#icv program in uae

[shuraatax]

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.

[amaaudit]

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.

[icvcertificateconsultants]

ICV certificate meaning

The In-Country Value Certificate is a certification issued to companies in the UAE to measure their contribution to the country's local economy. It evaluates a company's impact based on several factors such as local procurement, Emiratization (hiring of UAE nationals), investment in local assets, and the company’s contribution to the national economy. The ICV Certificate is often a requirement for companies seeking to bid on government contracts or work with state-owned enterprises, particularly in sectors like oil, gas, and defense.

The ICV program, launched by the Abu Dhabi National Oil Company (ADNOC) and adopted across the UAE, aims to boost local industries and create jobs by encouraging companies to invest more in the country’s economy. The ICV score obtained through this certification reflects a company’s efforts to support local growth and development.

[aurabusinessservices]

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.

[ahgcharterdaccountants]

ICV certificate in UAE

[icvcertificate]

The Impact of ICV Certification on the Local Economy and Job Market in the UAE

The In-Country Value (ICV) program has emerged as a pivotal force in shaping the economic landscape of the United Arab Emirates (UAE). Designed to promote economic diversification, enhance local industries, and boost Emiratization, ICV certification has become increasingly significant for businesses operating in the region.  The ICV program aims to achieve several critical goals:  - Economic Diversification: By encouraging investment in non-oil sectors, the UAE seeks to reduce its dependence on oil revenues and create a more resilient economy.  - Emiratization: The program prioritizes the employment of UAE nationals, fostering a skilled local workforce.  - Sustainable Growth: ICV certification contributes to sustainable economic growth by nurturing local businesses and industries. 

The Positive Impact on the Local Economy 

The ICV program acts as a catalyst for positive change in the UAE's economy in several ways:  Increased Investment in Local Resources  Companies striving for ICV compliance need to prioritize sourcing materials, goods, and services from within the UAE. This injects money directly into the local economy, stimulating growth in domestic industries and businesses, especially Small and Medium Enterprises (SMEs).  Growth of Domestic Industries and Services  As the demand for locally sourced goods and services rises, existing domestic companies are incentivized to expand and innovate. This fosters the creation of new businesses catering to the needs of the ICV program, further diversifying the UAE's economic landscape and reducing reliance on foreign imports.  Reduced Reliance on Foreign Imports  By encouraging local procurement, ICV certification helps the UAE lessen its dependence on imported goods. This keeps more money circulating within the country, boosting the Gross Domestic Product (GDP) and promoting a more self-sufficient economy.  Increased Local Spending  When companies invest in local resources and create jobs, it leads to increased salaries and disposable income for UAE residents. This fuels local spending, stimulates further economic activity across various sectors, and ultimately contributes to a more robust and resilient economy.  The ICV program fosters a domino effect, starting with increased investment in local resources. This strengthens domestic industries and services, leading to a wider range of locally produced goods and services available.  In turn, this reduces reliance on foreign imports, keeping more money circulating within the UAE's economy. The increased economic activity also fuels local spending by residents, creating a positive feedback loop that strengthens the overall economy and fosters a more diversified and self-sustaining economic landscape for the UAE.  Boosting the Job Market with ICV Certification  The ICV program acts as a powerful driver for job creation and development in the UAE's job market through several key mechanisms:  New Job Opportunities  As companies strive to achieve ICV compliance, they  often need to expand their operations and workforce. This creates new job opportunities across various sectors, from manufacturing and logistics to engineering and administration. These jobs cater to both skilled and unskilled labor, offering a wider range of employment possibilities for UAE residents.  Increased Demand for Emirati Workforce  One of the core objectives of the ICV program is "Emiratization," which aims to increase the number of Emirati citizens employed in the private sector. As companies prioritize local resources, there's a growing demand for skilled Emirati professionals to fill these positions. This incentivizes investment in vocational training programs and upskilling initiatives to equip Emiratis with the necessary skills to thrive in the job market.  Improved Working Conditions and Wages  With a growing demand for talent due to ICV requirements, competition for skilled workers intensifies. This can lead to improved working conditions and potentially higher wages for employees across various sectors. Companies may offer more competitive benefits packages and invest in employee development to attract and retain top talent.  Focus on Vocational Training  The ICV program highlights the need for a skilled local workforce. This encourages government and private entities to invest in vocational training programs tailored to the specific needs of the ICV program. These programs equip individuals with the technical skills and knowledge required to secure jobs in high-demand sectors arising from the ICV requirements.  In essence, the ICV program creates a dynamic environment where companies need to adapt and expand their workforce. This translates to new job opportunities for both skilled and unskilled workers, with a specific emphasis on Emirati employment. The increased competition for talent also fosters improved working conditions and potentially higher wages. Additionally, the focus on vocational training ensures a skilled workforce  ready to meet the demands of the evolving ICV-driven economy. 

