ICV Certificate And Its Impact On UAE Vision 2030 Goals

The United Arab Emirates (UAE) is well-known throughout the world for its aspirations and progressive policies. The UAE Economic Diversification 2030, a daring plan to create a prosperous, sustainable economy that depends less on oil and more on a variety of domestic industries, talents, and investments, is one of the most important national objectives.

The In-Country Value program UAE and its most visible result, the ICV certificate, are at the center of this change. This isn’t just another compliance document; it’s a potent instrument that changes how companies function and establishes them as vital contributors to the future prosperity of the country.

What Exactly is the ICV Certificate?

An official document that gauges a business’s economic impact in Dubai (or anywhere else in the United Arab Emirates) is the ICV certificate Dubai. It assigns a number—a score—to the value that your company contributes in the United Arab Emirates.

This score is determined using a number of important factors –

1. Local Spend – The amount of money a business spends on regional products and services from vendors in the United Arab Emirates.

2. Emiratization – The business’s initiatives to recruit and educate UAE citizens.

3. Investment – The amount of money invested locally in the United Arab Emirates.

4. Expatriate Contribution – The sum of money paid to foreign workers in the nation for their salaries and wages.

The UAE’s economy will benefit more from a higher ICV score, which is also the key to opening up significant business opportunities.

The ICV Certificate and Economic Diversification 2030

An operational mechanism created to directly accomplish the objectives of the UAE economic diversification 2030 is the In-Country Value program UAE. The ICV certificate serves as a catalyst for this national vision in the following ways –

1. Boosting Local Industries and Supply Chains

Many businesses were heavily dependent on imported goods and services for decades. This is altered by the ICV program, which encourages businesses to “Buy Local.”

• Preference in Tenders – Businesses with high ICV scores are given considerable preference when government and semi-government organizations (as well as numerous large national corporations) review bids for contracts.

• Strengthening Domestic Production – Businesses are encouraged to move from foreign to domestic suppliers and manufacturers in order to raise their ICV score. Local small and medium-sized businesses (SMEs) can grow, invest, and become more competitive thanks to this spike in demand. One of the fundamental principles of economic diversification is the development of robust, self-sufficient supply chains, which depends on this localization.

2. Driving Emiratisation and Job Creation

A highly skilled national workforce is necessary for a diversified, sustainable economy. Businesses’ dedication to Emiratization is highly rewarded by the ICV framework.

• Businesses actively support the development of local talent in addition to raising their ICV scores by providing training programs and high-quality employment opportunities for UAE nationals.
• This guarantees that the local population will directly benefit from the wealth created by new industries, establishing a long-term, knowledge-based economy run by its own people.

3. Attracting Investment Beyond Oil

International businesses doing business in the United Arab Emirates are encouraged by the ICV program to base their operations, capital, and production capacity in the nation.

• This consistent investment contributes to the development of new, non-oil industries such as manufacturing, advanced technology, logistics, and renewable energy.
• Any serious local or foreign player who wants to obtain a competitive edge in the lucrative government and national company tender space must first obtain ICV certification Dubai, which guarantees a steady stream of investment into the country’s non-oil economy.

ICV as a Pillar of UAE Business Compliance

The ICV certificate has quickly evolved from a mere benefit to a crucial component of UAE business compliance and competitiveness for contemporary companies operating in the country.

Having a current ICV certificate is frequently a requirement if your business wants to participate in contracts or tenders with prestigious organizations throughout the United Arab Emirates, such as those run by the Ministry of Industry and Advanced Technology (MoIAT) and other government agencies. A business without a score will be viewed as having an ICV score of zero, even if it is not strictly required. This will significantly disadvantage them in comparison to certified competitors.

Getting the ICV certificate Dubai is an essential strategic step for companies hoping to establish a solid reputation and grow over the long term in the Emirates. It establishes trust with government clients and the larger business community by demonstrating your dedication to the national agenda.

How Arabian Wingz Supports Your ICV Journey

Getting and improving your ICV score can be a difficult process that requires careful data preparation, financial analysis, and collaboration with approved certifying organizations. Professional knowledge becomes extremely valuable in this situation.

Arabian Wingz is committed to assisting companies in effectively navigating the intricacies of the In-Country Value program UAE. We offer specialized services to guarantee that your business not only obtains its Dubai ICV certification but also optimizes its score to gain a competitive advantage.

Typical services we offer include –

1. ICV Score Calculation and Strategy – Calculating your current ICV score and formulating a clear, workable plan to raise it over time requires an analysis of your current operations.

2. Documentation and Submission – Assisting you with the demanding documentation requirements and making sure your ICV template and financial statements adhere to all rules established by the Ministry of Industry and Advanced Technology (MoIAT).

3. Coordination of the Auditor – Enabling a seamless and effective audit and verification procedure with the approved ICV certifying organization.

Businesses can confidently align themselves with the national objectives of the UAE economic diversification 2030 while concentrating on their core operations with a partner like Arabian Wingz.

Conclusion

The ICV certificate is an investment in the future of the United Arab Emirates, not just a pass to enter. The In-Country Value program UAE is the driving force behind the country’s economic transformation by boosting domestic employment, promoting local spending, and drawing targeted investment.

Seeking ICV certification Dubai is an indication of corporate responsibility and strategic foresight for any company doing business here, particularly in thriving cities like Dubai. Under the UAE economic diversification 2030 vision, it is your pledge to actively contribute to the economy’s growth rather than merely profit from it, guaranteeing a prosperous and varied future for the whole country.

FAQs –

1. What is the ICV Certificate in simple terms, and why does my company need it?

Similar to a government-issued scorecard, the ICV Certificate (In-Country Value) indicates how much your company contributes to the local economy in the United Arab Emirates.

You need it because, in order to win significant contracts and tenders, the UAE government and large national corporations frequently favor or demand that their suppliers have a high ICV score. You’re at a severe disadvantage and risk missing out on important business opportunities if you don’t have one.

2. How does the ICV Certificate help the UAE achieve its Economic Diversification Vision 2030?

The UAE can lessen its dependency on oil and develop other robust industries with the help of the ICV certificate. It accomplishes this in three primary ways –

• Instead of importing, it encourages your business to purchase goods and services from UAE-based vendors, supporting regional companies and sectors.
• Employing and training UAE nationals (Emiratization) improves a company’s score and helps to develop the local workforce.
• It encourages both domestic and foreign companies to maintain their operations and investments in the United Arab Emirates.

3. What factors determine my company’s ICV score?

The value you contribute to the UAE economy in a number of areas determines your ICV score –

• Local Spend – The money you spend on local goods and services.
• Emiratization – The quantity of UAE nationals you hire and the amount of money you spend on their education.
• Investment – The amount of money you have invested in the United Arab Emirates.

Your ICV score will improve the more you contribute in these areas.

4. Is getting the ICV Certification difficult? Can a company like Arabian Wingz help me?

Because it necessitates a precise financial calculation based on your company’s audited financial statements and an audit by an authorized certifying body, the procedure can be described in detail.

Yes, the procedure can be made much simpler by using a specialized service provider like Arabian Wingz. They assist you –

• Determine your ICV score accurately.
• Assemble and arrange all necessary paperwork.
• To guarantee a successful and seamless certification, work with the official certifying body.

5. How long is the ICV Certificate valid, and do I need to renew it?

Usually, the ICV Certificate is good for 14 months after the date your audited financial statements were released.

Yes, you have to renew it every year. To keep your high score and keep taking part in government and major tenders without interruption, you must obtain a new certificate every year based on your most recent audited financial statements.