ICV Certification Services in Dubai

ADNOC ICV Certification

ICV program’s strategic partners comprise government companies and significant national entities across diverse areas. Not long before, the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National Oil Company, Abu Dhabi Ports Company PJSC, Aldar Properties PJSC, Emirates Nuclear Energy Corporation, and Mubadala Investment Company (Participating entities) also collaborated to be a part of this program by implementing a unified In-Country Value (ICV) Program, Rev. 3.0.

Objectives of the ADNOC ICV Program in UAE

The ICV program looks into the local expenditure on manufacturing, local products and services, investments, and the hiring and enhancement of UAE nationals. It intends to contribute to the national industry and divert the spent on procuring goods and services into the country’s economy.

Companies, irrespective of their location, inside or outside the nation, can obtain an ICV certificate. However, some guidelines must be taken care of. Tier 1 suppliers, i.e., those supplying goods and services directly to the program’s partners, must declare their ICV score. In the case of Tier 2 and below suppliers, an ICV certificate can be provided to ensure competitiveness in their tenders.

Companies can bid for tenders without meeting any specified score or benchmark, and the ICV score is assessed based on the entity’s audited financial statements. It can differ based on various other factors.

To calculate the ICV score, several aspects must be taken into consideration, and this score represents the entity’s value-add within the economy of the country. While calculating the score, the below factors are taken into account;

• Goods Manufactured/Third Party Spend
• Investment
• Emiratization
• Expatriate Contribution
• Bonus – Exports, Emirati headcount and Investment Growth

Companies can be a part of tenders without an ICV certificate, but the ICV score will be nil. Legal entities within a group cannot apply for a single ICV certificate; each company within a group must obtain one separately. In cases where combined or consolidated financial statements are produced, accurate disclosures about the group entities and the related breakdown of possessions, liabilities, revenues and costs for each company must be submitted.

The validity of the ICV certificate is 14 months from the date of audited financial statements or two months from the signing of the audit report of the following financial year, whichever is earlier. The ICV certificate fee depends on the size of the firm and the procedures carried out to issue the certificate.

HLB HAMT is a certifying body that provides ICV certification services in Dubai, UAE. We assist entities from the initial stage, i.e. from understanding the program and the factors determining ICV score to getting the ICV certificate.

Our Audit services

• Financial Statement Audit
• In Country Value Program (ICV)
• IFRS Advisory Services
• Audit Assistance
• Home Owners Association
• MIS Reporting

We are registered auditors in UAE