The In-Country Value (ICV) certification was first introduced in 2018 in Abu Dhabi by the Abu Dhabi National Oil Company (ADNOC) to encourage GDP diversification, Emiratization, and strategic consideration.
This program was launched later at the national level in 2021 under the supervision of the Ministry of Industry and Advanced Technology (MoIAT). The National ICV Certification program gives an opportunity for the suppliers to win tenders from the government and semi-government entities.
The supplier can get a certain weightage during the assessment of tenders by getting an ICV certification. The suppliers can obtain an ICV certificate that shows a score. This score is based on their contribution according to the latest audited financial statements and other things. Consulting with the best auditing firms in Dubai or ICV certification services in Dubai will help the suppliers to tackle the challenges associated with the process. Keep reading to know the requirements of ICV certification in the UAE.
Major Condition To Obtain An ICV Certificate In The UAE
Suppliers should know the key requirements they must meet before applying for ICV certification in the UAE. Providers of ICV certification services in Dubai can help the suppliers to get the ICV certificate. These are the following conditions:
- If the suppliers have many legal entities that have to be certified, they should get the ICV certificate for each of them. The government considers each license of the company as an individual and separate legal entity even if the owner is the same.
- If the business has multiple branches in the same emirate that conduct ownership and activities, then the MoIAT will issue a combined ICV certificate for the company in that Emirate.
- Suppliers should ensure that the very figure entered in the ICV certificate matches the audited financial statements of the supplier. Also, ensure that the audited financial statements are made according to the International Financial Reporting Standards (IFRS).
- The audited financial statements must be the latest than the last two years from the certification year. It means that the suppliers getting ICV certification for 2021 should not submit audited financial statements older than 2019.
- Companies that are less than 10 months old may not have audited financial statements. These companies can submit the management accounts for a period of 9 months to calculate the ICV calculations. However, management accounts for more than nine months should be audited.
- The ICV certificate would be valid for 14 months starting from the date the audited financial statements were issued. Suppliers who want to recertify their ICV certificates can do during the validity period. They can use the same audited financial statements, but the 14 months validity from the first issuance will continue to be the same.
- Suppliers should appoint the empaneled certifying body that will issue the ICV certificate in the UAE. Keep in mind that the suppliers are not allowed to change the certifying bodies for any given year without proper justification.
- Suppliers who manufacture and supply a finished product to a customer will be known as Goods Manufacturers under the ICV certification initiative. These companies hold an industrial License in the UAE to be considered Good Manufacturers.
- Suppliers who are not Goods Manufacturers and suppliers who do not have an Industrial License will be considered Service Providers under the ICV certification program.
Process Of Obtaining ICV Certification In The UAE
MoIAT has designed streamlined procedures to obtain an ICV certificate in the UAE. The best ICV certification service providers in Dubai can help you with the process. These simpler steps need to be executed to get the ICV certificate:
- Issue audited financial statements for the supplier or company, based on IFRS.
- Fill out the certificate application form according to the latest guidelines and financial statement.
- Use the certificate according to the guidelines of every application authority.
Benefits of getting ICV certification in the UAE
- Increased access to new customers and partners
- Competitive advantage in government contracting
- Increased brand recognition
- Easier access to financing ‘
- Enhanced reputation
If you are interested in getting ICV certification in the UAE. You should contact a qualified ICV certification consultant. They can guide you to the requirements of ICV certification. They will guide you through the application process.
How can ebs help you?
Obtaining an ICV certification in the UAE is a complicated procedure that needs some expert assistance. Suppliers must meet many requirements like the audited finical statements and filling out the supplier submission template suggested by MoIAT. The template must be filled out as per the latest audited financial statements. Leading providers of ICV certification services in Dubai, such as ebs can help suppliers meet such key requirements.
ebs has a team of professional accountants and auditors who can assist the companies with Template submission guidelines. We will assist you throughout the process and obtain an ICV certificate. We will provide you with the best services in the UAE, not only ICV certification services but also other services in line.
Apart from this, ebs can advise the companies on the factors determining their ICV score and also prepare the audited financial statements. We provide other services such as auditing services, tax services, accounting and bookkeeping services, ICV certification services, and many more. Contact us today to discuss our services and your needs for business growth.