Challenges and Considerations of ICV Certification 

While the ICV program offers significant benefits, there are also some challenges and considerations for businesses to navigate:  - Complexity of the Program: The ICV certification process can be complex, with  different requirements for various industries and company structures. Businesses may require guidance from consultants or advisors to ensure they understand and comply with all the regulations.  - Initial Investment Costs:  Meeting ICV requirements may involve upfront investments in areas like  local sourcing, employee training, or establishing new partnerships. Companies with limited budgets may find these initial costs challenging, especially if the  long-term return on investment isn't immediately apparent.  - Availability of Local Resources: Depending on the specific industry and  required goods/services, companies might face limitations in finding qualified  local suppliers or skilled Emirati workforce. This can create hurdles in  achieving optimal ICV scores.  - Transparency and Consistency:  For the program to be truly effective, ensuring transparency  and consistent implementation across all government entities is crucial. Businesses  may  encounter variations in interpretation or application of the ICV  regulations  depending on the specific department or agency they're dealing with. 

The Future of ICV in the UAE: A Catalyst for Continued Growth 

The ICV program has already demonstrably impacted the UAE's economy and job market. Looking ahead, ICV is poised to play a vital role in the nation's long-term economic success:  Sustainable Economic Growth:  By fostering a more self-sufficient and diversified economy, ICV certification can help the UAE  lessen its reliance on volatile oil prices.  A focus on local innovation and  entrepreneurship can lead to the development of new industries and  technologies, further strengthening the UAE's economic standing on the global  stage.  Attracting Foreign Investment:  The ICV program demonstrates the  UAE's commitment to developing a robust and sustainable domestic  economy. This can attract foreign investors seeking a stable and  collaborative  business environment.  Companies with ICV certification may also find  themselves  more attractive partners for international collaborations.  Fostering Innovation:   As companies strive to meet ICV requirements, they  are incentivized  to seek innovative solutions for local sourcing,  manufacturing,  and  workforce development. This fosters a culture of innovation within  UAE  businesses, leading to the development of new technologies and  processes  that can benefit the entire economy.  Building a Knowledge-Based Economy:  The emphasis on Emiratization  within the  ICV program encourages investment in education and training  programs.  This  helps create a more skilled and knowledgeable workforce, propelling the  UAE  towards a knowledge-based economy that thrives on innovation and  intellectual  capital. 

Conclusion: Building a Brighter Economic Future for the UAE 

The ICV program has emerged as a powerful driver of positive change in the UAE’s economic landscape. By incentivizing investment in local resources, businesses, and talent, ICV certification fosters a more diversified and self-sufficient economy. This translates to a wider range of job opportunities, improved working conditions, and a more robust and resilient economic environment.  Looking ahead, ICV presents a unique opportunity for the UAE to achieve long-term economic success. The program’s focus on sustainability, innovation, and Emiratization paves the way for a knowledge-based economy that thrives on collaboration and intellectual capital. By attracting foreign investment and fostering a culture of innovation, ICV can propel the UAE towards a future of continued growth and prosperity.  However, obtaining ICV certification can be intricate and time-consuming, especially for companies unfamiliar with the program. Therefore, it is highly recommended that companies aspiring to achieve ICV certification collaborate with seasoned ICV certificate consultants within the UAE. By doing so, they can navigate the process efficiently, meet the certification requirements, and underscore their dedication to sustainable business practices in the UAE.  Read the full article

[kgrndeveloper]

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.

