ICV Certificate providers in UAE
Businesses are given considerable attention when evaluating bids if they have earned an In-Country Value (ICV) certificate. Depending on the most current audited financial accounts as well as other variables, suppliers might get an ICV Certificate that demonstrates their involvement.
HLB HAMT is a leading ICV certificate provider in UAE accredited by the relevant authorities as one of the certifying bodies. Together with providing the certificate, we interact closely with clients to comprehend their needs, assist them in calculating ICV, and make recommendations for the necessary changes to business and operational procedures.
What is meant by ICV Certificate?
The national oil firm of the United Arab Emirates, ADNOC, invented the ICV Certificate, also known as the Inland Value Certificate. To get the most out of the UAE’s oil and gas fields, MoIAT implements the national ICV programme. The project is being extended to include industries beyond oil and gas. Companies in the UAE are assessed to a value rating by ICV certification agencies, which shows how much they contribute to the country’s economy.
The ICV program was initiated in November 2017 by enterprises under the Abu Dhabi National Oil Company group. The UAE government started the programme to promote economic development in the nation. The industry activities stimulating regional suppliers to concentrate more on obtaining an ICV certificate are tied to contributions to in-country value. The program aims to promote economic development in the UAE and aid small businesses in doing business with major corporations like ADNOC.
Major Goals of ICV in Dubai, UAE
The ICV certification program’s aim is to foster local industry growth by reducing dependency on imports and implementing extra efforts like financial incentives.
Let’s examine the essential goals of ICV in Dubai, UAE:
- Strengthening the nation’s economic development
- Investment in advanced technical Research and Development (R&D) should be expanded
- Encouraging international investment results in market expansion and export rising
- To maximize the GDP contribution from the private sector in the UAE
- Key supply chains are being localized, and new local industrial sectors are being created
The ICV score of a company reveals how much it contributes to the UAE economy. Often, a percentage is used to represent the ICV score. Employing ICV Certification services in Dubai, UAE may help businesses save time and cost.
The Ministry of Industry and Advanced Technology (MoIAT) approves professional bodies to verify and issue the ICV certificate. Professional organizations known as Certifying Bodies are the ICV certificate providers in UAE.
Each organization should work to achieve a higher ICV score in the nation’s internal value programme because there is no set requirement for receiving an ICV certificate.
Validity of ICV Certificate
The ICV certificate is valid for 14 months. During the ICV’s validity period, the same certification authority may recertify the ICV certificate using the same audited financial statements. The domestic certificate of value’s 14-month validity period will not change, in any case.
Who requires a certificate from ICV?
Any organization, whether located inside or outside the UAE, may receive an ICV Certificate by following the ICV requirements.
The National ICV Program may ask Tier 1 suppliers (suppliers that directly provide products or services to the Program’s Partners) to disclose their ICV Score since it plays a crucial role in the analysis and awarding of their tenders.
To guarantee that Tier 2 and below providers are competitive in their tenders with Tier 1 suppliers, they could also be asked to produce their ICV Certificate.
ICV Certified companies in the UAE
When asked to choose a well-known company from the list of ICV-certified companies in UAE, HLB HAMT will always be the first choice. One of the top certification bodies authorized to offer ICV certification services across the UAE.
We can help business owners comprehend the factors that affect the ICV score of their organization. We assist our clients with ICV calculations and keep them informed of the most recent ICV programme details.
Latest insights, case studies and news from across the network
Top Non-Compliances identified during FTA VAT Audit in UAE
In order to identify VAT-registered firms that are not in compliance with the VAT legislation, the Federal Tax Authority has established…
Internal Control over Financial Reporting (ICFR): Why its a Significant business competitive advantage
Businesses in the UAE can take advantage of the numerous opportunities brought about by the region’s quickening, technology-driven change through…
IFRS 17: Insurance Contracts
A slew of new reporting and compliance rules are gripping the globe in this period of globalisation and international trade,