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!

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Free zone companies can choose their financial year according to their needs. However, the financial year chosen must start from the date of registration and may not be less than 6 months and not more than 18 months.

Audit Services For Free Zone Companies In The UAE

It is mandatory for all companies registered in the Free Zones to carry out an annual audit and submit it to the relevant authorities. If they fail to submit the audit report, the registered company may be subject to a heavy fine.

To avoid fines and penalties, an audit must be carried out in the free zone. Al Hayat Accounting is one of the Top Audit Firms in Dubai. We are registered and approved in all major free zones in the UAE and provide annual reporting as required by the free zones.

Associations With Audit Firms In The UAE

As an approved free zone auditor in Dubai UAE, our team is experienced and qualified to audit in accordance with free zone regulations and compliance requirements.

Al Hayat Accounting is also associated with many other audit firms operating in various free zones across the UAE. We can provide all types of audit reports from any of your preferred free zones.

The internal audit ensures that the company is on the right track by improving risk management and adhering to international and local guidelines.

A good internal audit system is not only a great way to assess a company’s performance, but also provides better governance by improving the company’s governance, risk management and management control.

Internal auditors are the eyes and ears of management, make sure that with us you are neither deaf nor blind. As the best internal audit firm in Dubai, we understand how critical internal audit is for a company to ensure information security and regulatory compliance. We are regarded as an authority in all aspects of the accounting world and have now become a household name among business owners.

We are proud to be the trusted entity for a number of prestigious companies in Dubai and other emirates in the UAE. We incentivise our clients to increase sales.

Al Hayat Accounting Team

Our experienced team of internal auditors and one of the top Audit Firms in Sharjah Freezone bends over backwards to ensure that the assets of the companies being audited are protected and that firm-level risks are properly addressed. We work with all types of companies, whether it is family-owned businesses or public limited companies. In pursuit of excellence, our detail-oriented internal audit team performs many tasks, from reviewing financial statements, expense reports, inventories, financial data, budgeting and accounting practices, to creating risk assessments for each division. Detailed notes are taken, staff are interviewed, work schedules are monitored, physical assets are checked and financial statements are scrutinized to eliminate potentially damaging errors or misstatements and find ways to increase productivity.

Our experienced team takes a risk-based approach to assessing and mitigating the organization’s risks. In addition, we also help clients manage costs, increase business productivity and take performance to the next level.

Audit Benefits for The Business

• Helps maintain compliance and helps understand the business.
• Provides help in making decisions about the future of the business.
• Helps at tax time and during liquidation.
• Helps to detect any fraudulent activity or waste of resources in the company.
• Helps to preserve the company’s reputation.

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