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ICV Certificate

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In-Country Value – ICV Certificate in Dubai, UAE

The Abu Dhabi National Oil Company (ADNOC) Group Companies introduced the ICV program in November 2017. This program was initiated by the UAE government to boost the country’s economic growth. The focus of the ICV certificate in Dubai, UAE is to improve the sustainability of the industrial sector in support of the Ministry of Industry and Advanced Technology (MoIAT).

Later, a unified ICV Program was created by merging various Government and semi-Government Companies. The ADNOC and 5 other participating entities were combined to broaden the In-country value program in Abu Dhabi and the UAE. Providing ICV certificates has been part of our consultants’ expertise for many years. Let’s go over the process in more detail:

What is ICV Certificate?

ICV certificate full form is an in-country value certificate that was pioneered by ADNOC the state-owned oil company of the United Arab Emirates. The national ICV program is implemented by MoIAT to achieve optimal value from the oil and gas resources of the UAE. With the expansion of the program, they are covering other sectors beyond oil and gas. The ICV certification bodies in UAE give a value score to the entities which defines how much a business contributes to the country’s economy.

Aim of Introducing In-country Value Certification

The ICV certificate purpose is to enhance the private sector contribution to the national GDP of the United Arab Emirates. The ICV program promotes the basic aims of the UAE government, such as:

  • GDP Diversification to move goods and services within the UAE.
  • Emiratization to explore more job opportunities for Emiratis in the private sector.
  • Strategic localization at the national level supply chain in different categories of the business.
  • Stimulate foreign investments and value into the country.

Are all UAE Companies Subject to ICV Certification?

ICV certificate is mandatory for businesses who intend to do business with ADNOC or its group of companies. Suppliers should approach the ADNOC designated confirmation organization for ICV affirmation. It needs to be obtained for the tender evaluation and award process with the partners. The suppliers take incentives of ICV value score during the bidding process for the government tenders. However, it is also important to have separate ICV certifications for different companies owned by one person. One combined ICV certificate is only valid for a business owner when he/she has different branches in the same Emirate with similar operations.

Is ICV Certificate a Game Changer for Businesses?

The ADNOC ICV certification is a game-changer but it is directly related to your ICV score which you gain from regulatory bodies. There is no failure in terms of ICV, either you get 1% or you get 100%. If you scored high, you’d receive great priority from the government when competing for tenders. To get this competitive edge you must outsource accounting & auditing services in Dubai, UAE, and let them handle the situation.

How Certifying Bodies Calculate ICV? 

The dedicated team of 30+ members among all certifying bodies calculate ICV scores. The ICV providers include partners, directors, managers, senior consultants, associate consultants, ICV core team, project coordination, and support team. The suppliers can declare their ICV certificate concerning financial year performance. This value is calculated based on the total value of purchases made annually by the supplier from UAE-based vendors. The score always varies depending upon the last year’s business operation model. As there is no specific threshold for ICV certification, each entity must strive hard to obtain a higher ICV score in the In-country value program.

Validity of In-Country Value Certificate

​The ICV certificate is valid for 14 months from the date of issuance of the audited Financial Statements of the organization. Recertification of the ICV certificate could be obtained from the same Certifying Body by using the same audited financial statements during ICV’s validity. Although, the in-country value certificate validity of 14 months will be the same.

How to Get ICV Certificate in Dubai, UAE?

The ICV certification bodies in UAE approved this specific process applying for the national in-country value program. The process is mentioned below:

1. Data Population

The entity will populate the ‘Supplier Submission Form’ provided by the ADNOC dependent on the last audited financial statements.

2. Agreed-upon Procedures

The populated data is compared against the agreed-upon procedure.

3. Report Delivery

The delivery of a factual finding report based on the work carried out during the session helps to identify shortcomings within the enterprise.

4. Form Validation

The ICV Certificate in Dubai will be signed & stamped by ADNOC approved bodies which will have a validity of 14 months from the issuance date.

BestaxCA’s ICV Improvement Plan

Many businesses have already applied for ADNOC’s ICV program in the last few years. Unfortunately, entities carry out very low ICV scores due to the authorities’ strict evaluation criteria. The presentation of your commercial bids and ICV related documents is the most impacting factor in ICV scoring. The authorities introduce an ICV improvement plan for businesses that want to obtain higher ICV scores than the previous financial year.

BestaxCA will assist you in this situation as we are certified accountants and understand all expectations of certifying bodies. We will give expert opinion on how to improve operational activities and update your accounting records as per regulatory guidelines. If you achieved poor ICV scores in the past, you do not have to worry about it in the upcoming years.

Why Choose Us?

Bestax Chartered Accountants and financial consultants are serving different business sectors in the ICV certification process. Our team of professionals helps suppliers, manufacturers, SMEs, large businesses, and entrepreneurs to participate in a national in-country valuation program. It is our goal to ensure that you receive better scores in ICV certificate to compete with your rivals in federal contracts and tenders.

Let us know how our team can assist you in the ICV certification process!

A: The ICV is a program initiated by the Abu Dhabi National Oil Company (ADNOC) to evaluate the contribution of businesses to the UAE economy. The score reflects how much of a company's value stays within the country.

A: Any supplier or manufacturer wishing to participate in an ADNOC tender must have an ICV certificate.

A: The ICV certificate is valid for 14 months from the date of issuance of the audited Financial Statements of the organisation. Recertification of the ICV certificate could be obtained from the same Certifying Body by using the same audited financial statements during ICV’s validity. Although, the in-country value certificate validity of 14 months will be the same.

A: The presentation of your commercial bids and ICV-related documents is the most impacting factor in ICV scoring. The authorities introduce an ICV improvement plan for businesses that want to obtain higher ICV scores than the previous financial year. Let us know how our team can assist you in the ICV certification process!

A: The Abu Dhabi National Oil Company is the state-owned oil and gas company of the United Arab Emirates (UAE), headquartered in Abu Dhabi. ADNOC is one of the world's leading oil and gas producers, and a major player in petrochemicals manufacturing.

 

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