ICV Certification In The UAE
ICV certification, or Adnoc in Country Value certification, is one of many UAE government initiatives that has contributed significantly to the country’s economic growth. The UAE is known for its proactive efforts to continuously improve the region’s business environment. The ICV programme is a set of conditions that ADNOC-registered suppliers must meet in order to start or continue working with ADNOC. All existing and new suppliers are required to obtain an ICV certificate awarded by one of the ICV certification bodies. Once certified, various business opportunities are available to the supplier. The biggest impact of the ICV certificate is its role in tender evaluation. Suppliers holding this certificate will have an advantage in the selection process.
Importance Of The ICV Certificate
What is an ICV certificate? This certificate is awarded to ADNOC suppliers after they have passed a certain assessment. It is part of the unified ICV programme, which was introduced to stimulate the local supplier market. The assessment is carried out by authorised ADNOC ICV certification agencies. These bodies examine the supplier’s financial documentation to determine whether the supplier meets the conditions set.
The ADNOC ICV certificate was introduced to encourage ADNOC’s participation in the development of local suppliers. The certificate assesses how suppliers have contributed to improving domestic value. Their contribution is calculated in the form of an ICV score. The main purpose of the ADNOC ICV Certificate is to encourage suppliers to:
Focus on improving domestic value creation through their business practices.
invest in business development and skills
This certificate acts as an incentive for suppliers who actively seek to invest in development and sustainability. The ultimate goal of the ICV programme is to contribute to human capital development, technology adoption and GDP growth.
Once issued to a supplier, the certificate is valid for 18 months. During the validity period, when suppliers participate in ADNOC Group tenders, their ICV rating will be included in the evaluation of their tenders. Suppliers who are not certified may also participate. However, their ICV rating will be considered zero, thus putting them at a disadvantage.
This has also been introduced by entities other than ADNOC. However, each entity has its own implementation policy.
Sample ICV Certificate
An ICV certificate is, as its name suggests, a certificate. It is a certificate that a company has submitted its documents to one of the authorised ICV certification bodies in the UAE. The authority has examined the records and verified that the company has met the domestic value requirements in the previous financial year.
How Do I Get an ICV Certificate in The UAE?
Since the announcement of the ICV program, many business owners have been looking for information on “how to get ICV certified in the UAE?”. Fortunately, the ICV certification process is relatively straightforward.
We are the best Bookkeeping and Accounting Firms in Dubai rendering our services to Companies that require preparation of IFRS-based financial statements for their business. These accounts are audited by an auditor licensed by the Ministry of Economic Affairs. The financial statements must not be older than 2 years from the date of the request for certification. Companies whose financial statements are less than 10 months old and whose financial statements have not yet been audited may use their management accounts as an alternative. It should be borne in mind that if the management accounts documents are more than 9 months old, the company will need to be audited.
Once the documents are in order, you can complete the ICV submission template in accordance with the guidance provided by ADNOC.
Once you have completed the submission form correctly, appoint one of the ICV certification companies for the UAE verification and audit. The certification company should be selected from the ADNOC list of ICV certification agencies.
The certification body will analyze your records and calculate a score based on the criteria provided. You will then receive a certificate indicating your overall score.
Why Choose Us?
Al Hayat Accounting offers ADNOC ICV Certification Services in UAE and has been serving different business sectors in the ICV certification process. Our team of professionals helps suppliers, manufacturers, SMEs, large companies and entrepreneurs to participate in the national internal assessment program. Our goal is to ensure that you get the best ICV certification results and can compete with your competitors for federal contracts and tenders.
Let us know how our team can help you with the ICV certification process!