#ICV consultants in UAE

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Why an ICV Certificate in Abu Dhabi is Crucial for Your Business?

Earning an ICV certificate in Abu Dhabi unlocks a world of benefits for your company, positioning you for success in the emirate's thriving and evolving market. Here's why securing this certificate should be a top priority:

Market Access and Growth: The Abu Dhabi government prioritizes ICV-certified companies when awarding contracts and tenders, particularly in crucial sectors like oil and gas, construction, and healthcare. An ICV certificate opens doors to these valuable opportunities, fueling your business growth and market reach.

Enhanced Reputation and Credibility: Holding an ICV certificate demonstrates your commitment to supporting the local economy and contributing to the UAE's development goals. This strengthens your reputation, showcasing your dedication to ethical and responsible business practices, and attracting potential partners and investors.

Financial Advantages: Many government entities incentivize ICV-certified companies through reduced bid bonds, quicker payment processing, and other financial benefits. This translates to improved cash flow and competitive advantages for your business.

Boosting Local Collaboration: The ICV program encourages partnerships and collaborations between local and international companies. Earning an ICV certificate opens doors to fruitful partnerships with local businesses, fostering knowledge sharing and joint ventures, ultimately strengthening your overall network.

Alignment with National Vision: The ICV program aligns with the UAE's vision for economic diversification and sustainable development. By securing an ICV certificate, you actively contribute to these national goals, fostering a sense of pride and social responsibility within your organization.

Future-Proofing Your Business: With the ICV program gaining momentum, possessing an ICV certificate becomes increasingly crucial for long-term sustainability and success in Abu Dhabi. By securing one now, you ensure your business remains competitive and compliant in the years to come.

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Unlocking Growth: How to Obtain an ICV Certificate in the UAE

In the dynamic landscape of business, particularly in the United Arab Emirates (UAE), there exists a vital certification that not only fosters growth but also opens doors to a plethora of opportunities: the ICV (In-Country Value) Certificate. For companies operating within the UAE, especially those looking to tap into government contracts and projects, the ICV Certificate is a hallmark of compliance and commitment. In this guide, we delve into the significance of the ICV Certificate, the role of a CFO (Chief Financial Officer), and the invaluable assistance of consulting CFO services in obtaining this critical certification.

Understanding the ICV Certificate

The ICV Certificate is a testament to a company's commitment to contributing to the economic development of the UAE. It signifies that a business is dedicated to sourcing locally, employing UAE nationals, and investing in the growth of the country. In essence, it is a measure of the value a company adds to the UAE economy through its operations.

For companies eyeing government contracts, having an ICV Certificate is often a prerequisite. Government entities in the UAE use the ICV system to evaluate potential suppliers, ensuring that they align with the country's economic goals. Therefore, obtaining this certification opens up a world of opportunities for businesses, allowing them to participate in government tenders and projects.

The Role of a CFO in ICV Certification

The CFO, or Chief Financial Officer, plays a pivotal role in the journey towards obtaining an ICV Certificate. As a key executive responsible for financial strategy and compliance, the CFO oversees the financial aspects of the ICV calculation process. Here's how a CFO contributes to the ICV certification process:

1. Financial Strategy Alignment:

The CFO ensures that the company's financial strategies align with the requirements set forth for ICV certification.

They analyze existing procurement practices, supplier relationships, and financial data to identify areas for improvement.

2. Data Compilation and Analysis:

Working closely with the finance and procurement teams, the CFO gathers data on the company's spending, procurement from local suppliers, and Emirati workforce.

This data is then meticulously analyzed to calculate the company's ICV score.

3. Compliance and Documentation:

The CFO ensures that all financial documents and reports required for ICV certification are accurate, up-to-date, and compliant with UAE regulations.

They oversee the preparation of the ICV statement, which outlines the company's compliance with the ICV criteria.

