#icv program in uae

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What is ICV Certification in Dubai and How to get it?

The United Arab Emirates has a highly competitive landscape that requires businesses to adhere to various regulatory requirements and standards to thrive and expand. One such imperative requirement is the In-Country Value (ICV) Certification. This initiative was introduced by the UAE government to foster economic growth by encouraging businesses to contribute to the local economy by using local goods and services in their operations. The ICV certificate in Dubai evaluates and verifies a company's commitment to supporting the local economy. For personalized guidance and assistance with ICV Certificate applications in Dubai, reach out to the experts at Shuraa Business Setup.

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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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Is the ICV Certificate Mandatory in the UAE?

The United Arab Emirates (UAE) is well-known for its flourishing economy, progressive policies, and appeal as a business destination. The In-Country Value (ICV) Program is one of the UAE government’s major economic development projects.

The ICV  Program is initiated by Abu Dhabi National Oil Company (ADNOC) and currently managed and monitored by MoIAT. (Ministry of Industry and Advanced Technology). This program is a strategic initiative to strengthen the national economy, and boost the local industrial growth of the nation. However businesses are unsure whether they need an ICV Certification or is it mandatory to obtain an ICV certification. 

This blog discusses the ICV program’s importance, certification requirements, and whether organisations are required to earn the ICV certificate.

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Key Steps to Obtain an ICV Certificate

To secure an ICV certificate, businesses must follow essential steps, including understanding the program requirements, preparing financial and operational documents, and engaging with professional ICV consultants for guidance. After selecting an approved certifying body, companies must submit their application for audit and review. Upon successful verification, the In-country value certificate is issued, granting access to government tenders and enhanced business opportunities in the UAE.

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ICV CERTIFICATION SERVICES

Aura Vision Advisors takes pride in offering comprehensive services for In-country Value (ICV) certification in Dubai, UAE. Our commitment aligns with the Unified ICV program initiated by the Abu Dhabi National Oil Company (ADNOC), encouraging local suppliers to prioritize obtaining the ICV certificate. ICV Program Goals: The ICV program, a strategic initiative by ADNOC, aims to foster economic development in the Emirates and support local businesses in engaging with major enterprises like ADNOC. It encourages localization of business activities and plays a pivotal role in promoting overall economic growth. ICV Certification Process: When local suppliers submit bids to ADNOC, possessing an ICV certificate provides a significant advantage. The certification is a key determinant in the bid selection process. Here is an overview of the ICV certification procedure: Data Collection: Companies complete the “Supplier Application Form” provided by ADNOC, based on the latest audited financial norms. Validation Processes: The provided information is cross-checked against the pre-agreed details. Reporting: A factual findings statement, reflecting the business operations during the session, helps identify any imperfections in the company. Validation of Forms: The ICV certificate in the UAE is signed and stamped in the emirate by ADNOC-sanctioned bodies, remaining valid for 14 months from the issuance date. ICV Improvement Plan: The ICV reform scheme in the UAE involves a contractual commitment, linking payment to the achievement of actual ICV. There are two types of improvement schemes based on annual ICV certification and project-based agreements, ensuring ongoing monitoring for adherence. ICV Certifying Bodies: Certifying bodies in the UAE, selected by ADNOC, play a crucial role in ICV certification. They review supplier details, assess the processes used to determine ICV scores, issue ICV certifications, and renew supplier certifications. Working of an ICV Certificate in UAE: ADNOC providers must showcase their contributions to ICV in the nation through ICV certificates and their assured ICV scores for the previous financial year. The business partnership with ADNOC includes an ICV evaluation, integral to the comprehensive assessment and progression. ICV scores are calculated based on the overall value of procurements made by the supplier from certified UAE suppliers throughout the year. The computation involves assessing the economic benefits added within the UAE through the services provided by the organization. Key Aspects of an ICV Certificate in UAE: ADNOC recommends suppliers obtain ICV certificates from sanctioned bodies. Non-certificate suppliers may be considered for group contracts with a zero ICV score. ICV certificates are based on audit statements from the previous fiscal year, not older than two years. The validation of the ICV certificate is around 18 months from the issuance date or the date of new financial reports. Suppliers must obtain their updated ICV certificate within two months of receiving new audited financial reports. ICV certificate UAE is essential for companies participating in contracts with ADNOC or its affiliated companies. Guidelines for Obtaining an ICV Certificate in Dubai, UAE: ICV certification is only granted by empanelled ICV certifying bodies in the UAE. Separate ICV certificates are required for each business license held by a supplier. Templates for the ICV certificate should be prepared by the applicant. Data recorded in the template must be extracted from the latest IFRS-compliant audited financial statements, not exceeding two years. The submission encompasses all company costs and revenues during the financial year.