[forthrigthconsultancy]

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.

[icvprogram]

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/

[kgrnaudit]

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

[amaaudit]

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.

[icvcertificateconsultants]

How to Easily Obtain an ICV Certificate: A Step-by-Step Guide

The In-Country Value Certificate has become a critical asset for businesses operating in the UAE. Designed to promote local investment and economic development, the ICV Certificate reflects a company’s contribution to the local economy. Companies with a high in country value certificate score gain a competitive edge in securing government contracts and tenders. If you’re looking to obtain an ICV Certificate, follow these steps to make the process smooth and straightforward.

Step 1: Understand the ICV Program

Before starting the application process, it’s essential to understand the ICV program’s objectives and requirements. The program aims to:

Increase the use of local goods and services.

Create job opportunities for UAE nationals.

Promote local manufacturing and business growth.

Familiarize yourself with the icv certificate guidelines and scoring criteria, which evaluate factors such as local procurement, investment in UAE-based assets, and Emiratization.

Step 2: Prepare Your Documentation

Gather all necessary documentation that reflects your company’s operations in the UAE. This includes:

Financial statements audited by a UAE-licensed auditor.

Procurement records detailing local purchases.

Employment records highlighting the number of UAE nationals employed.

Information on any investments in local assets or facilities.

Having these documents ready will streamline the application process and ensure accuracy.

Step 3: Select an Authorized Certification Body

Choose an authorized ICV certification body to audit and verify your information.

Contact your chosen certification body to understand their specific requirements and fees.

Step 4: Complete the icv certificate registration Application Form

Fill out the ICV application form, which can be obtained from the certification body’s website or office. Ensure that all sections of the form are completed accurately, reflecting the data from your prepared documentation.

Step 5: Submit Your Application

Submit the completed application form along with the required documentation to the selected certification body. This can usually be done online or in person. Ensure that you meet any deadlines or timelines specified by the certification body.

Step 6: Undergo the Audit Process

The icv certification bodies in uae will review your application and conduct an audit to verify the information provided. This may involve:

On-site visits to your company’s facilities.

Interviews with key personnel.

Detailed examination of your financial and operational records.

Be prepared to cooperate fully with the auditors to facilitate a smooth verification process.

Step 7: Receive Your ICV Certificate

Once the audit is successfully completed and your information is verified, the certification body will issue your ICV Certificate after icv certificate verification. This certificate will include your ICV score, which indicates your company’s contribution to the UAE economy.

Step 8: Use and Maintain Your ICV Certificate

Your ICV Certificate can now be used to enhance your company’s competitiveness in securing government contracts and tenders in Dubai and across the UAE. Ensure that you maintain accurate records and continue to adhere to ICV guidelines to support future renewals of your certificate.

Tips for a Smooth ICV Certification Process

Stay Organized: Keep all required documents and records well-organized to facilitate quick and accurate submissions.

Understand Scoring Criteria: Familiarize yourself with the ICV scoring criteria to optimize your score.

Choose the Right Certification Body: Select a reputable and authorized certification body to ensure a credible and efficient certification process.

Prepare for Audits: Be ready for detailed audits by maintaining transparency and accuracy in your records.

By following these steps, you can easily obtain your ICV Certificate and leverage it to boost your business’s growth and opportunities in the UAE.

[thestartupdubai]

UAE’s National ICV Program: Common Questions http://dlvr.it/SdZskX

[ahgcharterdaccountants]

ICV certificate in UAE