Consulting CFO Services: Navigating the ICV Journey

Navigating the complexities of ICV certification can be a daunting task, especially for companies with limited resources or expertise in the UAE market. This is where consulting CFO services prove invaluable. These specialized services offer expert guidance and support throughout the ICV certification process, ensuring a smooth and efficient journey.

1. Expertise in ICV Requirements:

Consulting CFO services are well-versed in the intricacies of ICV requirements, keeping abreast of any updates or changes in regulations.

They provide companies with a roadmap tailored to their specific needs, guiding them towards ICV compliance.

2. Data Management and Analysis:

Leveraging their financial expertise, consulting CFO services assist in gathering, organizing, and analyzing the data necessary for ICV calculation.

They identify areas where improvements can be made to enhance the company's ICV score.

3. Streamlined Process and Efficiency:

By partnering with consulting CFO services, companies benefit from a streamlined ICV certification process.

This efficiency not only saves time but also ensures accuracy and completeness in all documentation and submissions.

How to Obtain an ICV Certificate in the UAE

Now that we've outlined the significance of the ICV Certificate and the role of a CFO, let's delve into the steps to obtain this critical certification:

1. Assess Your Current Status:

Conduct an internal audit to evaluate your company's current ICV score.

Identify areas of improvement, such as increasing procurement from local suppliers or hiring Emirati nationals.

2. Engage Consulting CFO Services:

Partner with a reputable consulting CFO service provider with expertise in ICV certification.

Work closely with their team to develop a tailored ICV compliance strategy.

3. Data Gathering and Analysis:

Collaborate with your CFO and consulting CFO services to gather all necessary financial data.

Analyze this data to calculate your company's ICV score and identify potential areas for enhancement.

4. Implementation of ICV Strategies:

Implement the strategies outlined in collaboration with your consulting CFO services.

This may include increasing local procurement, hiring Emirati talent, or investing in local partnerships.

5. Prepare and Submit ICV Statement:

With the guidance of your CFO and consulting CFO services, prepare the ICV statement.

Ensure all required documentation is accurate, complete, and compliant with UAE regulations.

6. Certification and Compliance:

Submit your ICV statement to the relevant authorities for certification.

Upon successful evaluation, receive your ICV Certificate, unlocking new opportunities for business growth.

Unlocking Opportunities with ICV Certification

In conclusion, the ICV Certificate stands as a testament to a company's commitment to the UAE's economic growth and development. With the guidance of a CFO and the expertise of consulting CFO services, obtaining this certification becomes a strategic step towards unlocking new opportunities in the UAE market.

By aligning financial strategies, optimizing local procurement, and investing in Emirati talent, businesses can not only achieve ICV compliance but also thrive in a landscape ripe with potential. As companies embark on their ICV journey, the role of the CFO and the support of consulting CFO services emerge as invaluable assets, paving the way for sustainable growth and success in the UAE.

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Accelerate Growth of Dubai Business: Obtain ICV Compliance Quickly

Overall, ICV certification plays a crucial role in promoting economic development and local participation in UAE business landscape. Businesses that prioritize ICV compliance can unlock significant growth opportunities and establish themselves as valuable partners within the UAE. 

What are the reasons for prioritizing ICV compliance in Dubai? 

In Dubai's fast-paced corporate environment, velocity is frequently a crucial element for achieving success. The identical idea is applicable while striving to achieve ICV compliance. Obtaining ICV certification has many advantages, but expediting the procedure gives a notable competitive advantage. Here's why expediting the ICV certification process can significantly benefit your business in Dubai: 

Capitalize on profitable opportunities at an earlier stage: 