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ICV certificate in UAE

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National ICV Certification Agencies In UAE

National ICV certification Agencies: The UAE Government launched the National In-Country Value Program (ICV) to support the Ministry of Industry and Advanced Technology’s (MoIAT) mandate of improving the productivity and sustainability of the UAE’s industrial sector.

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In Country Value Certificate in Dubai Assurance & Audit Services In UAE

An In Country Value Certificate in Dubai for submissions of government and ADNOC tenders. The In-Country Value (ICV) Program’s main objective is to diversify the economy of the UAE by localising more goods and services, increasing the number of private sector jobs available to UAE nationals, and localising crucial operations in various industries. The Program was later put into action on a national scale under the guidance of the Ministry of Industry and Advanced Technology (MoIAT) 2021. To know about our service in visit on our website : https://forthrightconsultancy.com/

[elevateaccounting]

Unlocking Opportunities with ICV Certification Services in the UAE

Introduction

In the dynamic landscape of the United Arab Emirates (UAE), the In-Country Value (ICV) certification program has emerged as a pivotal initiative. Spearheaded by the Abu Dhabi National Oil Company (ADNOC), this program has been in effect since April 1, 2018, and has reshaped the way suppliers of goods and services engage with the UAE's business ecosystem. This article explores the significance of the ICV certificate, its objectives, and why it has been implemented in the UAE. Additionally, we introduce Elevate as a trusted ICV service provider, offering comprehensive assistance in navigating this certification process.

The ICV Certification Program:

The ICV certification program is designed to enhance the UAE's economic landscape in several key ways:

Emiratization: By creating additional employment opportunities for Emiratis in the private sector, the program contributes to the nation's Emiratization goals.

GDP Diversification: The program supports UAE's GDP diversification efforts by encouraging the sourcing of goods and services within the country.

Strategic Considerations: Certain categories within the value chain are strategically critical. The program aims to localize these aspects to strengthen the UAE's economic resilience.

Unified ICV Certification Program

Since 2019, the ICV certification program has evolved to encompass a broader spectrum of sectors in Abu Dhabi and the UAE. This expansion includes collaboration with entities like the Department of Economic Development, Abu Dhabi Ports, and Aldar Properties. As more organizations join the ICV certification platform, it becomes increasingly important for businesses to understand and comply with its requirements.

Areas Considered for Unified ICV Calculations

The ICV score is calculated based on various factors, including:

(a) Goods Manufactured: Applicable to suppliers holding an industrial license.

(b) Third-Party Spend: Relevant for suppliers without an industrial license.

(c) Investment: Reflects the financial investments made within the UAE.

(d) Emiratization: Measures the employment of Emiratis in the private sector.

(e) Expatriate Contribution: Evaluates the contribution of expatriate employees.

(f) Bonus: Includes factors such as revenue from outside the UAE and Emirati headcount.

Who Requires a Unified ICV Certificate?

Companies engaged directly as suppliers or indirectly as sub-suppliers to various government and semi-government departments in Abu Dhabi need to obtain a unified ICV certificate. These include:

ADNOC Group Companies

Abu Dhabi Department of Economic Development

Aldar Properties

Abu Dhabi Ports

Environment Agency Abu Dhabi

All other Abu Dhabi government departments

Companies submitting tenders through Musanada (Abu Dhabi General Services Company)

Elevate: Your Trusted ICV Service Provider

Elevate Accounting & Auditing is your partner in navigating the ICV certification process in the UAE. Here's how we can assist:

Financial Audit: We audit and sign your financial statements, a critical component of the ICV certification process.

ICV Score Improvement: Our team guides you on understanding the ICV services and factors affecting your ICV score. We suggest ways to improve your score and provide an impact analysis report.

Template Drafting: We draft the ICV template based on your financial records for presentation to the ICV certifying body, ensuring compliance with the required ICV score.

Improvement Plans: We assist in drafting ICV improvement plans, a necessary component for tender submissions to ADNOC.

