Posts in category: ICV Certificate

Introduction to the National In-Country Value Program (ICV).

The National In-Country Value Program (ICV) is a strategic effort that promotes economic growth and sustainability within a country. Updated standards, enacted in October 2023, have streamlined the ICV program’s implementation, increasing its effectiveness and adaptability.

A Smooth Journey through the ICV Platform

The official ICV Platform is easier to navigate, providing vendors with a more user-friendly experience.

The In-Country Value (ICV) Program: Updated Entities, Guidelines, and Evaluation Process

Governmental authorities and actively involved companies participate in the In-Country Value (ICV) program.

• Suppliers, defined as legal companies that get the ICV Certificate, are evaluated by Certifying Bodies—professional firms authorised by MoIAT for validation.
• Significantly, new standards require audited financial statements to comply with International Financial Reporting Standards (IFRS) and International Standards on Auditing (ISA).
• Furthermore, the ICV Certificate obtained through the official ICV Platform reflects the Supplier’s ICV score.

Revised ICV Platform Registration Procedure:

According to the modified 2023 rules, the ICV Platform Registration Process is as follows:

1. Visit the official ICV Platform at https://icv.moiat.gov.ae/.
2. Use your UAE Pass credentials to log in.
3. If the company doesn’t already have a profile, start the registration process by clicking the “Register Company” option.
4. Follow the prompts to complete the company registration procedure.

NAFIS Registration Requirement

The prior instructions did not include the NAFIS registration link, but the October 2023 guidelines do. Suppliers are now obliged to register as ‘Partners’ on the NAFIS platform at https://nafis.gov.ae. This registration is required for all private enterprises before obtaining the ICV (In-Country Value) Certificate.

Formula Enhancements for Product Manufacturers

In the amended criteria, goods manufacturers will face a more refined review. Beyond typical criteria such as Manufacturing Cost and Investment, the inclusion of an Advanced Technology and Sustainability Bonus demonstrates a commitment to innovation and environmentally responsible practices.

Enhancements to the ICV Formula for Service Providers

The guidelines for the ICV (In-Country Value) formula for service providers, which were implemented in 2023, include a Sustainability Bonus, whereas the previous guidelines only considered Third Party Spend Cost, Investment in UAE, Emiratization, Expatriate Contribution, and the Bonus criteria, which include Revenue from Outside UAE, Emirati Headcounts, and Investment Growth.

ICV Calculation Criteria for Third-Party Service Providers.

Third-party service providers must undergo rigorous review, which includes the implementation of a Farmer Score. The improved exclusions from total expenses demonstrate a nuanced approach that recognises and incentivises varied contributions.

Exclusions From Total Costs

• Certain charges are removed from the total costs used to calculate ICV.
• Management fees (amounts paid to board of director members)
• Sponsorship fees (payments made to the company’s sponsor in the UAE)
• Governmental fines, penalties, and taxes
• Charity donations/expenses for Corporate Social Responsibility
• The updated criteria include the following additions to exclusions:
• Loss from asset selling or foreign exchange
• Depreciation of excluded assets

These changes are intended to give a more complete and up-to-date approach to ICV calculations for third-party service providers.

Considerations for Donation in ICV Calculation (AED)

In the context of calculating In-Country Value (ICV), the guidelines currently indicate that only donations made to Sondoq Al Watan or the following Government Universities/Education Institutes are considered:

• UAE University
• Higher Colleges of Technology
• Zayed University
• Khalifa University
• Petroleum Institute
• New York University AD

According to the revised recommendations, these are the only entities for whom donations are considered in the ICV audit, indicating a more precise and specific approach than in prior guidelines.

Updated Guidelines include the introduction of advanced technology and the sustainability bonus for goods manufacturers.

The amended guidelines include a template for the Advanced Technology and Sustainability Bonus designed exclusively for Goods Manufacturers. This addition represents a greater emphasis on fostering and recognising technological developments and sustainable practices in the manufacturing industry.

