The UAE is proactively encouraging economic development and fascinating both domestic and global investment. UAE is positioning itself as a key location for business endeavors. The ICV certificate abbreviated as In-Value Certification is an initiative taken by the Abu Dhabi National Oil Company (ADNOC) in January 2018 and became effective on April 1, 2018. Later on, the ICV program was changed into the National In-Country Value Program (ICV) in 2021 which is governed by the Ministry of Industry and Advanced Technology (MoIAT) to enhance numerous sectors.
What are the key objectives of ICV Certification for Businesses in the UAE?
The key objectives of ICV Certification aim to support the national businesses and forward amounts spent in obtaining goods and services on the way to the national economy. The major objectives of the ICV Certification are;
- Strategic supply chain localization and growth of new local businesses and services
- Increase the spending on R&D and cutting-edge technology
- Inspiring and fascinating foreign investments, boosting the economy, and increasing exports
- Enhancement in the contribution of the private sector to the GDP of the UAE
- Creating private-sector job openings of great value
- Contributive to the national GDP growth
What are the obligations for getting an ICV certificate for Businesses?
The requirements for getting an ICV certificate in the UAE are;
- Your company has to be an officially listed entity in the UAE.
- Companies must have an ICV certificate that desire to contribute to tenders with the UAE government or semi-government entities, as informed by DED and ADNOC.
- Submit audited financial statements equipped according to International Financial Reporting Standards (IFRS). It should not be older than 2 years.
- For newly established companies, management accounts for a date of 10 months are subject to audit.
- Complete the ICV template form accurately. Make sure all figures are correct as per the company’s up-to-date audited financial statements.
- The ICV certificate is legal and be effective for 14 months from the date of issuance of the company’s audited financial statements.
- The ICV certificate can only be allotted by certified and attested assessment entities.
What are the steps to get an ICV certificate for Businesses?
The step-by-step procedure to get an ICV certificate is;
- Confirm Eligibility
The first step is to determine that your company is officially registered in the UAE. Ensure that your company also meets the explicit obligations for ICV certification. After checking, confirm the necessity for an ICV certificate, chiefly if contributing to tenders with the UAE government or semi-government entities.
- Formulate Financial Documentation
Collect and formulate your company’s audited financial statements in compliance with International Financial Reporting Standards (IFRS). For new companies, the plus point for them is to prepare management accounts for up to 10 months or more, for the audit.
- Complete the ICV Template
The next step is to complete the ICV template form accurately. It is mandatory to ensure that all entries are consistent with your up-to-date audited financial statements. Include comprehensive information on;
- Emiratization efforts
- Local investment
- Procurement
- Involve a certified Assessment entity
If the process is difficult for some companies, it is recommended to select and engage a certified ICV assessment entity that must be approved to assess and issue ICV certificates. Submit the completed ICV template and subsidiary documentation to the valuation entity.
- Assessment and Evaluation
After submitting the form, the assessment body will evaluate your documentation and assess your company’s ICV score based on the submitted data. Make sure to cooperate with the certified assessment entity during the assessment process as essential.
- Get the ICV Certificate
Upon passing the evaluation phase, the assessment entity will issue the ICV certificate. The certificate will be effective for 14 months from the date of issuance of the business’s audited financial statements.
Conclusion
The businesses or suppliers are obligatory to fill out an ICV Certificate template accurately pas per the requirements of MoIAT for submission to Certified assessment bodies. It is important to note that the ICV Certificate template must be filled in as per the up-to-date financial audit statements. It may seem difficult for some businesses, but it is recommended to get assistance from professional consultants such as ICV Certificate UAE. Their well-capable team helps businesses to address issues related to getting the ICV certificate so you can focus on the core domains that need attention.
