A growing number of UAE-based companies across a variety of industries are aiming to get their hands on an ICV Certificate. Their dedication to In-Country Value (ICV), a government program in the United Arab Emirates aimed at increasing the country’s GDP through supporting domestic investment, procurement, and job creation, is demonstrated by this certificate.
Enumerate the components of an ICV certificate.
In the United Arab Emirates, the MoIAT (Ministry of Industry and Advanced Technology) issues certificates such as the ICV. As a measure of a company’s impact on the UAE economy, it verifies the ICV level the business has reached. Several criteria contribute to the ICV score, such as domestic value-added activities, employment of UAE nationals, local investment, and procurement from within the country.
Acquiring an ICV Certificate requires completing multiple steps:
Step 1
Signing up with the MoIAT: Registering with the UAE’s Ministry of Industry and Advanced Technology (MoIAT) is the initial step. In order to do this, one must register for an account on the MoIAT website and submit the required business data, such as financial statements, contact information, and paperwork for company registration.
Step 2
Self-Evaluation: Companies self-evaluate after registering to find out their ICV score. This entails assessing their economic contributions to the UAE using a range of standards, such as employment of UAE citizens, local investment, procurement, and value-added activities conducted there.
Step 3
Designating an Independent Examiner: To confirm the company’s assessment of itself and guarantee the veracity of the reported ICV score, an independent auditor is assigned. To support the self-assessment claims, the auditor looks over the company’s documentation, speaks with key personnel, and looks through pertinent documents.
Step 4
Issuance of Audit Report and ICV Certificate: After the audit is finished, the auditor sends the MoIAT an audit report. The organization receives an ICV Certificate from the MoIAT if the audit findings validate the self-assessment. After a successful reevaluation, the ICV Certificate can be renewed for an additional two years.
Benefits of Obtaining an ICV Certificate
- Increased Chances of Winning Government Tenders: Many government projects and initiatives in Dubai prioritize companies with ICV certification. This essentially acts as a stamp of approval, demonstrating your commitment to supporting the local economy. When bids are evaluated, companies with an ICV certificate often receive a significant advantage.
- Potential for Tax Breaks and Other Incentives: Government entities in Dubai may offer tax breaks, subsidies, or other financial incentives to companies with a strong ICV score. These incentives can translate to significant cost savings and improved profitability for your business.
- Demonstrates Commitment to the Local Economy: Holding an ICV certificate showcases your company’s dedication to building a strong local presence. This can be particularly attractive to potential clients and partners who value companies that contribute positively to the UAE’s economic development.
- Enhanced Credibility and Reputation: The ICV certification process involves a rigorous assessment. By achieving certification, you demonstrate your company’s adherence to best practices and commitment to ethical business conduct. This can significantly boost your overall credibility and reputation in the marketplace.
- Improved Access to Local Resources: An ICV certificate can open doors to new opportunities within the local supply chain. You may find it easier to connect with qualified local suppliers and talent, fostering stronger business relationships within the UAE.
- Long-Term Sustainability: The ICV program encourages businesses to invest in local resources and contribute to the development of the UAE’s workforce. This focus on long-term sustainability can benefit your company by creating a more stable and reliable operating environment.
Extra Things to Think About:
ICV Certificate Templates: Businesses are required to appropriately record their ICV-related activities and financial data on the ICV Certificate forms that the MoIAT has given.
Supporting Documentation: Businesses should keep thorough records of purchase orders, invoices, employment contracts, and other pertinent information to back up their self-assessment claims.
Time: the date of application, the ICV certification procedure normally takes between 30 and 45 days.
Fees: Upon submission of the application, the MoIAT will receive a charge that is related to the ICV certification process.
Getting an ICV Certificate in Dubai provides companies with a number of advantages, such as:
- Enhanced Tender Submissions: Businesses that hold an ICV Certificate have an edge over competitors when submitting tenders for government projects and contracts.
- Enhanced Credibility and Reputation: An ICV Certificate proves a company’s dedication to the UAE economy, which boosts its standing with the government, potential partners, and the business community at large.
- Access to Exclusive perks: The UAE government may provide companies with an ICV Certificate with special perks and incentives.
In-Country Value and the development of a varied and sustainable economy in the United Arab Emirates are greatly aided by ICV Certificate Dubai. The ICV initiative links companies with the national development objectives of the United Arab Emirates by promoting local hiring, investment, and procurement.
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