Unlocking Opportunities with ICV Certification Services in the UAE
by Elevate Auditing Elevate Accounting & AuditingIntroduction
In the dynamic landscape of the United Arab Emirates (UAE), the In-Country Value (ICV) certification program has emerged as a pivotal initiative. Spearheaded by the Abu Dhabi National Oil Company (ADNOC), this program has been in effect since April 1, 2018, and has reshaped the way suppliers of goods and services engage with the UAE's business ecosystem. This article explores the significance of the ICV certificate, its objectives, and why it has been implemented in the UAE. Additionally, we introduce Elevate as a trusted ICV service provider, offering comprehensive assistance in navigating this certification process.
The ICV Certification Program:
The ICV certification program is designed to enhance the UAE's economic landscape in several key ways:
● Emiratization:
By creating additional
employment opportunities for Emiratis in the private sector, the program
contributes to the nation's Emiratization goals.
● GDP
Diversification:
The program supports UAE's GDP diversification efforts by encouraging the sourcing
of goods and services within the country.
● Strategic
Considerations: Certain
categories within the value chain are strategically critical. The program aims
to localize these aspects to strengthen the UAE's economic resilience.
Unified ICV Certification Program
Since 2019, the ICV certification program has evolved to encompass a broader spectrum of sectors in Abu Dhabi and the UAE. This expansion includes collaboration with entities like the Department of Economic Development, Abu Dhabi Ports, and Aldar Properties. As more organizations join the ICV certification platform, it becomes increasingly important for businesses to understand and comply with its requirements.
Areas Considered for Unified ICV Calculations
The ICV score is calculated based on various factors, including:
(a) Goods Manufactured: Applicable to suppliers holding an
industrial license.
(b) Third-Party Spend: Relevant for suppliers without an
industrial license.
(c) Investment: Reflects the financial investments made
within the UAE.
(d) Emiratization: Measures the employment of Emiratis in
the private sector.
(e) Expatriate Contribution: Evaluates the contribution of expatriate
employees.
(f) Bonus: Includes factors such as revenue from outside the UAE and Emirati headcount.
Who Requires a Unified ICV Certificate?
Companies engaged
directly as suppliers or indirectly as sub-suppliers to various government and
semi-government departments in Abu Dhabi need to obtain a unified ICV
certificate. These include:
● ADNOC Group Companies
● Abu Dhabi Department of Economic
Development
● Aldar Properties
● Abu Dhabi Ports
● Environment Agency Abu Dhabi
● All other Abu Dhabi government
departments
● Companies submitting tenders through
Musanada (Abu Dhabi General Services Company)
Elevate: Your Trusted ICV Service Provider
Elevate Accounting &
Auditing is your partner in navigating the ICV certification process in the
UAE. Here's how we can assist:
Financial Audit: We audit and sign your financial
statements, a critical component of the ICV certification process.
ICV Score Improvement: Our team guides you on understanding the ICV services and factors affecting your ICV score. We suggest ways to improve your score and provide an impact analysis report.
Template Drafting: We draft the ICV template based on your
financial records for presentation to the ICV certifying body, ensuring
compliance with the required ICV score.
Improvement Plans: We assist in drafting ICV improvement plans, a necessary component for tender submissions to ADNOC.
Conclusion
The ICV certificate has become a critical element in doing business in the UAE. Elevate Accounting & Auditing stands ready to guide your company through this process, ensuring compliance and optimal ICV scores. Unlock the opportunities presented by ICV certification in the UAE with Elevate by your side.Sponsor Ads
Created on Sep 27th 2023 04:38. Viewed 109 times.