Integrating Sustainability Criteria for Service Providers: A New Dimension in Updated Guidelines.

Sustainability is a notable addition to the most recent rules for service providers. This addition emphasises the relevance of sustainable practices in the service sector.

ICV Program: A Progressive Shift Towards Sustainability

The National In-Country Value Program (ICV) standards for 2023 reflect a progressive shift towards simplicity, clarity, and sustainability. The modifications, which range from shortened introductions to user-friendly platforms, aim to improve accessibility for participants. Notable modifications include a more refined evaluation method for goods makers, the implementation of sustainability bonuses, and the inclusion of advanced technology criteria. 

The integration of NAFIS registration and contribution considerations further tailors the ICV program, resulting in a more nuanced and comprehensive approach. As we examine these revisions, it becomes clear that the ICV program is more than just developing; it is embracing a future distinguished by innovation, environmentally sensitive practices, and a dedication to holistic economic development.

The UAE is regarded as one of the most promising business regions in the globe. Thanks to its well-developed infrastructure and the numerous measures done by the authorities to establish a business-friendly environment. The In-Country Value (ICV) programme is one such endeavour. ADNOC launched the ICV program in 2018 with the goal of localising the UAE’s supply chain and accelerating the Emirate’s GDP growth rate. The program’s ultimate purpose is to provide Emiratis with career and entrepreneurial possibilities while also strengthening the UAE economy.

Since its inception, the ICV program has evolved effectively. Its success has sparked interest in the program from a variety of other organisations.

What is ICV?

As the name implies, the In-Country Value program seeks to implement measures that will benefit the UAE’s local economy. The entire program is straightforward to understand; there are ICV registered businesses and companies that have implemented the ICV program. ADNOC was the first ICV-registered entity in the Emirates, and others are following suit.

Any firm or individual who wants to cooperate with an ICV entity and profit from the program must first obtain ICV certification. This certification can be achieved from any ICV certification body in the UAE. This certification is not required, therefore you can still conduct business with registered entities if you do not have one. However, holding the certification will provide you an advantage in the bidding process.

ICV registered organisations recognise the “ICV score” as an important consideration when awarding contracts. Each supplier’s ICV score is calculated using numerous elements. All of these aspects are related to commercial operations that increase in-country value.

Businesses with ICV certification gain a bonus in their ICV score by default. This offers them an advantage over those who do not have the certification. This strategy promotes additional firms to become ICV certified while not interrupting an already established procedure.

Currently Registered Entities

Since 2018, the ICV program has had a favourable impact on the Emirati economy. What began as an ADNOC project for economic and societal improvement has evolved into a program that is being adopted by a wide range of other entities. 

Currently, the following entities have registered for the ICV program:

• ADNOC
• ALDAR
• Department of Economic Development 
• Abu Dhabi Ports
• Mubadala Investment Co.
• ENEC

As more organisations use the program, efforts are being made to standardise the certification procedure. This will make it easy for businesses and entities to join the program. Recently, ENEC and Mubadala collaborated to standardise their ICV certification procedure.

Impact of ICV on the UAE Economy

The ICV program has helped the UAE cope with the effects of COVID-19. The program has accelerated job development, localised key components of the Emirate’s supply chains, and enhanced GDP. All of this has helped mitigate the effects of COVID-19, which has destroyed numerous economies.

Entities that have joined the program must also actively seek out cooperation opportunities. This will help to enhance job possibilities and the demand for locally based services and goods.

If we look at the figures, it is evident that the ICV program has had a good influence on the economy thus far. Since its commencement in January 2018, the program has helped return more than AED 44 billion ($12 billion) back into the Emirate’s economy through localisation. There has also been an increase in private-sector job opportunities. The ICV initiative has helped create around 1,500 jobs in the UAE’s private sector.

