Securing an ICV certificate in Sharjah signifies your company’s commitment to the local economy and opens up doors to numerous opportunities. Here’s a comprehensive guide to navigate the process:
What is ICV Certificate?
ICV certificates, or In-Country Value certificates, are official documents issued by governments or other authorized bodies to recognize and certify a company’s contribution to the local economy. They serve as valuable tools for promoting economic growth and development by encouraging companies to source goods and services locally, hire local employees, and invest in local communities.
In-Country Value (ICV) measures a company’s contribution to the local economy within the UAE. It considers various factors, including:
- Local Procurement: The percentage of goods and services sourced from local suppliers.
- Emiratization: The percentage of Emirati nationals employed by the company.
- Local Value Addition: The amount of value added to products and services through local production activities.
- Investments: The value of assets invested in the UAE.
Benefits of an ICV Certificate in Sharjah:
- Increased competitiveness: Companies with a high ICV score are given preference in government tenders and contracts.
- Access to government funding: Companies with a high ICV score may be eligible for government grants, subsidies, and other forms of financial assistance.
- Improved brand reputation: An ICV certificate demonstrates a company’s commitment to the UAE’s economic development and social responsibility, enhancing its brand image and reputation.
- Reduced risk of doing business: The ICV program encourages companies to establish a more substantial local presence, reducing the risk of government policies favoring companies with a higher ICV score.
Steps to obtain an ICV certificate in Sharjah:
- Choose an ICV certification firm: Sharjah offers several reputable firms specializing in ICV certification. Select one based on experience, expertise, services offered, cost, and reputation.
- Gather necessary documents: Prepare documents like trade license, financial statements, details of local procurement, Emirati workforce information, and evidence of local value addition.
- Apply online: Register on the ICV platform (https://idb.added.gov.ae/incentives/ADLC/how-to-apply) and submit the application form along with required documents.
- Undergo assessment: An accredited ICV certifying body will evaluate your company’s performance based on established criteria.
- Receive the ICV certificate: If your company meets the required standards, you will receive an ICV certificate with a specific score.
Importance of ICV certificate in Sharjah
In Sharjah, an ICV certificate, or In-Country Value certificate, holds significant importance for businesses operating within the emirate. It serves as a tangible testament to a company’s commitment to the local economy and opens doors to numerous benefits and opportunities. Here’s a closer look at why an ICV certificate is crucial for businesses in Sharjah:
Boosting Competitiveness:
- Government contracts and tenders in Sharjah often prioritize companies with a high ICV score. This gives businesses with an ICV certificate a significant competitive advantage.
- Increased competitiveness leads to greater access to valuable projects and contracts, fostering business growth and expansion.
Unlocking Funding Opportunities:
- Sharjah’s government and various institutions offer grants, subsidies, and other financial assistance programs specifically targeted towards companies with a high ICV score.
- This financial support can alleviate operational costs, fund expansion plans, and boost research and development initiatives.
Enhancing Brand Reputation:
- An ICV certificate demonstrates a company’s responsible and ethical business practices, contributing to its reputation as a committed stakeholder in Sharjah’s economic development.
- This positive brand image attracts customers, investors, and partners, further strengthening the company’s position in the market.
Promoting Emiratization and Local Development:
- By prioritizing local procurement, employing Emirati nationals, and investing in local communities, companies with a high ICV score contribute significantly to Sharjah’s economic growth and development.
- This fosters a sense of social responsibility and creates a more diversified and sustainable economy.
Reduced Risk of Doing Business:
- Sharjah’s government policies and regulations often favor companies with a high ICV score. This ensures greater stability and predictability for businesses in the long run.
- By demonstrating a strong local presence, companies can mitigate risks associated with changes in government policies or economic fluctuations.
Process for Renewing an ICV Certificate in Sharjah
To renew an ICV (In-Country Value) Certificate in Sharjah, UAE, companies must adhere to specific steps outlined by the certification bodies, which include meeting the renewal criteria and submitting required documents. This process involves:
Stage 1: Document Submission
During this degree, corporations will need to collect and submit the vital files as asked with the aid of the certification frame. These documents normally include updated financial statements, which have to be audited to ensure accuracy. Operational information can also be required, and might embody info on a agency’s group of workers, inclusive of the range of Emirati employees and any schooling programs in area. Additionally, expenditure information may be needed, such as info on local procurement spending and investments made within the UAE.
Stage 2: Assessment and ICV Score Calculation
The certifying body will then meticulously study all submitted files. They will assess the corporation’s ICV score based totally at the mounted criteria, thinking of the business enterprise’s contribution to the UAE’s financial system throughout numerous elements. This might also consist of elements such as employment of Emirati nationals, investment in nearby sources, and usage of UAE-primarily based offerings and goods.
Stage 3: Certificate Renewal Approval
Upon successful evaluation and affirmation that the organization meets the ICV program requirements, the certifying frame will furnish a renewed ICV certificates.
Stage 4: Certificate Validity Period
It’s vital to notice that an ICV certificate within the UAE generally holds validity for 14 months. This time frame is calculated from the date of filing audited economic files or the date new monetary statements are issued, whichever comes first.
Stage 5: Maintaining Compliance
Companies are obligated to uphold compliance with the ICV standards on an ongoing foundation in the course of the year. This guarantees their ICV rating remains first-class.
Stage 6: ICV Periodic Reports
In a few instances, certification our bodies may necessitate the submission of periodic reports from organizations. These reviews serve to affirm persevered compliance with ICV program necessities and help the certifying frame in keeping accurate data at the organisation’s ICV contribution.
Conclusion:
Obtaining an ICV certificate in Sharjah is an investment in a company’s future. It signifies a commitment to local economic growth, provides a competitive edge, and unlocks numerous opportunities for success. By actively contributing to the development of Sharjah, companies can secure their position in the market and achieve sustainable long-term growth.
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