In-Country Value (ICV) certification is a process that measures a company’s contribution to the UAE’s local economy. It recognizes businesses that support local economic development, Emiratisation, local sourcing, and sustainable economic growth. Obtaining an ICV certificate in the UAE can help eligible suppliers strengthen their position when participating in tenders with government and semi-government entities.
The Abu Dhabi National Oil Company (ADNOC) introduced the ICV program in 2018 to encourage Emiratisation, economic diversification, and the development of local supply chains. In 2021, the program was expanded nationally under the supervision of the Ministry of Industry and Advanced Technology (MoIAT) as the National In-Country Value (ICV) Program.
Under the National ICV Program, suppliers can obtain an ICV certificate that reflects their contribution to the UAE economy. The ICV score is calculated based on relevant financial and non-financial factors, including information reported in the company’s latest audited financial statements. A stronger ICV score can provide greater weightage during tender evaluations conducted by participating government and semi-government entities.
Understanding the ICV registration process in the UAE is important for businesses that want to participate in applicable procurement opportunities. The process involves preparing the required financial information, working with an approved certification body, submitting the necessary documents, and obtaining the final ICV certificate.
Businesses that need professional assistance can also consider ICV certification services in Dubai to help them prepare their financial information, understand the certification requirements, and navigate the ICV certification process efficiently.
In this guide, we will explain the ICV registration process in the UAE, including the key requirements, documents, steps involved, ICV score calculation, and important considerations for suppliers.
What are the Unified ICV program's goals?
The following are the primary goals of the ICV program:
- To increase Emirati employment opportunities in the private sector
- To aid in GDP diversification
- To localize critical supply chain components
Who Is Eligible for the In-Country Value (ICV) Program?
The National In-Country Value (ICV) Program is designed for suppliers that participate in procurement opportunities with participating UAE government and semi-government entities. Businesses of different sizes and sectors may be required to demonstrate their ICV contribution when applicable to the relevant procurement requirements.
Companies seeking to participate in applicable tenders can obtain an ICV certificate in the UAE by going through the required ICV certification process and having their ICV score assessed based on the applicable criteria.
Eligibility and certification requirements may vary depending on the procuring entity, tender requirements, and the supplier’s business activities. Therefore, businesses should review the applicable ICV requirements before beginning their ICV registration process in the UAE.
What Is the ICV Certification Process?
The ICV certification process involves assessing a supplier’s contribution to the UAE economy based on defined ICV criteria and the relevant financial information.
The certification process helps:
- Verify that the supplier’s ICV contribution information is accurate and up to date.
- Ensure the supplier’s ICV score is calculated according to the applicable methodology.
- Provide a standardized measure of the supplier’s contribution to the UAE’s local economy.
- Help suppliers demonstrate their ICV performance when participating in applicable procurement and tender opportunities.
Businesses that need assistance with the application and documentation can seek professional ICV certification services in Dubai to help prepare the required information and navigate the certification requirements.
What are the benefits of having an ICV certificate?
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.
What are the required documents for the ICV certificate?
- Financial statement that has been audited by the supplier or contractor
- A list of the products and services purchased
- Reports from the wage protection system (WPS)
In the UAE, how can I obtain an ICV Certificate?
The process for obtaining an ICV certificate is as follows:
- The pre-approved certifying bodies are contacted by the supplier or contracting company.
- Following a review of the received quotations, the supplier selects and awards one certifying body and signs an engagement letter.
- The certifying body evaluates the supplier and issues the final ICV certificate after validating the submitted information.
What is the cost of receiving an ICV certificate?
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.
How long does it take to obtain an ICV certificate?
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.
How To Choose the ICV Certifying Body?
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!!!