To date, ENEC has issued contracts to over 2,000 local enterprises. The cumulative value of these contracts is around AED 17.5 billion. ADNOC presently has 4,000 vendors from diverse industries certified through its ICV program. 

ADNOC also awarded two large contracts totalling roughly $245 million. While these contracts were not awarded to local firms, the ICV program will ensure that more than half of the total value of these contracts is ultimately returned to the UAE’s economy.

As more institutions accept the program and work towards standardisation, these figures will only increase.

Conclusion

Localisation generates jobs, promotes socio economic development, and boosts GDP. These are the primary objectives of the ICV program. Currently, we have a number of entities that have joined the program and are actively working to further its objective.

The initiative helps both registered organisations and ICV-certified suppliers. Most importantly, it benefits the UAE economy. Currently, the program has demonstrated promise by reinvesting a significant amount of money in the UAE’s economy. It will also help to reduce the impact of COVID-19 as the Emirates move towards localising their supply chains.

The certification procedure will become simpler in the near future as registered entities standardise their certification processes. This will inspire more businesses to get ICV-certified.

Are you looking for an ICV Certifying Body to Obtain an ICV Certificate? Let us help you in obtaining an ICV certificate and gain beneficial opportunities in government tenders & contracts. Reach out to our ICV Consultants Today!

ICV certification in the UAE is a one-of-a-kind program developed to efficiently rebuild the inner mechanisms of the UAE workforce, ranging from small businesses to multi-million dollar organisations. ICV certification’s impact includes labour market expansion, human capital augmentation, and a critical role in fostering Emiratisation. As a result, businesses must seek the experienced services of reputable ICV consultants in the UAE in order to successfully register for ICV certification in accordance with statutory standards.

Expanding the labour.

ICV focusses on optimising resource allocation for UAE-based businesses. Companies striving for ICV excellence must strengthen their local sourcing and manufacturing activities. Over time, this leads to an exponential demand for both skilled and unskilled labour across numerous sectors, resulting in tens of thousands of new job possibilities in the UAE.

Increasing Human Capital

As previously stated, ICV supports and rewards businesses who engage extensively in increasing the skills and knowledge base of their personnel. Through positive reinforcement tactics, ICV certification is essentially driving a skills revolution in the UAE business field. This has resulted in major expenditures in vocational training centres and institutions that provide specialised courses associated with the program’s criteria. ICV’s strategy gradually improves the human workforce, resulting in a highly competitive and adaptive workforce.

Encouraging Emirati Talent

Emiratization, a significant strategic goal for the UAE, is inextricably linked with essential features of ICV certification. Companies aiming for ICV compliance must prioritise the recruitment and development of Emirati talent. Finance, construction, energy, and even aerospace are seeing a significant increase in the number of Emirati experts and technicians. In addition, businesses are increasingly forming alliances with local educational institutions to easily integrate Emirati graduates into their workforce.

Vocational Education Growth: The initiative has resulted in increasing investment in vocational training centres and educational institutions that provide specialised courses that meet ICV requirements. This extension of vocational education assists job seekers by encouraging the development of industry-specific skills.

Higher wages and better working conditions

As competition for local talent heats up owing to ICV, firms are frequently forced to offer more competitive wages and better working conditions in order to attract and retain skilled employees. These benefits encourage local employees to perform quicker and better, resulting in a positive feedback loop for productivity and effectiveness.

Increased entrepreneurship

ICV has the potential to indirectly encourage entrepreneurship as a result of increased local procurement demand. UAE citizens may seize possibilities to start small and medium-sized companies (SMEs) to address the ever-increasing demands of ICV-certified firms.

Long-Term Job Security

ICV helps to greater long-term job security for the workforce by making the country much less vulnerable to swings in oil prices and global economic issues.

Focus on Employee Working Conditions.

With a larger workforce, businesses have a greater incentive to invest in health and safety measures, resulting in a safer and more secure workplace.

