What is ICV Certificate Dubai, UAE and How to Get It?

Getting an ICV certificate Dubai businesses looking to collaborate with UAE government and semi-government organizations are finding Dubai to be more and more significant. A strategic government initiative, the In-Country Value (ICV) program encourages businesses to invest more in local talent, goods, and services in order to strengthen the local economy. Your company will have a major competitive advantage when bidding for large contracts if you have an ICV certificate.

What is the ICV Certificate?

An official document that gauges a company’s economic contribution to the United Arab Emirates is the ICV certificate. One important component of the certificate is the score, which is determined by a particular formula that considers multiple factors –

1. Local Goods and Services – The amount of money a business spends on goods and services from UAE-based vendors.

2. Emiratization – How many Emiratis work for the company, and how much money is spent on their training?

3. Local Investment – The amount of money a business invests in the United Arab Emirates.

4. Expatriate Contributions – The total amount of money paid to foreign workers is known as expatriate contributions.

A company’s contribution to the local economy increases with its ICV score. A company with a higher score typically has an advantage over rivals because this score is a significant consideration in the tender evaluation process.

The Ministry of Industry and Advanced Technology (MoIAT) and other important government agencies have since embraced the program nationally after it was first introduced by the Abu Dhabi National Oil Company (ADNOC) in 2018. This demonstrates unequivocally that the ICV program is a vital component of the UAE’s overall economic strategy.

Why is ICV Certification Important?

Although not required for all businesses in the UAE, obtaining an ICV Certification in UAE is crucial if you wish to take part in government and semi-government procurements and tenders. Your ICV score will be zero if you don’t have a valid certificate, which will significantly disadvantage you compared to certified competitors.

The advantages of possessing an ICV certificate are obvious –

1. Competitive advantage – You stand a much better chance of obtaining profitable government contracts if you have a high ICV score.

2. Improved Reputation – It fosters trust with prospective partners and customers by demonstrating your company’s dedication to advancing the UAE’s economic objectives.

3. Economic Contribution – It puts your company in line with the national plan to diversify the economy and give Emiratis jobs.

4. New Opportunities – As more and more organizations embrace the ICV program, it creates new business opportunities.

Step-by-Step Process to Get an ICV Certificate Dubai

An authorized auditing firm is typically consulted during the few crucial steps required to obtain an ICV certificate.

Step 1 – Prepare Your Audited Financial Statements

This is frequently the first and most important step. A certified auditor in the United Arab Emirates must audit the financial statements of your business. The ICV certificate is determined by the financial performance of your business during the most recent fiscal year. You can use management accounts if your business is new (less than 10 months old), but audited financials are required for established businesses. The International Financial Reporting Standards (IFRS) must be followed in the preparation of these statements.

Step 2 – Engage a Certifying Body

No auditor can issue the ICV certificate. An authorized provider of ICV Certification Services is required to prepare it. The Ministry of Industry and Advanced Technology (MoIAT) has certified these particular audit firms to carry out the ICV assessment.

Step 3 – Provide the Required Information

A thorough ICV template and a number of supporting documents will be requested from you by the certifying body of your choice. This data will consist of –

Your financial statements were audited.
Information about who owns your business.
Various legal documents, including your trade license.
Details about your local and foreign employees (Emiratization details).
A list of local vendors, along with the prices of the products and services you’ve bought from them.
Information about your UAE investments.

Step 4 – The Assessment and Certification

All of the data and supporting documentation you have submitted will be examined by the certifying authority. To confirm the data and make sure it is correct and complies with the ICV program guidelines, they will carry out an independent audit. They will determine your company’s ICV score and issue the ICV certificate based on this verification.

Step 5 – Certificate Validity and Renewal

The validity of an ICV certificate is 14 months from the date of the audited financial statements. This allows you to obtain your new certificate without a lapse for two months following the fiscal year’s end. You must use your most recent audited financial statements to complete the renewal process annually in order to keep your certification.

Getting Expert Help – Arabian Wingz

It can be difficult to navigate the ICV certification process, particularly for companies with several branches or activities. For this reason, a lot of businesses seek expert advice from specialized consulting firms like Arabian Wingz. These companies can assist you with their specialized ICV Certification Services –

1. Get your paperwork ready – Make sure the ICV template is correctly completed and that all of your financial records are in order.

2. Simplify the procedure – To guarantee a quick and easy certification, serve as a liaison with the certifying authority.

3. Make the most of your score – Give tactical suggestions on how to raise your ICV score, like hiring more Emiratis or expanding local procurement.

4. Renew your certification – Assist you in maintaining compliance by overseeing the yearly renewal procedure.

Conclusion

An essential tool for any company trying to establish a more robust presence in the UAE market is the ICV certificate Dubai. It is more than just a document; it is a declaration of your business’s dedication to the country’s economic goals. You can easily get your ICV certificate and open up new doors for success and growth in the Emirates by being aware of the procedure and, if necessary, seeking the appropriate professional assistance.

Top 10 Accounting Firms in Dubai

Top 10 Auditing Firms in Dubai