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The first step in obtaining an ICV certificate is to release audited financial statements. These statements provide transparency and reliability in reporting, which is critical for establishing credibility with the certifying authority. 

IFRS-compliant financials ensure that all financial activities are presented clearly, helping the ICV assessors accurately evaluate the company’s local contributions.

Companies must fill out the ICV template, a standardized form that captures detailed information about the business’s local sourcing, investment in UAE infrastructure, employment of UAE nationals, and other activities that contribute to the local economy. It is essential to follow the ICV program’s instructions carefully to ensure accuracy and maximize your ICV score.

Once the template is completed, it is submitted to an authorized certifying body approved by the ICV program. These organizations are licensed to review and validate ICV templates. 

The certifying body evaluates the submitted documents and may perform an on-site audit to verify all information provided by the company. This step ensures compliance with ICV requirements and confirms the legitimacy of the company’s local contributions.

After evaluation, the certifying body issues the ICV certificate if the company meets all criteria. The certificate demonstrates the company’s commitment to supporting the UAE economy and can provide advantages in government tenders, contracts, and other business opportunities.

An ICV certificate is valid for 14 months from the date of audited financial statement submission or issuance of new financial statements, whichever comes first. 

To maintain certification benefits, companies must renew their ICV certificate annually by submitting updated financial statements and a revised ICV template. The certifying body will reassess the updated information, and if compliance is maintained, a renewed certificate is issued.

To maximize your ICV score, companies should focus on increasing local investment, sourcing from UAE suppliers, hiring and training UAE nationals, and maintaining accurate financial reporting. 

Ensuring compliance with IFRS standards, managing employee numbers correctly, and documenting all payments to licensed authorities and suppliers are crucial. 

These measures not only improve your score but also increase your competitiveness in tenders and contracts across Dubai and the UAE.

To qualify for ICV certification in the UAE, companies must meet several key requirements. 

• Businesses must provide audited financial statements prepared according to International Financial Reporting Standards (IFRS). 
• Newly established companies less than 10 months old can use management accounts prepared in accordance with IFRS.
• Companies with multiple branches under the same ownership can apply for a single ICV certificate, and payments to governmental authorities or licensed free zone organizations are fully credited toward the ICV score. 
• Owner salaries are considered if registered under the Wage Protection System (WPS), with a maximum limit of AED 120,000 per month per owner. 
• Internal costs are mostly excluded except for depreciation, and employee headcount is calculated for the full year. 
• Additionally, mainland UAE suppliers receive a 10% bonus toward their ICV score.

At Bestax Chartered Accountants, our experienced ICV certificate consultants in Dubai guide businesses through every step of the process. So you can sit back and focus on what matters, running your business.