Global Competitiveness

A highly skilled and versatile workforce, which ICV fosters, boosts the UAE’s worldwide competitiveness. It draws foreign investment and strengthens the country’s reputation as a centre for innovation and industry leadership.

Advancements of career

ICV promotes firms to create well-defined professional development routes, thereby giving employees with options for advancement within their organisations.

Work-Life Balance.

The quest for further Emiratization can result in a more balanced work-life culture as businesses attempt to accommodate the requirements and expectations of local employees.

Export of marketable skills

With the progressive accumulation of marketable skills through ICV-driven programs, Emirati workers may find themselves increasingly in demand globally, potentially leading to prospects for foreign employment.

Diversifying Economic Algorithms

The UAE’s economic diversification goal is mainly reliant on ICV certification. As businesses widen their operational horizons to satisfy ICV requirements, the UAE’s economic landscape shifts. It is expanding into new sectors such as renewable energy, advanced manufacturing, and cutting-edge technology.

This economic algorithm is reducing the nation’s dependency on oil-related jobs while also promoting a more diversified and resilient job market. It essentially ensures that the UAE can respond to global economic trends with agility and flexibility.

ICV Consultants in the UAE.

To summarise, ICV certification is a vital instrument for altering the UAE’s workforce; it is constantly extending the labour market, improving human capital, and driving Emiratization. As a result, it is critical for businesses to seek the expert services of reputable ICV consultants in UAE to achieve ICV certification in accordance with statutory rules.

Importance of ICV Score in the Government Tendering Process

The In-Country Valuation  (ICV) score measures a company’s economic impact in the UAE. It is assessed by comparing a company’s spending on goods and services produced in the UAE to its investment in the country’s workforce and local manufacturing capabilities. The higher the ICV score, the more the company contributes to the UAE economy.

The ICV score is used as a standard to assess a company’s economic contribution to the UAE and to help the government achieve its economic development goals. Companies with better ICV scores may also receive preferential treatment in government procurement processes, giving them a competitive edge in the market.

To remain competitive in the tender process with companies that evaluate ICV scores, you must receive ICV certification as a supplier of products and services in the UAE and continue to improve your ICV score.

ICV Certificate and ICV Score

ICV accreditation is a formal endorsement by the UAE government of a company’s commitment to supporting the local economy. To be eligible for ICV certification, a company must achieve specific ICV targets based on its size and industry sector.

A company’s ICV score is determined by its compliance with these criteria; a high ICV score implies that the company is making a significant economic contribution to the UAE. Once a company attains the required ICV score, it can request for ICV certification, which is granted by a government-approved certification agency.

Impact of ICV Score in Government Tendering 

In the UAE, when bidding on a government contract, companies are frequently asked to present their ICV score as part of the tendering process.

Furthermore, some government tenders may have special ICV requirements that must be met before bidding. For example, a tender may specify that a specific percentage of the goods and services offered must be sourced from the UAE, or that a particular percentage of the workforce be composed of UAE citizens. Companies who meet these conditions and have a high ICV score may have a competitive advantage throughout the tendering process.

Note: Although participation in a tendering process is optional, if you do not have an ICV certificate, you will receive a 0% score on your ICV, which may reduce your chances of winning.

What is a good ICV score?

There is no particular threshold for what constitutes a “good” ICV score in the UAE; nonetheless, a higher ICV score generally suggests a better commitment to local economic development and contribution. The ICV score requirements are usually defined in procurement documents, contract agreements, or particular recommendations issued by relevant government bodies or contact authorities. Meeting the ICV Score criteria is sufficient for acquiring such commercial deals.

Steps for Improving Your ICV Score

Companies will examine both the ICV certificate and your ‘ICV Improvement Plan’ when determining your overall ICV score. As part of your development plan, you explain the steps you will do over a specific time period to improve your total ICV score. Here are some tips for improving your ICV score.

Local Sourcing: Get your goods and services from local sources. This includes obtaining raw materials, subcontracting, and providing any other goods and services required for your business operations. This displays your dedication to helping the local economy.

