Introduction to ICV Certification
The In-Country Value (ICV) program is a strategic initiative by the UAE government to enhance economic performance by redirecting procurement spending into the national economy. Launched under the supervision of the Ministry of Industry and Advanced Technology (MoIAT), the program aims to boost local industries, create job opportunities for UAE nationals, and attract foreign investments. pushdigits.ae+3a-h-g.net+3moiat.gov.ae+3
Importance of ICV Certification for Businesses
Obtaining an ICV certification offers several advantages:
- Access to Government Contracts: Many UAE government entities and major national companies prioritize suppliers with a high ICV score when awarding contracts. This preference can significantly enhance a company’s chances of securing lucrative projects. reddit.com+2icvcertificate.com+2a-h-g.net+2
- Competitive Advantage: An ICV certification demonstrates a company’s commitment to the UAE’s economic development, setting it apart from competitors and enhancing its reputation in the market.
- Contribution to Economic Diversification: By aligning with the ICV program, companies contribute to the UAE’s goals of diversifying its economy and reducing dependence on oil revenues.
- Promotion of Emiratization: The program encourages the employment of UAE nationals, supporting the government’s efforts to increase local workforce participation in the private sector. reddit.com
Process of Obtaining ICV Certification
To acquire an ICV certification, businesses should follow these steps:
- Prepare Audited Financial Statements: Ensure that your company’s financial statements are audited and compliant with International Financial Reporting Standards (IFRS). These statements should not be older than two years. a-h-g.net
- Complete the ICV Template: Fill out the standardized ICV template, detailing aspects such as local procurement, Emiratization efforts, investments in local manufacturing, and other relevant economic contributions. expatustax.com+3reyson.ae+3bmsauditing.com+3
- Engage an Approved Certifying Body: Submit the completed ICV template and supporting documents to an approved certifying body. These independent entities are authorized to assess and verify the information provided. a-h-g.net
- Undergo Evaluation and Verification: The certifying body will evaluate your submission, which may include an on-site audit to verify the accuracy of the information. bmsauditing.com
- Receive the ICV Certificate: Upon successful evaluation, the certifying body will issue the ICV certificate, which is valid for 14 months from the date of the audited financial statements. a-h-g.net+2reyson.ae+2bmsauditing.com+2
Conclusion
ICV certification is a pivotal component for businesses aiming to thrive in the UAE’s dynamic economy. It not only opens doors to substantial business opportunities but also signifies a company’s dedication to the nation’s economic growth and diversification. By obtaining ICV certification, businesses position themselves as key contributors to the UAE’s sustainable development goals