Conclusion The ICV certificate has become a critical element in doing business in the UAE. Elevate Accounting & Auditing stands ready to guide your company through this process, ensuring compliance and optimal ICV scores. Unlock the opportunities presented by ICV certification in the UAE with Elevate by your side.

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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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ICV Certificate - KGRN ICV Certification UAE

ICV Certificate - KGRN ICV Certification UAE

The UAE has been urging associations to source their items locally. The program, named In-Country Value expansion will help support the public economy and improve nearby work. Different offices and associations presently request that their providers give an ICV certificate as verification. The ICV confirmation measure assists with improving the believability of the provider's ICV score. In this article, we will investigate the requirement for an ADNOC ICV supported inspectors list, and for the ICV Certificate. 

ICV Certificate Sample Improvement Plan 

ADNOC is one of the offices that has pledged to execute and implement the ICV program. Therefore, in the entirety of their gathering tenders, they currently request that providers quote their ICV score. The ICV accreditation measure guarantees the association that the ICV score cited is valid and exact. Thus, the whole framework functions as an improvement plan which permits the organization to improve its nearby sourcing. The ICV score helps the ADNOC check which delicate citation to consider. Moreover, they are attempting to execute an Improvement Plan, which will add greater believability and security to the framework. 

What is the cycle of ICV Certification? 

Most importantly, the organization should appropriately fill the Supplier Submission structure given by the ADNOC. 

Then, they should add every one of the insights about their most recent inspected monetary records and proclamations. 

Then, they should go through the settled upon strategies to figure their ICV score. 

When that is finished, organizations may move toward any ADNOC ICV accreditation offices to survey the application and score. 

Subsequent to going through your interior cycles and control, the organization will convey a Factual Finding Report. On the off chance that everything is clear and the ICV score revealed is precise, the ADNOC ICV affirmation offices will give the certificate. 

What are the duties of an ADNOC ICV Certification Agency? 

Start commitment with a partner meeting. 

Prepare all the necessary staff and decide a timetable for the finishing of the affirmation. 

Investigate and comprehend the data gave 

Audit current practices and recognize holes 

Make an itemized report in regards to the association's exercises and monetary position 

Survey the Supplier accommodation structure 

Lead an example test whenever required 

Banner off likely blunders and hazard 

Examine discoveries with the higher administration, and recommend changes if necessary 

Finally, give the ICV Certificate if everything is set up.

Learn more about ICV Certificate

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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.

[joshlittle]

Enhancing Local Economy: The Significance of the In-Country Value (ICV) Certificate in Dubai

Dubai continues to position itself as a global economic hub, focusing on sustainability, diversification, and self-reliance. A key initiative supporting this vision is the In-Country Value (ICV) Certificate, a program designed to boost local economic contributions by encouraging businesses to invest in the UAE’s industrial and service sectors.

What is the ICV Certificate?

The ICV program, launched by the UAE government and managed by major entities like ADNOC, the Ministry of Industry and Advanced Technology (MoIAT), and other local authorities, evaluates businesses based on their contributions to the local economy. This includes aspects such as local sourcing, Emiratization, capital investments, and revenue retention within the country. Companies with a high ICV score gain a competitive advantage when bidding for government and semi-government contracts.

Key Benefits of the ICV Certificate

Strengthening Local Industries By encouraging businesses to source materials and services locally, the ICV program helps develop and sustain domestic industries. This leads to reduced dependency on imports and increased manufacturing capabilities within the UAE.

Boosting Employment Opportunities The program incentivizes companies to hire and train Emirati talent, contributing to the country’s workforce development and long-term economic sustainability.

Enhancing Business Competitiveness Companies with high ICV scores are prioritized for government and semi-government contracts, creating significant growth opportunities for local and international firms willing to invest in the UAE economy.

Supporting Economic Diversification The ICV initiative aligns with the UAE’s broader vision of economic diversification beyond oil and gas, fostering growth in industries such as technology, healthcare, and advanced manufacturing.

Who Needs an ICV Certificate?

Businesses operating in the UAE, particularly those involved in government tenders or contracts with major national entities, are encouraged to obtain the ICV certificate. This applies to suppliers, manufacturers, service providers, and investors looking to establish a long-term presence in Dubai.

How to Obtain an ICV Certificate?

The process involves an assessment of financial and operational metrics to determine a company’s local economic contribution. Businesses must work with certified auditors to evaluate their eligibility and obtain the certificate.