Hiring UAE Nationals: Recruit UAE nationals for your workforce. This includes hiring Emirati graduates and promoting the growth of local talent through training and mentoring initiatives. This displays your commitment to growing the local workforce.

Invest in the UAE: Invest in the local economy by expanding its manufacturing and service capabilities. This can be accomplished through joint ventures, partnerships, and other investment opportunities that benefit the local economy.

Community Engagement: Get involved in community projects and initiatives that encourage local economic growth. This includes sponsoring community activities, donating to local charity, and taking part in social and environmental efforts.

Technology Transfer: Bring technology and experience to the UAE. This includes sharing your expertise and talents with local firms, universities, and research institutes, as well as working with them to create new goods and services.

How can ICV Auditors help attain ICV Scores?

ICV Auditors play an important role in assisting organisations in the UAE to enhance their ICV score. They assess a company’s ICV strategy, identify gaps, assure regulatory compliance, monitor and report on performance over time, and offer training and development programs to improve internal ICV capabilities.

Partner With The Expert ICV Auditors in UAE And Stay Competitive

Our ICV Auditors, at AbstractICV, can provide valuable counsel, insights, and support to organisations seeking to enhance their ICV score through ICV Certification Services in UAE, allowing them to demonstrate their commitment to the UAE economy and align with the country’s economic development goals.

We can assist you to increase your ICV score and strategy by working directly with you to optimize your Emiratisation goal. Reach to our ICV consultants today!

MOIAT Reduces National ICV Certificate Fees For SMEs in Collaboration With Ministry Of Economy

The UAE’s Ministry of Industry and Advanced Technology (MOIAT), in collaboration with the Ministry of Economy (MOE), is enticing Small and Medium Enterprises (SMEs) registered under the National Program for SMEs to receive the National In-Country Value (ICV) Certificate for as little as AED 500.

 The price reductions boost the ministry’s flagship initiative, Make It in the Emirates (MIITE), which aims to increase the industrial sector’s contribution to the UAE GDP to AED 300 billion by 2031.

What are the Objectives of the ICV Program?

The UAE government’s “Make It in the Emirates” project promotes local product development and manufacturing. The Emirates Development Bank is driving this project from the front, having already committed an AED 30 billion fund to support 13,500 large firms and SMEs in the UAE.

The National ICV Program, which commenced in 2021, is a cornerstone of the UAE’s economic policy aiming at increasing the competitiveness of UAE-made products in regional and international markets.

 The ICV certification program was first presented by ADNOC in Abu Dhabi in 2018 and was then adopted by other government institutions in the UAE. The ICV certification is the UAE government’s acknowledgement of the company’s localisation of its production process through investment in the country’s localised personnel and manufacturing capacity, as shown in the ICV Scorecard.

The ICV score remains optional when bidding on federal government auctions and contracts. However, companies having ICV Certification receive significant precedence based on their ICV score.

ICV Score Calculation 

The ICV score is determined by assigning proportional weightage to four primary business spending components, including 

Manufacturing Cost and Third Party Spend, which account for 50% of the overall weight.

• Investment has a weightage of -25%.
• Emiratization carries a 15% weightage.
• Expat Contribution: 10% weightage.
• Furthermore, a 5% bonus weightage is assigned based on revenue generated outside the UAE, Emirati headcount, and investment growth.
• Finally, manufacturers who participate in the Industrial Technology Transformation Index (ITTI) will receive an additional 5% bonus weightage.

ICV For Small & Medium-sized Enterprises 

The UAE government’s initiative to promote Emirati entrepreneurship is likely to focus heavily on small and medium-sized firms. The Undersecretary of the Ministry of Economy emphasises the importance of small and medium-sized enterprises in creating a knowledge-based economy that aligns with the UAE Centennial Plan 2071 and the Principles of the 50.