Dubai possesses a prosperous economy driven by government projects and tenders. Nevertheless, engagement in these bidding processes is frequently limited to enterprises who adhere to ICV regulations. By expediting the process of obtaining your ICV certification, you will promptly get access to a broader range of potentially profitable business prospects. Envision obtaining a government contract that is perfectly suited to your expertise, which has the potential to significantly accelerate the growth of your organization. However, if the company does not have ICV certification, another company that places a higher emphasis on the procedure may seize that chance. Ensure that you do not miss out on significant opportunities by expediting your ICV compliance and positioning yourself for success.  Maintain a Competitive Edge:  The Dubai market is highly competitive. Businesses are continuously competing for a larger portion of the market and the interest of potential customers. Obtaining ICV certification showcases your dedication to promoting the local economy and nurturing Emirati talent. This results in a significant advantage, distinguishing you from competitors who have not yet achieved ICV certification. When potential clients or partners assess their alternatives, a company that is complying with ICV (In-Country Value) standards automatically receives an increase in credibility. Accelerating the process enables you to demonstrate your commitment to the UAE market at an earlier stage, providing you with a distinct edge in gaining new clients and establishing valuable alliances.  Optimize Your ICV Progress (If Relevant):  The standard ICV certification procedure typically entails several stages, which include submitting an application, verifying documents, and conducting an assessment. The duration of the process can vary, although it is not unusual for it to last many weeks. Nevertheless, by giving priority to fast-tracking, you can utilize tactics to enhance the efficiency of each stage. This may need collaborating with ICV experts (if your service provides this) who have the proficiency to optimize the application process, anticipate possible obstacles, and ensure that all required documentation is thorough and precise from the beginning. In addition, these consultants can provide guidance on effectively meeting ICV standards, which may help speed up the whole certification process. 

Steps to Expedite ICV Compliance in Dubai 

Now that you understand the persuasive justifications for expediting ICV compliance in Dubai, let's explore practical measures to accelerate the process and attain ICV certification efficiently:  Simplifying the Application Process:  - Preparation is crucial: Thorough planning is essential for a smooth application procedure. Collect all essential paperwork well ahead of time, including business licenses, trade permits, and financial records. Familiarize yourself with the precise ICV (In-Country Value) requirements and ensure you possess the necessary documentation to verify your company's adherence to those requirements.  - Minimizing congestion: Insufficient applications contribute to delays. Thoroughly verify all forms for precision and ensure they are fully completed. Examine the list of necessary papers and submit them all at once to prevent the need for repeated communication with the authorities.  - Function of ICV Consultants (Optional): Consider partnering with ICV experts who specialize in guiding the certification process. They can offer significant counsel on precisely completing the application, ensuring all prerequisites are fulfilled, and potentially accelerating the review process (if applicable to your service). 

Efficiently Meeting ICV Requirements: 

Essential ICV Needs: Acquaint yourself with the fundamental ICV requirements, including:  - Local Workforce: Display a commitment to employing and educating Emirati personnel. Create a well-defined recruitment plan emphasizing attracting and retaining talent from the local area.  - Local Procurement: Give priority to obtaining materials and services from suppliers in the immediate vicinity. Conduct thorough research and build relationships with vendors based in the United Arab Emirates to meet procurement requirements.  - Demonstrate your dedication to the local economy by emphasizing any investments made in the UAE or training initiatives provided to Emirati personnel. 

Strategies for Maximizing Efficiency: 

- Recruitment Strategies: Collaborate with regional recruitment companies specializing in placing Emirati individuals. Participate in career fairs specifically aimed at Emirati grads.  - Regional Vendors: Use online directories and government tools to locate competent local vendors for the supplies and services you need.  - Programs for Training: Create specialized training programs to enhance the skills of your current workforce, with a specific emphasis on personnel from the United Arab Emirates. 

Obstacles and Resolutions (if applicable): 

- Enumerate prevalent obstacles firms face when meeting ICV regulations, including the scarcity of skilled Emirati labor and difficulty in locating appropriate local suppliers.  - Suggest possible remedies, such as collaborating with educational institutions to enhance the acquisition of specialized skills or participating in government programs that encourage local purchasing. 

