In Abu Dhabi, the In-Country Value (ICV) certificate is an essential certification for businesses that are involved in government contracts, notably those that are affiliated with the Abu Dhabi National Oil Company (ADNOC). With this certificate, a firm may demonstrate that it has made a contribution to the economy of the local area by performing local procurement, Emiratization, and value addition.
What is the ICV?
The overall economic value that a firm generates inside the United Arab Emirates is referred to as its ICV. This covers considerations such as:
- The percentage of purchased products and services that are obtained from local vendors is referred to as “local procurement.”
- The percentage of Emirati nationals who are employed by the firm is referred to as “émiratization.”
- The amount of value that is added to goods and services via the incorporation of local production activities is referred to as local value addition.
- The amount to which the corporation shares its knowledge and skills with local businesses and institutions is referred to as the knowledge transfer.
Importance of ICV certificate in Abu Dhabi
ICV is a program that receives a lot of attention from the government of Abu Dhabi. Companies who have a higher ICV score have a variety of benefits, including the following:
- Companies who have a high ICV score are given preference in government procurement, which provides them with a major competitive advantage. This results in increased competitiveness in government bids and contracts.
- Obtaining access to government financing and support: Businesses that have a high ICV score may be eligible for grants, subsidies, and other types of financial help from the government.
- Enhanced brand image and reputation: An ICV certificate reflects a company’s dedication to Abu Dhabi’s economic development and social responsibility, which in turn enhances the company’s brand image and reputation.
- The ICV program aims to establish a stable and predictable business environment in Abu Dhabi by lowering the risk of government policies favoring enterprises with a higher local presence. This is due to the fact that the program helps to create a stable and predictable business environment.
How to obtain an ICV certificate in Abu Dhabi?
Companies can obtain an ICV certificate by completing the following steps:
Apply online through the ICV platform:
The Abu Dhabi Department of Economic Development (ADDED) provides an online portal for ICV applications. Companies can register, fill out the required forms, and submit supporting documents electronically.
- Visit the ICV platform website: The website address for the ICV platform may vary depending on the specific emirate you are applying in. For example, in Abu Dhabi, the website address is https://idb.added.gov.ae/.
- Register for an account: If you are a new user, you will need to register for an account on the ICV platform website. This will typically involve providing your personal information and contact details.
- Complete the online application form: Once you have logged in to your account, you will need to complete the online application form for an ICV certificate. The application form will typically require you to provide information about your company, such as its legal name, trade name, and contact details. You will also need to upload supporting documents, such as your company’s trade license and financial statements.
- Submit your application: Once you have completed the online application form and uploaded all of the required documents, you will need to submit your application. You will then receive a confirmation email from the ICV platform.
- Wait for the assessment: Once the ICV platform has received your application, it will be assessed by an accredited ICV certifying body. This process can take several weeks.
- Receive your ICV certificate: If your application is successful, you will receive your ICV certificate by email. The certificate will include your company’s ICV score, which is a measure of your company’s contribution to the local economy.
Conclusion:
If the company meets the required standards, it will be awarded an ICV certificate with a specific score. The score will be valid for a specific period, after which the company must apply for recertification.
The acquisition of an ICV certificate has the potential to greatly improve the business prospects and achievements available to you in Abu Dhabi. Get started on the path that will lead you to obtaining your ICV certificate right now. It is important to keep in mind that this is an investment in the future of your company as well as an essential step towards achieving long-term success in the profitable Abu Dhabi market.
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