process is evolving and will continue to change. ICV in UAE is in its third version. Interestingly, although it has no impact on ICV outcomes, the UAE suppliers’ CSR activities are recorded in the ICV documentation and there is a clear definition of the supplier company structure. This creates a landscape where the essence of doing business in the Middle East region is more of a long-term relationship that benefits everyone involved. It is also tempting to look at the current ICV score in absolute terms, but it is actually a way in partnership between suppliers and their respective countries to increase ICV scores and increase the economic resilience of the Middle East region.
How Elevate First Accounting and Auditing have a trained team for your ICV certification?
We strive to improve your ICV score and add additional scores at each level to our impact analysis report as the best and most professional ICV service provider in Dubai. We can better understand your company’s financial situation and assist you with a complete, flawless audit process, effective guidance, and assistance to fill out ICV templates and create integrated ICV certificates. Our experienced team understands how to conduct thorough financial due diligence to help clients achieve the best ICV results under ICV rules.
Timely completion of ICV certification process by allocating dedicated resources is always our priority.
We believe it all starts with focusing on the smallest details, thoroughly researching all possibilities, and making the right arrangements that really have an impact on your business. For this reason, we strongly advise you to seek out a consultation from the best ICV certifying body in the UAE such as Elevate First Accounting and Auditing to ensure you are up-to-date.