Utilizing Existing Resources Effectively: 

The Dubai government provides a range of resources to support firms in meeting ICV compliance requirements. Discover online platforms and software specifically developed to assist businesses in navigating the application process, providing answers to inquiries, and even speeding up the application procedure.  These resources offer valuable information, training materials, and help during the ICV certification process. Employing them can greatly enhance your productivity and comprehension of the specifications.  To expedite your ICV compliance journey, carefully follow these procedures and strategically utilize the resources at your disposal. Keep in mind that obtaining ICV certification as soon as possible will allow you to access the various advantages it provides for the expansion of your business in Dubai. 

Frequently Asked Questions (FAQ) 

What is ICV certification?  ICV stands for In-Country Value. Dubai's ICV accreditation program evaluates a company's local economic impact, encouraging companies to buy locally, hire Emiratis, and invest in training and development.  Is ICV certification required for all Dubai businesses?  ICV certification is required for bidding on government and some private tenders. Many companies obtain ICV accreditation to demonstrate their commitment to the local economy and gain a competitive edge.  What are the ICV compliance fast-track benefits?  Fast-tracking ICV compliance offers the following advantages:  - Bid on government contracts faster.  - Maintain competitiveness in Dubai.  - Demonstrate commitment to the UAE economy.  - Explore new business prospects.  How long does ICV certification usually take?  The ICV certification timeline depends on your business's complexity and application completion. Fast-tracking may reduce the usual 2-4 week timeframe.  How can I accelerate Dubai ICV compliance?  To speed up the process, consider the following methods:  - Gather all required documentation.  - Seek advice from ICV consultants (optional).  - Effectively meet ICV standards, such as local recruitment and sourcing.  - Take advantage of government assistance.  What are common ICV certification challenges for businesses?  Businesses may face challenges such as delays from incomplete applications, difficulty meeting ICV criteria (e.g., local workforce quotas), and ignorance of assistance programs and resources.  Should I hire ICV consultants?  Businesses aiming to accelerate certification may benefit from ICV consultants. They offer experienced advice, streamline paperwork, and ensure all criteria are satisfied. Consider your company's ICV resources and experience before making a decision.  Read the full article

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Navigating the ICV Certification Services in UAE with Elevate

The In-Country Value (ICV) program introduced by Abu Dhabi National Oil Company (ADNOC) in 2018 has revolutionized the landscape for suppliers of goods and services in the UAE. This program mandates that suppliers obtain ICV certification from the ADNOC ICV Certification Agency, reflecting their contribution to the local economy. The ICV score is a crucial factor in the evaluation of bids, making it essential for suppliers to understand and optimize their ICV.

Areas Considered for Unified ICV Calculations

The Unified ICV Calculation encompasses several key areas:

(a) Goods Manufactured (for Suppliers with Industrial License)

(b) Third-Party Spend (for Suppliers with non-Industrial License)

(c) Investment

(d) Emiratization

(e) Expatriate Contribution

(f) Bonus – i) Revenue from outside UAE ii) Emirati Headcount

Why Implement the ICV Certification Program in UAE?

The ICV program aligns with several strategic objectives:

(a) Emiratization: Fostering additional employment opportunities for Emiratis in the private sector.

(b) GDP Diversification: Boosting UAE's GDP diversification by sourcing more goods and services locally.

(c) Strategic Considerations: Localizing critical parts of the value chain for selected categories.

Who Needs a Unified ICV Certificate?

Companies engaged directly or indirectly with various government and semi-government departments are required to obtain the Unified ICV Certificate. This includes entities working with ADNOC Group Companies, Abu Dhabi Department of Economic Development, Aldar Properties, Abu Dhabi Ports, Environment Agency Abu Dhabi, and all other Abu Dhabi government departments.

Elevate: Your Trusted ICV Service Provider

As a trusted ICV service provider in UAE, Elevate offers a range of services to help businesses navigate the ICV landscape effectively:

Financial Statement Audit: We audit and sign your financial statements, a fundamental step in the ICV certification process.

