A Pathway to Sustainable Business Success in the UAE

ICV: A Pathway to Sustainable Business Success in the UAE

The long-term objective of the actions that ICV is carrying out within the United Arab Emirates is to encourage the expansion of local businesses and the enhancement of job opportunities, both of which contribute to the expansion of the economy as a whole. Therefore, trustworthy ICV Consultants in the UAE should be hired by businesses in order to facilitate the process of obtaining ICV certification.  

ICV Certification Roadmap for Dubai-Based Companies

Embark on your journey to ICV certification by following this comprehensive roadmap tailored for companies in Dubai:

Step 1: Understand ICV and Its Significance

The first crucial step is to grasp the fundamentals of ICV and its role in the UAE’s economic landscape. Familiarize yourself with the In-Country Value (ICV) concept, its objectives, and the specific requirements for businesses operating in Dubai.

Step 2: Determine Eligibility and Gather Documentation

Assess whether your company meets the eligibility criteria for ICV certification. Gather the necessary documentation, including audited financial statements, supplier information, and details on your company’s localization efforts.

Step 3: Select an Authorized Certifying Body (ACB)

Choose an accredited ACB that is authorized to conduct ICV assessments and issue certifications in Dubai. Research and compare different ACBs based on their expertise, experience, and fee structures.

Step 4: Engage the ACB for ICV Assessment

Initiate contact with the selected ACB and schedule an ICV assessment. The ACB will review your documentation, conduct interviews, and evaluate your company’s ICV performance based on the defined criteria.

Step 5: Receive ICV Score and Certification

Upon completion of the assessment, the ACB will provide you with your ICV score and, if eligible, issue the ICV certificate. Your ICV score reflects your company’s contribution to the UAE economy in terms of localization, supplier development, technology transfer, and human capital development.

Step 6: Implement ICV Strategies for Continuous Improvement

View ICV certification as an ongoing process, not a one-time achievement. Continuously evaluate your company’s ICV performance and identify areas for improvement. Implement strategies to enhance your ICV score and maintain compliance with the ICV program.

Step 7: Leverage ICV Certification for Business Advantage

Utilize your ICV certification to enhance your company’s reputation, attract new clients, and gain access to government tenders and projects. Showcase your commitment to sustainable business practices and contribution to the UAE’s economic development.

The Process of Certification 

The standards that are special to ICV can vary from sector to industry and from government authorities to government authorities, depending on the circumstances. The standard procedure starts with an in-depth analysis of a company’s performance capacity in a variety of domains that are directly related to the expansion of the United Arab Emirates’ economy.

Pathways for The Evaluation 

The key performance indicators (KPIs) are what lead to the determination of ICV assessments. The net influence that a company has on the economy of the local community can be effectively measured using these points.

  • Local Sourcing, defined as the percentage of products and services sourced from suppliers inside the specified boundaries of the UAE, is one such criterion that might be included in an ICV.
  •  Workforce in the UAE: The total number of Emirati nationals who have worked for a certain company.
  •  Training and Research: The amount of money spent on customized skill development programs for Emirati employees and the approximate worth of investments in employee-centred training programs.
  •  The total amount spent on local infrastructure, industrialization, research, and innovation in the UAE, as measured in venture capital investments in local facilities.
  •  The extent to which one is involved in business-related activities that benefit the community demonstrates civic duty awareness.
  •  Technology transfer: concrete initiatives aimed at improving local communities through various social work programs.

Registration Procedures

 After passing evaluation procedures, ICV-focused companies usually supply detailed records of their operations. To make sure it’s accurate and transparent, this data is usually checked by an outside party. Certification as an ICV will be bestowed upon businesses that achieve or surpass the defined ICV standards.

A Plan for Long-Term Affordability

Obtaining ICV accreditation can greatly enhance a company’s contracting capabilities and open up more entrepreneurial opportunities in the UAE. Certified businesses are increasingly being given contracts by UAE government institutions and organizations. Companies with higher ICV scores have a better chance of winning contracts and other bidding opportunities.

Adherence to Government Principles

In line with its long-term growth plan, the UAE government has set the following objectives for ICV:

  • Diversifying the economy
  • Fostering an informed and globally sensitive corporate climate 
  • Building a reliable local supply network to reduce dependence on international vendors
  • Building a reliable and sturdy company network

Government funding and collaborations are advantageous for companies that make active contributions to these aims.

Reducing Potential Dangers

Targeting risk is another aspect of the government’s plan. By bringing their supply chains and workforces in-country, UAE companies can lessen their reliance on foreign labor markets that are vulnerable to geopolitical instability, disruptions in supply chains, and fluctuations in supply and demand.

Long-Term Collaborations

Partnerships with government agencies and relevant stakeholders are secured by companies who continuously execute according to ICV objectives. They blossom into collaborative projects and chances for company expansion in the long run.

Get the help of leading ICV consultants in the UAE

In addition to strengthening a company’s competitive edge, ICV promotes resilience, innovation, and long-term partnerships by harmonizing with the UAE’s economic goals. These factors are vital for the country’s corporate development in the long run. Hence, companies should hire trustworthy ICV Consultants in Dubai to help them get ICV certification easily. Therefore, get in touch with us right away, and we will be happy to help.

Add a Comment

Your email address will not be published. Required fields are marked *