ICV Certification in Abu Dhabi
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ICV Certification in Abu Dhabi
In Abu Dhabi, an ICV Certification in Abu Dhabi is a critical requirement for government and ADNOC tender submissions. This certification plays a vital role in assessing a company’s contribution to the UAE’s economic growth and development. The ICV Certification in Abu Dhabi Program aims to enhance the UAE’s economy by encouraging the localization of goods and services, increasing private-sector employment for UAE nationals, and promoting the development of key functions across industries.
The program, initiated by the Ministry of Industry and Advanced Technology (MoIAT) in 2021, has since been implemented nationwide, providing businesses with increased opportunities to secure contracts with government entities and major corporations. Obtaining an ICV Certification in Abu Dhabi helps businesses enhance their market credibility, improve competitiveness, and contribute to the country’s long-term economic sustainability.
What Does the ICV Certificate Program Offer?
The National In-Country Value (ICV) Program facilitates the issuance of ICV Certification in Abu Dhabi through certified bodies, helping businesses enhance their ICV Score. By promoting Emiratization, business growth, and local investment, this program strengthens the UAE economy. Audit firms play a crucial role by verifying pre-audited financial statements, ensuring compliance with ICV standards and regulations. Companies seeking ICV Certification in Abu Dhabi must meet specific criteria, including accurate financial reporting and adherence to local industry requirements. This certification enhances business credibility, improves competitiveness, and provides greater access to government and ADNOC contracts, driving long-term growth.
Key Objectives of ICV Certification
The ICV certification program focuses on achieving the following:
- Boosting employment opportunities for UAE nationals in the private sector.
- Diversifying the GDP of the UAE.
- Equipping local businesses with advanced technological expertise.
- Strengthening regional supply chains.
An ICV certificate highlights a contractor’s or supplier’s contribution to the UAE economy. Having this certificate provides a competitive advantage during the tendering and bidding processes.
How to Apply for ICV Certification in Abu Dhabi
Companies seeking ICV certification must meet the following conditions:
- Separate Certificates for Entities: Each legal entity requires an individual ICV certificate, even if owned by the same individual.
- Branch Certificates: Companies with multiple branches performing similar activities in the same Emirate may obtain a single certificate.
- Audited Financial Statements: The ICV score must align with the supplier’s audited financial statements, prepared according to International Financial Reporting Standards (IFRS). Financial statements cannot be older than two years at the time of certification.
- Young Companies: Companies less than 10 months old may submit management accounts for up to nine months, provided they are audited if older than nine months.
- Certificate Validity: An ICV certificate is valid for 14
months from the issuance of audited financial statements. Recertification is possible during this validity period. - Authorized Certifying Bodies: Suppliers must choose an approved certifying organization. Changing certifying bodies within a year requires valid reasons.
- Goods Manufacturers: Suppliers classified as goods manufacturers must hold an industrial license to qualify under the program. Others are categorized as service providers.
How to Obtain an ICV Certificate in Abu Dhabi
The MoIAT has streamlined the process of obtaining an ICV certificate. The steps include:
- Publishing audited financial statements in compliance with IFRS.
- Completing the certificate application as per current requirements and financial data.
- Submitting the application in line with the recommendations of the relevant authority.
ICV certification has become a mandatory part of ADNOC’s bidding process, requiring vendors to submit supplier forms and secure certification through an ADNOC-approved certifying body.
ICV Certification Services in Abu Dhabi
Obtaining an ICV Certification in Abu Dhabi requires professional expertise to navigate complex requirements, including financial statement preparation, compliance with MoIAT regulations, and accurate completion of supplier forms. Our firm specializes in providing ICV Certification in Abu Dhabi services, offering expert guidance, preparing compliant audited financial statements, and ensuring full adherence to ICV standards. We help businesses improve their ICV score, secure government contracts, and enhance market competitiveness. With our seamless support, companies can meet all certification requirements efficiently. Contact us today for expert assistance with your ICV Certification in Abu Dhabi and achieve hassle-free compliance!