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In-Country Value (ICV) certification is the process by which a company or organization is recognized for its commitment to the development of local economies. Through this process, organizations can demonstrate their contribution to job creation, economic growth, and social progress in the countries where they are based. ICV certification helps businesses stand out from their competitors and provides an opportunity for them to gain recognition from investors and other stakeholders.
The Abu Dhabi National Oil Company (ADNOC) introduced the In-Country Value (ICV) certification in 2018 in order to encourage Emiratisation, GDP diversification, and strategic considerations. The program was later launched at the national level in 2021, overseen by the Ministry of Industry and Advanced Technology (MoIAT). The National ICV Certification program allows suppliers to win tenders from government and semi-government entities.
Obtaining an ICV certificate in the UAE allows suppliers to gain weightage during tender evaluation. Suppliers can obtain an ICV certificate, which includes a score based on their contribution as reported in the most recent audited financial statements as well as other factors. Consulting with ICV certification services in Dubai will assist suppliers in navigating the process's challenges. In this blog, we will dig into the benefits of ICV registration and its registration process in greater detail.
The following are the primary goals of the ICV program:
The ICV program is intended to benefit all companies of any size that are currently operating in Abu Dhabi and involved in governmental and semi-governmental procurements (specifically, for ADNOC, ADED, Abu Dhabi Ports, and Aldar Properties).
What is the ICV certification process all about?
The following are the benefits of ICV certification:
An In-Country Value (ICV) certificate is an important document that's used to demonstrate a company’s commitment to local economic development. It's designed to help businesses increase their market share and enhance the economy of their host country. Here are some of the many benefits of having an ICV certification:
First, ICV certificates can help companies save money on taxes and reduce the cost of doing business in the host country by providing access to incentives, such as tax credits and grants. This can help businesses increase profitability while supporting local economic growth.
Second, with an ICV certificate, companies can show they are committed to sustainable development initiatives like investing in infrastructure or job training programs. This helps businesses build trust among local communities while also improving their reputation.
The process for obtaining an ICV certificate is as follows:
The ICV certificate does not have a set price. The supplier receives quotations (which can vary greatly) from the certifying bodies, and the cost is determined by the certifier chosen.
The ICV certificate is typically issued between three and 15 business days after the supplier's financial information has been prepared and approved by certifiers. The size of the company undergoing certification may also influence the time it takes to issue the certificate.
ICV Registration consultants in Dubai help you obtain your In-Country Value (ICV) certificate in UAE. ICV certification is required for companies that want to bid on government contracts, and Reyson Badger makes the process of obtaining this certification much easier.
Reyson Badger offers a comprehensive package of services designed to simplify the process of obtaining an ICV certificate. Our team assists you with everything from understanding the requirements, to preparing all necessary documents, and submitting them to the right authorities. We also guide every step of the process, ensuring that your application meets all requirements and will be approved promptly. Furthermore, we offer competitive pricing on services so that you can get certified without breaking your budget.
So what are you waiting for? Book a free consultation today!!!