What exactly is a certificate of ICV completion?
The In-Country Value Certification, also known as ICV Certificate, was first implemented in Abu Dhabi in 2018 by the Abu Dhabi National Oil Company, also known as ADNOC. This was done by ADNOC in an effort to promote Emiratization, increase GDP diversification, and take into account strategic factors.
By 2021, the ICV Certificate procedure has been expanded to become a national programme for vendors across the UAE. Suppliers are able to compete successfully for tenders issued by government and semi-government organisations thanks to the National ICV certification programme.
It is possible for UAE suppliers to get more weight in the bidding process by obtaining an ICV certificate. It is available to suppliers who can provide a score that is based on their contribution in light of the most recent audited financial statements as well as other considerations. The obstacles that are inherent in the procedure can be surmounted with the assistance of a professional ICV certification service provider in Dubai (Certifying bodies).
The following is a list of the primary goals that the ICV certification programme attempts to accomplish:
- Boost the number of employment opportunities available to Emiratis in the private sector.
- To make a contribution towards the expansion and broadening of the GDP.
- The formation of new regional businesses and service providers.
- Invest in the improvement of local supply networks.
Who needs to have their ICV certificate updated?
In Abu Dhabi, a valid ICV certificate is required to be obtained by any business or organization that works in any capacity, whether directly or indirectly, with the following departments as a supplier or sub-supplier.
ADNOC Businesses Department of Economic Development (Abu Dhabi) Aldar Properties Abu Dhabi Ports Environment Agency Government Departments of Abu Dhabi
In Abu Dhabi, what are the steps to receive an ICV certificate?
A less complicated process for acquiring an ICV certificate in the UAE has been created and implemented by the MoIAT. Certification bodies, who are considered the top ICV certification service providers in Sharjah, are able to direct suppliers through the procedure. To obtain your ICV certificate, you will need to complete the following straightforward steps:
- In compliance with International Financial Reporting Standards (IFRS), the preparation of corporations’ and suppliers’ audited yearly financial statements.
- Please ensure that the Certificate Application Form – ICV Template is completed in accordance with the most recent financial reports and requirements.
- After the ICV process has been successfully completed, a certificate will be provided that can be presented to any entity participating in the process.
- Final Statement
It is essential to keep in mind that the ICV process is undergoing development and will continue to undergo modification. ICV is currently on its third iteration in the UAE. It is interesting to note that the CSR actions of UAE suppliers are documented. The ICV documentation, despite the fact that this does not have any effect on the outcomes of the ICV. In addition, there is a clear definition of the supplier company structure.
As a result, conducting business in the Middle East region becomes characterised by a greater emphasis on the cultivation of long-term relationships that are mutually beneficial to all parties involved. It is also tempting to look at the existing ICV score in absolute terms, but it is actually a means, in cooperation between suppliers and their respective countries, to enhance ICV scores and increase the economic resilience of the Middle East area as a whole.
How can Elevate First Accounting and Auditing provide you with a team that has been educated for your ICV certification?
Being the ICV service provider in Dubai that is considered to be the most reputable and competent in the industry, we work hard to increase your ICV score and include more scores at each level in our impact analysis report. We are able to have a better understanding of the financial status. Because of your firm and provide you with aid in conducting an audit. So that is comprehensive and error-free, as well as effective guidance and assistance. But in filling out ICV templates and creating integrated ICV certificates. Our knowledgeable staff is aware of how to carry out comprehensive financial due diligence. So in order to assist clients in accomplishing. The highest possible ICV outcomes in accordance with ICV regulations.
Our number one objective is to ensure that the ICV certification process is finished
So our point of view is that everything begins with paying attention to the minutest. Because of particulars, conducting exhaustive study on all potential outcomes. And putting in place the appropriate plans that will actually have an effect on your company’s operations. Because of this, we strongly urge you to seek out a consultation from the best ICV certification. But body in the UAE, such as Elevate First Accounting and Auditing, in order to guarantee. So that you are up to speed with the most recent information.