The price discounted incentive is thus intended to encourage enterprises registered under The National Program for SMEs to participate in the ICV certification program, in accordance with the National Strategy’s objectives of promoting economic growth and sustainable development. 

The move supports MOIAT’s efforts to create an appealing business climate for both domestic and international investors, as well as to promote the growth and competitiveness of national industries.

How do I apply for ICV certification?

To join the ICV Program, entities must take a few easy steps:

• Submit audited financial accounts produced in accordance with the International Financial Reporting Standards (IFRS).
• Fill in the ICV template according to the recommendations.
• Contact one of the authorised certifying bodies for evaluation.
• Once the ICV certificate is received, the entity may submit it to one of the participating entities.

Who Can Provide ICV Certification?

The Ministry of Industry and Advanced Technology has issued a list of empanelled Certifying Bodies, who are authorised to perform a technical evaluation of company requests for In-Country Value (ICV) certification and issue certificates that meet the Ministry’s requirements.

Key Points to Consider:

• The time required to process the application will vary depending on the company’s size, number of employees, and preparedness to supply the necessary documentation to the certification companies. 

• On average, the application processing may take one month. The ICV certificate is valid for 14 months from the date of release of the Audited Financial Statements. 

• The entity may recertify throughout the validity of the ICV certificate using the same audited financial statements; nevertheless, the certificate will remain valid for 14 months from the date of issue of the original certificate.

• ICV accreditation is optional for those wishing to participate in federal government bids. If the provider fails to deliver an ICV certificate, the ICV score will be set to zero.

How We Help With ICV Certification:

To summarise, the reduction in the ICV certification price is a significant step towards the UAE’s commitment to supporting the growth of SMEs. The government empowers SMEs to compete on a bigger scale by simplifying and financially accessible certification processes. This effort not only strengthens SMEs’ contributions to the national economy, but it also demonstrates the UAE’s commitment to supporting innovation, economic variety, and sustainable development. With SMEs at the forefront of this economic transition, the future appears bright for both firms and the country as a whole.

AbstractICV provides complete advice to its clients seeking ICV certificate in Dubai for SMEs. 

Our services encompass legal and financial due diligence to ensure compliance with all applicable regulations. 

We take a proactive approach, assisting with the draughting of critical papers and liaising with government officials and certified bodies on our clients’ behalf. 

AbstractICV is ready to assist SMEs in navigating this disruptive opportunity, thereby contributing to their success and the broader economic prosperity of the UAE.

ICV Certificate In Abu Dhabi, UAE

In-Country Value Certification in Abu Dhabi (ICV) is a government-managed program designed by that redirects large amounts of public spending to the UAE economy. It improves economic performance and benefits local industries. Although ICV certification is not mandatory, more organisations apply for it because it gives them an advantage when conducting tender assessments. Obtaining an ICV certificate in Abu Dhabi necessitates prompt adherence to all guidelines. The ICV-certifying organisation is solely responsible for providing the certificate. In this blog, let us explore everything regarding ICV certification in Abu Dhabi and the process of how to achieve it.

What is an ICV certificate in Abu Dhabi, UAE? 

Abu Dhabi National Oil Company (ADNOC) launched the ICV Certification Program in the UAE. The ICV program is now overseen and managed by the Ministry of Industry and Advanced Technology (MOIAT). The strategy focuses on analysing the contribution of goods and services generated by firms in the UAE, which might include local investment and employment in industries such as oil and gas.

The ICV Certificate contains all the information about the in-country value of a business operating in the UAE. The MOIAT National ICV program established ICV Certification with the following goals:

GDP Growth

Offering GDP growth by sourcing more products and services domestically, hence encouraging foreign direct investment in Abu Dhabi and increasing GDP contributions from SMEs and the private sector.

Human Capital Development

Improving Emiratis’ access to private-sector work opportunities and strengthening local labour force competencies.

