In-Country Value – ICV Certification in Dubai, UAE
To achieve important objectives including emiratization, GDP diversification, and strategic considerations, the Abu Dhabi National Oil Company (ADNOC) Group Companies initiated the In-Country Value (ICV) programme in 2017. In the following years, other government and semi-government organizations joined the program to expand its application as a Unified ICV program for suppliers in Abu Dhabi and the UAE, covering various industries.
The initiative helps to encourage regional vendors to focus more on securing an In-country Value Certificate. The United Arab Emirates participating institutions are welcome to sign up to localize their operations and so support the growth of the country’s economy. The Ministry of Industry and Advanced Technology (MoIAT) manages the national ICV certificate schedule, which produces an optimized value for oil and gasoline in the United Arab Emirates.
Also, Check: Business valuation services in the UAE
What is an ICV certification?
“In-Country Value” Certification is referred to as ICV Certification in UAE. It’s a procedure by which businesses present their value to the local economy in a given nation, typically in terms of employment growth, local spending, and other variables.
Enhancing local labor force capabilities and expanding Emiratis’ access to private sector job possibilities; Adoption of technology involves increasing national industrial competitiveness, funding for research and development (R&D), and quickening the creation and use of new technologies.
The ICV certification process involves assessing a company’s performance based on specific criteria set by the certification authorities. ICV-certified companies in the UAE showcase their dedication to the nation’s development and are recognized for their contributions to the local economy.
How To Obtain An ICV Certification In UAE?
ICV certification bodies in the UAE have approved this specific process when applying for the country’s domestic value program. The process is described below:
Collecting data
The company completes the “Supplier Application Form” provided by ADNOC depending on the latest audited financial statements.
Agreed procedures
The completed data is compared with the agreed procedure.
Reporting
The provision of a factual findings report, based on the work carried out during the session, helps to identify weaknesses in the company.
Validation of forms
The ICV certificate is signed and stamped in Dubai by ADNOC-approved authorities and is valid for 14 months from the date of issue.
Advantages of UAE ICV Certification
The ICV program looks at a variety of factors, such as investment, employment of Emiratis, finance from foreigners, revenue from sources outside the United Arab Emirates, and an increase in investment. A new business line that has to be supplied from the UAE has been formed as a result of this program.
Also, Check: Finalcial Feasibility Study Services in the UAE
Eligibility for ICV Certification:
In the United Arab Emirates, companies seeking to obtain ICV certification must fulfill specified eligibility conditions. The following factors are worth taking into account to determine your eligibility for an ICV certificate.
- Companies who want to apply for ICV certification in the UAE usually need to have a valid trading license and be registered with the relevant government agency.
- They must also be working on a product or providing a service, and they must be physically present in the United Arab Emirates.
- In addition to meeting these fundamental standards, organizations must additionally meet industry-specific ICV requirements.
- The requirements that companies must fulfill to receive certification are outlined in the ICV program rules applicable to each industry area. The ICV program, for example, considers some factors, including the extent of local content in the services and goods provided, the amount invested in local infrastructure and amenities, and the extent of labor Emiratization in the oil and gas sector.
- To obtain ICV certification in the UAE, businesses must pass an independent audit carried out by a recognized ICV certification authority. The certification organization will assess the company’s performance in compliance with the relevant ICV regulations, and an accreditation will be granted based on the ICV score.
ICV Certification Services in UAE with Bestax
Bestax Chartered Accountants and Financial Advisors serve a variety of business sectors in the ICV certification process. Their team of professionals helps suppliers, manufacturers, SMEs, large companies, and entrepreneurs to participate in the country’s internal assessment program. Their goal is to ensure that you get the best ICV certification results and can compete with your competitors on federal contracts and competitions.
Conclusion
In conclusion, ICV Certification Services in UAE are essential to maintaining compliance with globally accepted norms and laws, which promotes dependability and confidence in the commercial world. ICV certification increases a company’s competitiveness in the worldwide market by verifying that it complies with local standards through rigorous examination and certification processes. In the UAE and elsewhere, ICV certification stimulates economic growth, social development, and environmental stewardship by endorsing sustainable practices, moral behavior, and corporate responsibility.
FAQs
What would happen if my business fails to receive ICV Certification?
Depending on local laws, not obtaining ICV Certification might result in extra penalties or disqualification from some government contracts. It could also affect your business’s standing and connections with regional stakeholders.
If ICV Certification is refused, is my firm able to file an appeal?
Yes, an appeals procedure is available for many ICV Certification programs for businesses who feel their certification was wrongfully refused. Typically, this step entails supplying more supporting data or arguments for your business’s economic impact on the community.
Which documentation is needed to obtain ICV certification?
The particular paperwork needed for ICV Certification varies depending on the rules and specifications established by the national certifying authority. Financial accounts, invoices, employment records, and procurement contracts are examples of common documents.
