ICV Certificate in UAE
The National In-Country Value (ICV) Program, overseen by the Ministry of Industry and Advanced Technology (MoIAT), aims to improve the performance and long-term sustainability of the UAE’s industrial sector by increasing the participation of local industries. The program also seeks to empower local businesses, recognizing their crucial role in driving economic and social development and supporting GDP growth. ICV Certificates are issued to suppliers by authorized certifying bodies after assessing their economic contributions within the UAE.
Once certified, suppliers can provide their ICV Certificates to participating entities, which include an ICV score reflecting spending on local goods and services, investments, and efforts in Emirati talent development.
How to get an ICV certificate in the UAE?
- Acquire Audited Financial Statements:
- Ensure you have financial statements prepared in accordance with International Financial Reporting Standards (IFRS) from an approved auditor within the UAE. If your business is newly established, management accounts can be accepted.
- Engage an ICV Certifying Body:
- Contact a certifying body that is authorized by the Ministry of Industry and Advanced Technology (MOIAT) for guidance on your ICV certificate application.
- Complete the Required ICV Template:
- Fill out the ICV application template thoroughly, following the instructions provided by MOIAT to ensure compliance.
- Submit for Evaluation:
- The certifying body will assess your completed ICV template along with the supporting documentation to verify all information is accurate and complete.
- Approval by the ICV Committee:
- Once the evaluation is complete, the ICV committee under MOIAT will review your application and provide approval based on the certifying body’s findings.
- Supplier Review and Approval:
- The supplier will examine the unsigned ICV certificate sent by the certifying body and give their approval.
- Obtain Your ICV Certificate UAE:
- After receiving all necessary approvals, the certifying body will issue your ICV Certificate, which you can then present to any participating entities.
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Why Do Companies in UAE Need an ICV Certificate?
- Gain a Competitive Edge: An ICV certificate can enhance your chances by up to 40% in project bids. Companies with the certificate score higher, while those without it receive a “zero” score.
- Support Economic Development: The ICV program encourages the use of local suppliers, helping diversify the economy, create jobs, and boost economic activity.
- Improve Tender Opportunities: Holding an ICV certificate gives your company priority in government contracts, opening doors to major projects.
- Establish Credibility as a Trusted Supplier: An ICV certificate recognizes you as an approved supplier by MoIAT, increasing access to procurement opportunities beyond public tenders.
- Foster Collaboration: The program helps businesses connect with industry experts and international partners, creating new project and partnership opportunities.
Why Choose HLB HAMT Management Consultancy (HHMC)’s Certification Services?
- Authorized MOIAT ICV Auditor: We are officially approved by MOIAT to conduct ICV audits, providing reliable and compliant services.
- Experienced Certification Partner: We guide businesses through every step to obtain their ICV certificates smoothly and efficiently.
- Over 25 Years of Industry Experience: Our deep knowledge and experience ensure a comprehensive understanding of the ICV process.
- Team of Skilled ICV Auditors: Our experts deliver accurate results and dependable assessments.
- Assistance with ICV Plans: We help improve and optimize your ICV plans for better compliance and results.
- Compliance with IFRS Standards: We ensure your financial statements meet international standards, essential for compliance and credibility.
Ready to Simplify Your ICV Certification Process in UAE?
Contact HLB HAMT Management Consultancy (HHMC) today for expert guidance and personalized support tailored to your business needs!
Frequently Asked Questions
HLB HAMT Management Consultancy (HHMC) stands out with over 25 years of experience, a team of highly skilled ICV auditors, approved status by MOIAT, and a proven track record of assisting businesses in successfully obtaining their certification.
As an approved MOIAT ICV auditor, HLB HAMT Management Consultancy (HHMC) guarantees transparency through accurate evaluations and third-party verification of your ICV figures. We are committed to maintaining the highest standards of integrity and accuracy.
We make the process easier by guiding you through documentation, clarifying guidelines, ensuring precise scoring, facilitating communication, and providing ongoing support to help your business succeed.
While ICV certification is required for companies participating in government and semi-government procurement processes, it is not compulsory for all businesses. However, the ICV score is considered during tender evaluations.
The ICV certificate is valid for 14 months from the date the company's audited financial statements are issued. Companies can seek recertification within this period using the same financial statements, but the 14-month validity remains in effect.
Branches within the same emirate with similar activities can combine their ICV applications into one certificate. However, for branches located in different emirates, a separate ICV certificate must be obtained for each license.
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