ICV Score Insights: Our expert team provides valuable insights into the factors influencing your ICV score.

Improvement Recommendations: We suggest strategies to enhance your ICV score, including organizational process restructuring.

ICV Template Drafting: We create an ICV template based on your financial records to ensure compliance with ICV score requirements.

ICV Improvement Plans: Our team drafts ICV improvement plans, essential for tender submissions to ADNOC.

Choose Elevate as your ICV Service Provider in UAE

Elevate First Accounting & Auditing has an exclusive partnership with Al Raqamiya Management Consulting, an ICV certifying body, ensuring a seamless and reliable ICV certification experience. In conclusion, with Elevate as your ICV service provider in UAE, you can navigate the complexities of the ICV certification process with confidence. Our expertise and strategic insights will not only help you achieve compliance but also optimize your ICV score, opening doors to enhanced business opportunities in the UAE.

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The National In-Country Value (ICV) Program is a UAE government program that aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy. Are You Looking For a National ICV Program Consultancy UAE? Contact us at +971526406240 for a visit to our website at the National ICV Program

Visit at: - https://www.mbgcorp.com/ae/national-icv-program/

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UAE’s National ICV Program

Getting an In-Country Value (ICV) accreditation has become one of the most important prerequisites for running a successful business in the UAE. The ICV initiative was initially implemented in Abu Dhabi by the Abu Dhabi National Oil Company (ADNOC) in 2018 to support emiratization, GDP diversification, and strategic considerations. The Ministry of Industry and Advanced Technology (MoIAT) 2021 later directed the program's availability to the entire nation in 2021. The provider has the opportunity to obtain bids from governmental and semi-governmental organisations through the UAE's National ICV programme.

If the vendors obtain an ICV certificate in the UAE, they will be given a certain weighting when the tenders are evaluated. The most recent audited financial reports and other factors are utilised to determine how much each supplier contributed to an ICV certificate. Suppliers can get through the process' challenges by consulting with Dubai's ICV certification services.

Learn More:  UAE’s National ICV Program

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The Significance of the ICV Certificate for Businesses

An In-Country Value (ICV) Certificate is an essential document for government and ADNOC tender submissions in the United Arab Emirates (UAE). The ICV program aims to diversify the UAE's economy by localizing goods and services, expanding employment opportunities for UAE citizens, and localizing key functions in various industries.

The ICV Certificate is issued by the Abu Dhabi Department of Economic Development (ADDED) and certifies the level of ICV achieved by a company operating in the UAE. The ICV score is calculated based on a number of factors, including the company's local expenditure, local employment, and local investment.

Companies with a higher ICV score are more likely to be awarded government and ADNOC tenders. The ICV program is a key part of the UAE's efforts to diversify its economy and create a more sustainable future.

To obtain an ICV Certificate, companies must submit an application to ADDED. The application must include detailed information about the company's local expenditure, local employment, and local investment. ADDED will review the application and issue an ICV Certificate if the company meets the program's requirements.

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VAT Webinar in Dubai

Our latest webinar highlights focused on "VAT Related Services in UAE". Stay connected with ARC Associates to join Free Webinars on VAT/ TAX, Auditing Accounting, ICV all other services in Dubai, United Arab Emirates.

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A Wrap-up on the In-Country Value Program of the UAE

A Wrap-up on the In-Country Value Program of the UAE

The ICV program is a UAE effort that aims to develop the regional economic situation through commercial supply chain development. With this initiative, the UAE seeks to increase provider participation from neighborhood companies to support their development and add favorably to the economic situation.