Conclusion

The In-Country Value (ICV) Certificate is more than just a regulatory requirement—it’s a strategic initiative driving Dubai’s economic resilience. By prioritizing local investment, talent development, and sustainable growth, the program benefits businesses and contributes to the UAE’s long-term vision of a diversified and self-sufficient economy.

Whether you’re a startup or an established enterprise, obtaining an ICV certificate can position your business for greater success while contributing to the nation’s economic progress.

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What is the validity of the ICV certificate?

The UAE’s In-Country Value (ICV) initiative is critical for fostering local economic growth, Emiratisation, and industrial development. Obtaining the ICV certificate, which acts as documentation of a company’s contribution to the UAE economy, is an essential component of this program. Understanding the validity duration of the ICV certificate is critical for businesses to ensure compliance and competitiveness in government and semi-government contracts. This blog provides a thorough summary of the ICV certificate’s validity, renewal process, and advice for remaining compliant. What Is The ICV Certificate? The ICV certificate is an official certification issued by a certifying authority approved by the UAE Ministry of Industry and Advanced Technology (MOIAT ). It assesses a company’s contribution to the UAE economy using particular criteria such as local procurement, Emiratisation, investments, and exports. The ICV certificate is necessary for enterprises bidding on contracts with government bodies and significant corporations that participate in the ICV program, such as ADNOC , Etisalat , and Mubadala . A certified certificate increases a company’s chances of getting contracts and displays its commitment to the UAE’s economic aims. Validity Period of the ICV Certificate The ICV certificate is valid for 14 months from the date of issue. This prolonged validity term guarantees that firms have enough time to use their certifications for tenders and contracts without having to renew them frequently. Key Points to Consider About the Validity Period Single-Year Financial Basis: The certificate is based on the company’s audited financial statements from the most recent fiscal year. Renewal Timing: Although valid for 14 months, businesses are recommended to begin the renewal procedure well in advance to avoid lapses. Continuous Tenders: A valid ICV certificate is required for participation in tenders with companies that need ICV compliance. Why is the Validity Period 14 Months? The 14-month validity period aims to balance the following: Business Flexibility: During this period, enterprises can engage in tenders and contracts without the necessity for quick re-certification. Alignment with Financial Reporting: Because the certificate is based on audited financial accounts, its validity extends somewhat beyond one fiscal year to account for differences in financial reporting timeframes. Encourage Regular Updates: The validity period guarantees that organisations update their financial data on a regular basis, keeping the ICV program current and relevant. What happens when the certificate expires? Once the ICV certificate has expired, it cannot be used to submit tenders or establish compliance with ICV criteria. Businesses must renew their certification to continue working on government and semi-government projects. Consequences of an Expired Certificate: Tender Ineligibility – Expired certificates prevent organisations from competing on ICV-compliant projects. Missed Opportunities: Without a legitimate certificate, organisations risk losing out on valuable projects and contracts. Reputation Impact: Having a valid certificate demonstrates a company’s dedication to the UAE’s economic aims. An expired certificate can indicate noncompliance. How Do I Renew the ICV Certificate? Renewing the ICV certificate is a simple process that requires updating financial information and submitting it for re-certification. Here’s a step-by-step instructions: 1. Prepare Updated Financial Statements Ensure that your company’s audited financial accounts for the most recent fiscal year are prepared. These materials provide the foundation for calculating the ICV score. 2. Select an Approved Certifying Body Submit your financial statements to a certifying organisation approved by the MoIAT. Select a reputable and experienced certifying authority to ensure a seamless process. 3. Calculate the new ICV Score The certifying authority will analyse your financial information and determine your revised ICV score based on the most recent fiscal year’s contributions. 4. Receive the New Certificate Once the certifying agency has verified your information, they will issue a reissued ICV certificate valid for the next 14 months. Tips for Keeping a Valid ICV Certificate To ensure continuous participation in ICV-compliant tenders, organisations should implement the following practices: 1. Keep Track of Expiration Dates Keep track of your certificate’s expiration date and start the renewal process at least 1-2 months in advance. 2. Keep Accurate Financial Records Regularly update and examine your financial statements to ensure they are ready for submission at renewal time. 3. Work with ICV Consultants Engage ICV advisors who can help you navigate the renewal procedure and improve your score. 4. Align Operations with the ICV Goals To improve your score and competitiveness, continue to work on enhancing local procurement, Emiratisation, and other ICV characteristics. Advantages of Renewing the ICV Certificate On Time Renewing your ICV certificate before it expires provides the following benefits: Continuous Eligibility for Tenders A valid certificate enables easy participation in government and semi-government tenders. Enhanced Business Reputation Timely renewal indicates your dedication to the UAE’s economic growth objectives. Improved Scoring Opportunities Updating financial data during renewal can result in improvements in your ICV score, offering you a competitive advantage. Operational Stability Maintaining a valid certificate allows for continued business operations and access to lucrative contracts. Common Challenges to Maintaining Validity Despite the uncomplicated renewal process, firms may face problems such as: Delayed Financial Audits: The renewal procedure may be delayed if audited financial statements are prepared late. Lack of Awareness: Some businesses fail to monitor their certificate’s expiration date, resulting in lapses. Insufficient Local Contributions: Failure to meet the ICV standards during the renewal term may result in a lower score. How AbstractICV Can Help AbstractICV specialises in helping businesses navigate the ICV certification and renewal procedure. With our knowledge, you can ensure timely preparation and submission of financial data, receive personalised suggestions for improving your ICV score, maintain compliance with UAE legislation and maximise tender chances. Conclusion The ICV certificate is an important tool for businesses in the UAE since it allows them to contribute to the local economy and receive government contracts. With a 14-month validity period, you must be proactive in renewing your certificate to preserve competitiveness and compliance. Businesses may assure continuous participation in the ICV program and connect with the UAE’s aim for long-term economic growth by understanding the renewal process and implementing best practices. Need help with your ICV certification? Contact AbstractICV now for expert advice and support! The post What is the validity of the ICV certificate? appeared first on ICV Certificate .

