In November 2017, Abu Dhabi National Oil Company (ADNOC) group firms launched the ICV initiative. The UAE government launched the scheme to promote the country’s economic growth. The ADNOC ICV Certification Services in Dubai and Abu dhabi aims to promote the industrial sector’s sustainability by assisting the Ministry of Industry and Advanced Technology (MoIAT).
Later, a uniform ICV programme was created, bringing together several government and semi-government organizations. To expand the Domestic Value Program in Abu Dhabi and the UAE, ADNOC ICV Certification Services in Dubai and Abu dhabi and five other participating businesses amalgamated. We have provided ICV certificates for many years as part of our consulting expertise. Let’s take a closer look at this process:
What exactly is an ICV certificate?
The ADNOC ICV Certification Services in Dubai and Abu dhabi, the national oil firm of the United Arab Emirates. MoIAT implements the national ICV programme to maximize the value of the UAE’s oil and gas resources. The initiative is being expanded to include industries other than oil and gas. ICV certification bodies assign a value rating to UAE enterprises, which determines how much a company contributes to the national economy.
The goal of implementing in-country value certification
The ICV certificate intends to improve the private sector’s contribution to the UAE’s national GDP. The ICV programme helps the UAE government achieve essential objectives such as:
- GDP diversification to facilitate the movement of products and services within the UAE.
- Emiratization aims to increase employment prospects for Emiratis in the private sector.
- Strategic localization across business categories in the national supply chain.
- Increasing foreign investment and the country’s value.
Is ICV certification required for all UAE companies?
Firms that want to conduct business with ADNOC or its companies must have ICV certification. Suppliers must apply for ICV certification through ADNOC’s recognized approval entity. This is required to analyze tenders and award contracts to partners. When participating in government tenders, suppliers benefit from ICV incentives. It is, nevertheless, critical that various firms owned by the same person have distinct ICV certificates. A single combined ICV certificate is only valid for a business owner if they have many branches with similar activities in the same emirate.
Does the ICV certificate affect the condition of businesses?
The ADNOC ICV Certification Services in Dubai and Abu dhabi alters the game’s regulations. However, it is directly related to the ICV score obtained from regulatory agencies. There is no such thing as a failing grade in ICV. So you either receive 1% or 100%. If you achieve a high score, the government will prioritize you when applying for tenders. To gain this competitive advantage, you must outsource your accounting and auditing services to Dubai, UAE, and delegate responsibility to them.
ICV is calculated in what way by certifying authorities?
A dedicated team of more than 30 employees from various certifying agencies calculates ICV scores. Partners, directors, managers, senior consultants, associate consultants, the ICV core team, project coordination, and the support staff are among the ICV contributors. Providers might report their ICV certificate about the fiscal year’s results. This value is derived based on the total value of purchases made by the supplier from UAE-register suppliers during the fiscal year.
The National Value Certificate’s Validity
The ICV certificate is valid for 14 months after the organization’s audit financial accounts are issue. During the ICV validity period, the ICV certificate may be recertified from the same certifying body using the same audited financial statements. On the other hand, the domestic certificate of value will stay valid for 14 months.
Read more: ADNOC ICV Certification Services in UAE