The ADNOC Group has actually established the In-Country Worth (ICV) Program to boost the number of items and also solutions sourced in the UAE, consequently developing more significant chances for people and also services. The program aims to develop enduring worth for Abu Dhabi and also the wider UAE economy, with an expanding focus on neighborhood material and also vendor growth. ICV is a financial diversity program established by the Abu Dhabi government to in your area resource more items and solutions for competent projects within its territory. Instances of ICV-qualified tasks consist of yet are not limited to:

· Expedition as well as manufacturing tasks including boring, workovers, and conclusion of new wells

· Construction/engineering works

· Upkeep tasks such as overseas platform maintenance

· Procurement or supply chain administration solutions

· Seismic information purchase, refining & analysis solutions (geophysical studies).

· Downstream petrochemical activities such as manufacturing petrochemicals or refining petroleum right into refined oil products (gasoline, gasoline).

To end up being ICV accredited, a firm should go through an independent evaluation of its enrollment as well as management systems. The award of qualification is based on the company's ability to fulfill the needs of the ICV Assessment Criteria. Firms seeking ICV accreditation are called to complete 3 sections:.

· Company registration criteria.

· Company management systems as well as treatment standards.

· Market sector-specific criteria.

To participate in this program and show your commitment to supporting the UAE economic climate, you require to be accredited. Even if you're not yet prepared for accreditation, Press Digits Chartered Accountants can assist you ready up with our ICV readiness solutions. We'll give an examination on how to accomplish conformity with all of the needed criteria and also provide your business the best possibilities at earning its ICV qualification with a high ICV rating.

Why ICV Certificate is Important?

The ICV certificate is needed to participate in any kind of tender that comes under the In Country Worth program by ADNOC (Abu Dhabi National Oil Firm). The certificate will be released to the firm which has made significant initiatives to include regional companions in production tasks. ADNOC is attempting to enhance the payment of neighborhood companies by a minimum of 25% of the overall expense by the year 2025. Based on our own assessment after carrying out a high number of ICV consultations, all business that is postponing being ICV certified will certainly lose a large quantity of business which will have a substantial impact on their going issue.

The ICV Certification Guarantees that a Driver has made Considerable Initiatives to Include Neighborhood partners in Manufacturing Tasks.

The In Nation Worth (ICV) program is a government-driven effort to broaden local content in the economic situation. Firms are needed to consider regional web content in their tasks. There are advantages for both firms and nations in developing regional partners as well as distributors, consisting of price financial savings, economic sustainability as well as boosted efficiency. Neighborhood material needs are increasing as federal governments intend to improve the economies of resource-rich countries through increased engagement of regional firms. In order to access work chances such as tenders, operators will certainly be needed to have an ICV certification. An operator can attain an ICV certificate by working with the Ministry of Oil & Gas (MOG) as well as supplying in-depth information regarding its supply chain tasks, consisting of subcontractors that are owned by nationals from the country where it runs.

What is Factor System in the ICV Program?

Companies that join tenders for supply contracts with ADNOC and also other government entities have to obtain an ICV certificate. The certificate is issued by the Abu Dhabi federal government, based on a factor system. The points are awarded to firms for each and every of the 4 "columns" of an ICV certification:.

· Neighborhood web content-- this column has the acmes limit, at 100%.

· Economic payment-- under this column of neighborhood value, there are 3 sub-categories-- tasks (25%), community development (25%) as well as R&D (15%). These classifications do not need to total 100%, however, instead, they add up to 65% of the general Financial Payment classification.

· Enrichment value under this column includes two sub-categories: UAE national workers (30%) and also Emiratization/women's empowerment/disability employment plans (20%). These 2 sub-categories make up 50% of the Enrichment Worth pillar.

Needed Documents for ICV Certification.

Obtaining an ICV certificate calls for correct documentation such as:.

· VAT certificate.

· Audited financial statements.

· A breakdown of items and services procured by the company.

· ICV% of the suppliers utilized by the company together with their ICV certifications.

· Wage protection system reports along with staff checklist.

· Finished ICV Design Template.

Lots of various other documents i.e. Emirates ID, key, business permit, and so on.