What Is ICV Certification?
The In-Country Value (ICV) Certification measures the contribution a business makes to the UAE economy. The certification is essential for suppliers and contractors seeking to participate in government tenders or private sector projects that require the submission of an ICV certificate. The ICV certification process involves evaluating several factors, including the value of locally sourced goods, services, and labor used in the company’s operations.
Why Are ICV Certifications Important for Businesses in Abu Dhabi?
- Competitive Advantage
ICV certification significantly enhances a business’s chances of winning contracts, especially with large corporations and government entities. The ICV score is a key factor in the evaluation process for tenders.
- Government Compliance
Obtaining an ICV certificate ensures that your business is compliant with the UAE’s In-Country Value program, which is part of the government’s efforts to foster economic growth and diversification.
- Boosts Local Economic Growth
By achieving a high ICV score, companies demonstrate their commitment to contributing to the UAE’s local economy, which in turn benefits regional growth and development.
- Improved Relationships with Government Entities
Government entities and major corporations in the UAE give preference to suppliers with a high ICV score, making it easier for certified businesses to form long-term partnerships.
ICV Certification Process
The process of obtaining an ICV certificate involves several critical steps, which businesses in Abu Dhabi and across the UAE must adhere to. At AKFA ACCOUNTING, we help companies navigate each phase of the process, ensuring they meet all the necessary criteria. Here’s a simplified overview of the ICV certification procedure:
Submit Audited Financial Statements
The company must submit audited financial statements that comply with International Financial Reporting Standards (IFRS). These statements must be no older than two years.
Complete the ICV Application
Businesses must complete an application form, which includes submitting key information about their operations, supply chain, and economic contributions.
Calculate ICV Score
The ICV score is calculated based on factors such as local spending, value-added processes, and the extent of local labor and services used.
Submit the Application to the Certifying Body
The application, along with the financial documents and supporting data, must be submitted to an accredited certifying body in the UAE for evaluation.
Obtain the Certificate
Upon successful verification, businesses are awarded an ICV certificate, which is valid for 14 months.
Key Benefits of ICV Certifications for Your Business
- Enhanced Competitiveness
In industries such as oil, gas, and construction, an ICV certification can be a deciding factor when bidding for major projects, especially with ADNOC and other UAE-based organizations.
- Support for UAE Economic Goals
The ICV program is a part of the UAE’s strategic vision to develop its local economy and reduce dependence on imports. Businesses that engage in the program are seen as contributing to national development.
- Increased Tender Opportunities
Many organizations in the UAE now require an ICV certificate to process tenders. Having an ICV certification makes your business eligible to participate in these opportunities.
- Long-Term Business Sustainability
Achieving a high ICV score demonstrates that your business is sustainable, locally integrated, and capable of adapting to the evolving UAE business environment.
Why Choose AKFA ACCOUNTING for ICV Certifications?
As one of the leading providers of ICV certifications in Abu Dhabi, AKFA ACCOUNTING offers unparalleled expertise in assisting companies through every stage of the certification process. Here’s why businesses across Abu Dhabi and the UAE choose us:
Expert Guidance
Our team of experts is well-versed in the intricacies of the ICV certification process and the criteria set by the UAE government. We offer hands-on assistance to ensure your company submits the right documents and information.
Tailored Services
We understand that each business is unique, and we provide customized solutions that align with your specific needs and industry requirements.
Comprehensive Support
From gathering financial data to submitting your application, we provide end-to-end support, ensuring that your business is fully compliant and positioned to achieve the highest possible ICV score.
Fast and Efficient Process
We streamline the certification process, helping your company obtain ICV certification in the shortest time possible.
Service Across the UAE
Whether you’re based in Abu Dhabi, Dubai, Sharjah, or any other Emirates, we offer our ICV certification services nationwide to help businesses achieve their goals.
FAQ
To obtain ICV Certification, your business must submit audited financial statements in compliance with International Financial Reporting Standards (IFRS) and complete the application form. At AKFA ACCOUNTING, we provide expert guidance through the entire application process to ensure your business meets all necessary requirements, facilitating smooth certification in Abu Dhabi and across the UAE.
The ICV certification process in Abu Dhabi, UAE includes submitting audited financial statements, completing the certification application, and ensuring compliance with UAE regulations. At AKFA ACCOUNTING, we assist businesses in understanding the detailed process, from audit preparation to certification submission, ensuring your company’s ICV score is accurately calculated and aligned with local requirements.
The ICV score is calculated based on factors such as local expenditures, employment of UAE nationals, and the value of goods and services produced in the UAE. AKFA ACCOUNTING helps you assess and calculate your ICV score accurately by reviewing your financial data, ensuring you maximize your score for better tender opportunities.
Businesses seeking ICV certification must submit audited financial statements, a completed application form, and supporting documents like bank statements and employee records. AKFA ACCOUNTING provides end-to-end assistance in gathering and preparing these documents to ensure compliance and streamline the certification process.
ICV certification is vital for businesses in the UAE, as it directly influences the eligibility for government contracts, especially with entities like ADNOC. AKFA ACCOUNTING helps businesses navigate this process, ensuring they can access more lucrative opportunities and comply with government regulations.