Technology Adoption

It entails increasing R&D (Research and Development) spending, improving national industry competitiveness, and promoting technology innovation and application.

Which Businesses Should Obtain ICV Certification?

The ICV certificate in Abu Dhabi, UAE has been a valuable certification for organisations in the UAE, spanning industries such as oil and gas, ICT, construction, and healthcare. All ADNOC contractors and suppliers, including its subsidiaries, must hold an ICV certificate. This comprises enterprises that provide ADNOC with goods and services, such as engineering firms, drilling contractors, and logistical providers.

The ICV certification program in Abu Dhabi is also excellent for organisations in other sectors looking to do business with the UAE government. For example, businesses who compete on government contracts in industries such as transportation, construction, and healthcare may be required to obtain ICV certification. To acquire ICV certification, providers must collaborate with their associated vendors. You can simply obtain an ICV certificate in Abu Dhabi by contacting a MOIAT-approved ICV certifying authority.

Benefits of ICV Certification in the UAE.

There are certain elements that are considered when obtaining ICV certification in Abu Dhabi. These include Emirati employment, finance from expatriates, revenue generated (outside the UAE), increased investment, and so on. As a result of the program, a new business line has emerged that will be supplied from the UAE. Here are some of the benefits of ICV for businesses:

• ICV certification increases private sector participation, diversifies the GDP, and localises key supply chain components.
• ICV certification also helps people who operate small or medium-sized enterprises expand and enhance their operations because supply chains may be easily localised.
• ICV certification holders can take advantage of the contracts they receive from the federal government and partner companies.
• MOIAT encourages local manufacturing units to bid directly on specialised procurement tenders. This enhances suppliers’ ICV scores while also benefiting the national economy.

Eligibility to obtain an ICV certificate in Abu Dhabi, UAE

Companies must meet specific eligibility requirements to obtain an ICV certificate in Abu Dhabi, UAE. Let’s look at some factors to consider when determining whether you’re eligible for an ICV certificate.

• If you want to become ICV certified, your firm must be registered with the government and have a current licence.
• Furthermore, they must be present in the UAE and provide either a service or product.
• In addition to the general qualifications, organisations should meet the specific ICV standards for their industry segment.
• The ICV program rules for each industry area specify the benchmarks that businesses must meet in order to be certified. For example, the ICV program takes into account a variety of factors, including the amount of local content in their products and services, the level of personnel, area infrastructure, and amenities.
• To get ICV certification, businesses must first undergo an independent audit conducted by the relevant ICV certification agency. The certification organisation evaluates the company’s performance and grants accreditation based on the ICV score while keeping the previously established ICV parameters in mind.
• ICV certification obligations are designed to ensure that certified firms contribute to the growth and enhancement of the local economy.

Should you get an ICV certificate?

Complicated data requirements raise worries about obtaining an ICV certificate. Earning this certification is not required, but it offers substantial benefits, particularly for firms that focus on engaging in security contracts and government bids.

• Obtaining an ICV certificate allows you to raise your company’s profile and gain an advantage in the procurement process. It teaches potential clients about your responsibilities to give the most to the UAE’s economic environment, demonstrating your commitment to economic diversification and local content enhancement.

• For businesses that meet the ICV program’s standards, ICV accreditation is the optimum strategic step. It not only increases your chances of landing public-sector projects, but it also aligns your business practices with the UAE’s objective of ensuring long-term economic development.

• If your organisation is prepared to meet the certification standards, obtaining an ICV certificate in the UAE is a step towards exploring new opportunities and defining your investment in the country’s future.

Steps to  Get An ICV Certificate in Abu Dhabi, UAE?

To obtain an ICV certification in Abu Dhabi, UAE, the company needs contact and obtain quotes from the appropriate certifying agencies. It should select a certifying body and award it based on the quotations received, followed by signing an engagement letter.

Businesses may need to adapt their operations to meet the ICV standards. This could include expanding local investments, hiring/training more UAE nationals, purchasing more goods/services from local suppliers, and so on. Now, let’s go over the ICV certification process:

Release the audited financial records.