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ICV Certificate in the UAE: Navigating the In-Country Value Certification Process

The ICV ,In-Country Value Certificate plays a crucial role in promoting economic growth and diversification within countries, particularly in the UAE, Oman, and Qatar, where such programs are implemented to boost local industries and employment. The In-Country Value Certificate encourages companies to invest in the local economy by prioritizing local goods and services, employing nationals, and supporting local suppliers. It is part of broader efforts by governments to reduce reliance on imports and foster sustainable, diversified economies.

The ICV program primarily benefits local suppliers and businesses by providing them with a competitive edge in tenders and contracts. Companies that hold the ICV certificate are scored based on their contribution to the local economy. The higher the score, the better their chances of securing government contracts and business with major organizations in the region. This encourages businesses to focus on hiring local talent, enhancing workforce skills, and contributing to the growth of domestic industries.

In addition to local business growth, the In-Country Value Certificate benefits multinational companies by offering them a structured way to increase their regional presence while adhering to government policies. By participating in the ICV program, these companies gain preferential treatment in the bidding process, helping them build stronger relationships with local stakeholders.

In conclusion, the ICV certificate acts as a catalyst for sustainable economic development, benefiting local businesses, multinational corporations, and the wider economy. It creates a win-win situation, aligning corporate strategies with national objectives of economic diversification and development.

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ICV Certificate Validity

The ADNOC implemented the In-Country Value addition program to help local vendors and suppliers in the UAE. Due to its positive impact on the nation’s economy, several ADNOC ICV certification agencies have sprung up all over the UAE. These agencies help suppliers and vendors obtain a valid ICV certificate. Such an ICV certification acts as an assurance that the ICV score on their certificate is authentic and genuine. Let us now take a look at the ICV certificate validity and the need for such a system.

What is ICV certificate?

An ICV certificate issued by an ADNOC ICV certification agency acts as assurance regarding the supplier’s ICV score. Moreover, a brief look at an ICV certificate sample will help you understand the details needed to obtain such certificate. To calculate such a score, the agency will need full access to the supplier’s financial history, and understand what value they add to the economy.

In case the company is young, they can submit their management accounts from the past 9 months to calculate their ICV score. If not, the ICV certification depends on the company’s audited financial statements, which are not older than two years. However, the ICV certificate validity lasts for 14 months from the date of issue of the company’s Audited Financial Statements.

Who all require a ICV certificate from ICV Certification bodies in UAE?

Any company or entity that works directly or indirectly with the following departments as suppliers or sub-suppliers must get a valid ICV certificate.

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)

Hence, as you can see the suppliers to such establishments must get an ICV certificate to take part in group tenders. Such a certificate will not help businesses, but will also aid the nation in improving its economic infrastructure.

Learn more about ICV Certificate

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