The “In-Country Value” (ICV) accreditation was first introduced in 2018 in Abu Dhabi by the Abu Dhabi National Oil Company (ADNOC) to boost Emiratization, diversification of GDP, Emiratization, and strategic thinking. The program was implemented at a national level in 2021 under the direction of the Ministry of Industry and Advanced Technology. This ADNOC ICV Certification Services in the UAE Program allows the vendor to compete for tenders from government and semi-government agencies.
If they obtain ADNOC ICV Certification Services in UAE, suppliers can receive a certain amount of weightage in the review of tenders. The vendors can receive an ICV certificate that demonstrates the score they earned about their contribution as per the latest financial statements that have been audited and other aspects. Consultation with ICV Certification Services in Dubai will assist the suppliers in navigating the complexities that come with the process. Learn more about the conditions and requirements for obtaining certification for ICV in the UAE:
Significant Conditions to Obtain an ICV Certificate in the UAE
Suppliers should know the primary conditions they must satisfy before applying for certification of ICV within the UAE. The providers of ICV-certified services from Dubai can assist suppliers in obtaining the ICV certification. These are the most critical requirements:
If the supplier has several legal entities requiring certification, they must get the ICV document for each one. The government views each License granted by the company to be a distinct legal entity, even though the same person owns it.
If a business has multiple branches within the same Emirate with similar operations and ownership, MoIAT will issue a combined ICV certificate for each unit. MoIAT will issue an ICV certificate that is connected to the company within the Emirate.
Suppliers must ensure that each figure on the ICV certificate is consistent with the company’s auditor-audited financial reports. Additionally, ensure that the financial statements audited are produced by International Financial Reporting Standards (IFRS).
The financial statements audited by the auditor must be at most two years after the year of certification. That means companies that want ICV certification in 2020 must provide only audited financial statements older than 2018.
Companies that are newly established (less than ten years older) are not required to audit financial statements. They can file management accounts for a time that is up to nine months and may be used to calculate ICV calculations. Management accounts longer than nine months in length should be examined.
The ICV certificate is valid for 14 months beginning at the time the financial statements that have been audited were issued. Companies who want to recertify their ICV certificates may apply for re-issuance during the validity period using the same financial statements that have been audited. But, the 14-month validity period from the date of the first issue remains the same.
The supplier should choose an approved certifying agency that issues ICV certificates. ICV document within the UAE. However, they can only change the certifying body in any particular year for valid reasons.
Suppliers that manufacture and deliver an end-to-end product to a buyer are considered Goods Manufacturers per the certification program ICV. They must obtain the industrial License from the UAE to be considered Goods Manufacturing.
Suppliers that aren’t Goods Manufacturers or suppliers that don’t possess an industrial license are considered Service Providers under the ICV Certification program.
Process of Obtaining ICV Certification in the UAE
The MoIAT has developed a simplified procedure for obtaining an ADNOC ICV Certification Services in UAE. Dubai’s top ICV certification service companies will guide the suppliers. The following steps are required to be followed to get an ICV certificate:
- Audit the financial statements of the supplier/company that are based on IFRS
- Complete the application form for a certificate as per the latest guidelines and financial statements
- Utilize the certification by the policies of the respective authority.
How can Jitendra Chartered Accountants Help You?
Obtaining an ICV certification in the UAE is a complex process that requires the assistance of an expert. Suppliers must satisfy various requirements, including submitting audited financial statements and completing the template for submission to suppliers as stipulated in the MoIAT. The template should be filled out with the most recent approved financial statements. Top suppliers of ICV certification services in Dubai like Jitendra Chartered Accountants (JCA) will assist companies in meeting these essential specifications.
JCA has an experienced team of highly skilled auditors and accountants that can help businesses prepare Template Submission Guidelines for businesses requiring ICV certification. In addition, JCA can advise companies on the elements that determine their ICV score and prepare financial statements audited by international standards like the IFRS.
ICV certificate in the UAE
The Abu Dhabi National Oil Company (ADNOC) launched an In-Country Value (ICV) certification at the time of Abu Dhabi in 2018 to help promote Emiratisation and diversification of the GDP and strategic thinking. In 2021, the program was officially launched at the Federal level under the supervision of the Ministry of Industry and Advanced Technology. This National ICV Certificate program allows the service provider to get bids from governmental and semi-governmental entities.
The companies could boost their influence during the evaluation of tenders by getting ICV certificates. ICV certificate. The most recent audited financial statements and other factors are utilized to calculate the scores of suppliers’ contributions on an ICV certificate. Suppliers can avoid the challenges by consulting ICV certification services located in Dubai. Read on to find out the conditions and requirements for getting ICV certificates in the UAE.
Before applying for ICV certification in the UAE Suppliers should understand the primary requirements they have to meet. Suppliers can seek assistance from ICV certification service companies in Dubai to obtain their ICV certification.
