ICV certification services are essential for companies that seek to enter government and semi-government contracts.
The In-Country Value (ICV) certificate shows the extent to which a company is supporting the UAE local economy, whether by procuring goods and services locally, employing Emirati nationals, or investing in country assets.
The National In-Country Value (ICV) Program was started by the government as part of the “Projects of the 50” initiative. Launched in 2017 by ADNOC, the programme was later deployed throughout the nation under the Ministry of Industry and Advanced Technology (MOIAT).
The ICV programme, guided by the Ministry of Industry and Advanced Technology (MoIAT), was initiated to drive companies to generate more value for the nation by creating jobs, developing local industry, and keeping more value within the UAE.
The core objectives of the programme are:
The UAE’s goal of national growth and sustainable economic diversification is exactly in line with the ICV programme.
ICV certification is mandatory for:
If your business is seeking to expand through government contracts or joint ventures, ICV certification services in Dubai are important to consider.
Increased Access to Government Contracts: Firms with ICV certification are given a competitive advantage when tendering for government and semi-government projects.
Financial Incentives: Some entities offer tax credits, grants, and other incentives to businesses with high ICV scores.
Improved Credibility: ICV certification proves a company's dedication to the economic development of the UAE, enhancing its credibility with clients and partners.
Support for Local Talent: The programme encourages the hiring and development of Emirati nationals, contributing to lower unemployment and stronger local expertise.
Increased Access to Government Contracts: Firms with ICV certification are given a competitive advantage when tendering for government and semi-government projects.
Obtaining ICV certification services in Dubai is a structured process governed by the Ministry of Industry and Advanced Technology (MOIAT). Below are the key requirements and steps involved:
The following documents are typically required for the ICV certification application:
By fulfilling these requirements and working with an approved ICV certification services provider in Dubai, companies can enhance their eligibility for government contracts and demonstrate their commitment to the UAE’s economic development.
Without professional guidance, the process of obtaining ICV certification in the UAE gets highly complicated. There are several standards that only experts know how to meet.
Accurate Accounting is a leading provider of ICV certification services in Dubai. Our auditors and accountants carefully execute the template filing criteria and other important steps.
We also provide business advisory services in Dubai, accounting consultancy in Dubai, and VAT registration services in Dubai to ensure your business is fully compliant and positioned for success in the UAE market.
Call Accurate Accounting today for professional ICV certification services in Dubai.
No, it is not necessary to get an ICV certificate in the UAE; it is voluntary. However, it is necessary for companies that deal with government organisations like ADNOC or other public sector organisations. It provides companies with a competitive advantage, and they are more likely to receive tenders or work from government organisations.
ICV certification services in Dubai evaluates a company’s contribution to the UAE economy on various criteria, including:
In order to enhance your ICV score, you need to source maximum goods and services locally. Employ more UAE nationals when seeking to increase your manpower. Invest as much as you can in the UAE by increasing local manufacturing and services expertise.
The ICV Certificates, upon release, will remain valid for 14 months from the date of issuing the audited financial statements. After the expiry of the validity period, companies may go through the process of renewal with the assistance of ICV certification services in Dubai.
ICV verification is the process of checking a company’s contribution to the local economy of the UAE. It measures expenditure on local products, hiring of Emiratis, and investment in the country. Certified companies are awarded an ICV score, which provides them with a competitive advantage in government and semi-government contract tenders.
To renew an ICV certificate, companies have to update their audited accounts, complete the new ICV template and send them to a certified body. After successful verification and audit, a new 14-month valid certificate is issued, keeping the company eligible for tenders.
Accurate Accounting is a prominent network of seasoned accountants and business advisors headquartered in Dubai, United Arab Emirates. We specialize in book keeping services, vat & corporate tax.
