Need for ICV Certification Services in the UAE
The National In-Country Value (ICV) Program, led by the Ministry of Industry and Advanced Technology (MoIAT), is designed to enhance the performance and long-term sustainability of the industrial sector by boosting the contribution of local industries. The program also aims to empower local businesses and acknowledge their vital role in driving both economic and social progress, as well as supporting GDP growth.
ICV Certificates are issued to suppliers by authorized Certifying Bodies, based on an assessment of their economic contribution within the UAE. Once certified, suppliers can present their ICV Certificate to any of the program’s Participating Entities. Each certificate includes an ICV score, which reflects expenditures on local goods and services, investments made, and efforts in hiring and developing Emirati talent.
Need for ICV Certification Services in the UAE
Integral to Tender Process
The ICV assessment is a crucial part of MOIAT’s tender evaluation and award process.
Annual Verification Required
MOIAT mandates third-party verification of the ICV Certificate’s figures by certified bodies each year, ensuring accuracy and transparency.
Financial Statement Requirement
Companies must provide audited financial statements that comply with IFRS for the last two years, signed by a registered partner from an approved audit firm.
Role of ICV Auditors
ICV service providers, like HLB HAMT, also act as ICV auditors, assisting businesses in meeting certification requirements.
Supplier Submission Template
Suppliers are required to complete the Supplier Submission Template and approach an ICV certification body to obtain their ICV certificates.
Approval by Certified Auditors
ICV certificates can only be issued by approved ICV Auditors and Audit Firms, emphasizing the need for professional certification services.
Essential for Competitiveness
Obtaining ICV certification is vital for businesses in the UAE to enhance their competitiveness in the market.
Why Companies in the UAE Need an ICV Certificate?
Get a Competitive Edge
An ICV certificate can give you up to a 40% advantage when bidding for projects. Companies with the certificate score higher, while those without it get a score of “zero.”
Support Economic Growth
The ICV program helps diversify the economy, create jobs, and boost economic activity by encouraging businesses to use local suppliers.
Better Chances in Government Tenders
Companies with an ICV certificate get priority when bidding for government contracts and tenders, which can lead to important projects.
Be Recognized as an Approved Supplier
Having an ICV certificate means you are recognized by the Ministry of Industry and Advanced Technology (MoIAT) as an approved supplier. This gives you access to more procurement opportunities, even for projects that aren’t publicly advertised.
Opportunities to Collaborate
The ICV program allows businesses to connect with experts and work with international companies, creating opportunities for new projects and partnerships.
Why HLB-HAMT Certification Services in the UAE are Different?
Approved MOIAT ICV Auditor
We are officially approved by MOIAT to do ICV audits, which means you can trust our services.
ICV Certification Provider
We help businesses get their ICV certification and guide them through every step.
25 Years of Experience
We have worked with multiple clients over 25 years in this field, giving us a strong understanding of the process.
Skilled ICV Auditors
Our team has talented and skilled ICV auditors who work hard to deliver great results.
Helping with ICV Plans
We assist in improving the ICV plans that you need to submit, making them better.
Specialists in IFRS
We make sure your financial statements follow international standards, which is important for compliance.
Ready to simplify your ICV certification process in UAE?
Contact HLB HAMT today for expert guidance and support tailored to your business needs!
We are registered auditors in UAE
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Frequently Asked Questions
How does HLB HAMT differentiate itself from other ICV certification providers?
HLB HAMT stands out due to our 25 years of experience, a team of skilled ICV auditors, approved status by MOIAT, and a proven track record of helping businesses succeed in their certification efforts.
How does HLB-HAMT ensure transparency in the ICV certification process?
As an approved MOIAT ICV auditor, HLB HAMT guarantees a transparent process by providing accurate evaluations and third-party verification of your ICV figures. We are committed to maintaining the highest standards of integrity
How does HLB-HAMT handle ICV certification challenges?
HLB HAMT simplifies the ICV certification process by guiding documentation, clarifying guidelines, ensuring accurate scores, facilitating communication, and providing ongoing support for your business success.
About the Author
A CMA holder and certifications from the London School of Economics (LSE), Sumesh Krishna brings over 25 years of auditing and business consultancy expertise. As the head of HLB HAMT’s Audit & Assurance division and HLB International’s Global Not-For-Profit Leader, he specializes in modernizing audit processes, integrating digital tools like RPA and ISQM standards, and ensuring compliance with IFRS and internal control frameworks. His leadership is instrumental in delivering high-quality, technology-driven assurance services.