Obtaining ICV accreditation in the UAE requires the release of audited financial statements. Companies fewer than ten months old should use management accounts to generate financial reporting in accordance with the Financial Reporting Standards (IFRS). IFRS provides globally recognised terminology for financial reporting. IFRS increases the company’s transparency, makes processes more trustworthy, and boosts stakeholders’ credibility.

Fill Out ICV Certification

A company’s ICV score is defined using the standard form, often known as the ICV template. It collects data on various areas of a business’s operation, such as local sourcing, Emirati employment, investment in community amenities, and many other factors that contribute to the local economy’s performance. When completing the ICV template, firms should strictly adhere to the ICV program instructions.

Evaluation of the ICV Template

The next step is to approach the appropriate certifying agencies to review ICV templates. The authorised certifying authority are independent businesses that have received approval from the ICV program to review and certify businesses for ICV compliance standards. The certifying organisations have the resources and knowledge needed to evaluate the ICV template and other required materials provided by the business. After evaluating the information provided, the certifying authority conducts an on-site audit to validate it.

Receiving an ICV Certificate

In this final phase, the certifying authority will issue the certificate after conducting a comprehensive review of the ICV template and supporting documents to ensure that the business meets the program’s standards.

What is the validity of an ICV certificate in Abu Dhabi, UAE?

ICV certification in Abu Dhabi, UAE is normally valid for 14 months from the date the audited financial statements are issued. Businesses must focus on renewing their ICV certification after one year to continue to benefit from its benefits.

Companies should first submit their amended financial papers. They should complete the new ICV template throughout the renewal process to ensure that it adheres to the program’s criteria and rules. The certifying authority will next review the updated data and, if the business continues to meet the ICV program’s requirements, will issue a renewed ICV certificate. Companies must remain compliant with the ICV criteria throughout the year to ensure that ICV scores meet renewal requirements.

Key Considerations for Obtaining ICV Certification in the UAE.

If you have decided to obtain ICV certification in Abu Dhabi, the following tips can help make the process more convenient and hassle-free.

IFRS Financials

The financial statements to be presented for ICV should be in accordance with International Financial Reporting Standards (IFRS), which is the obligatory standard in Abu Dhabi.

Branches Eligible for ICV Certification

A combined ICV certificate can be awarded to a supplier having many branches in the same Emirates that have the same operations and ownership specified on their licenses.

Owner Salary Credits:

If the owner is enrolled with the WPS (Wage Protection System), their income will be added. It will be limited to AED 2,000,000 (excluding bonuses) per month per owner.

Internal Expenses.

Except for depreciation expenses, the supplier’s internal costs will not be factored into the computations.

Employee Headcount

It indicates how many employees are accounted for each year.

Credit to Mainland Suppliers

When considering a supplier from the mainland, they can receive a 10% bonus in the ICV score, particularly for a trade licence. When considering an industrial licence, this would be a 50% incentive.

Payments to Government Authorities

The supplier’s payments to the free zone authorities and licensed organisations will be valued at 100% ICV.

Credit for Lease or Rental Payments

For payments involving direct contracts with landlords, the company can get an 80% incentive in the ICV Score for Lease/Rental Payment.

Credit for Utility Expenses

Payments to utilities can gain 80% credit if they are purchased directly by the company and the invoice shows the company as the consumer.

Conclusion

ICV certification in Abu Dhabi, UAE has developed since its inception and continues to grow. The finest ICV auditors collaborate closely with their clients to ensure that their compliance with the ICV criteria is accurately measured and reflected in their ICV score.

AbstractICV is a reputable ICV Consultant in Abu Dhabi, UAE, that provides a broad variety of compliance and financial services to businesses of all sizes. As a recognised ICV certifying body, we provide the best ICV certification services to businesses operating in the UAE. Clients who work with us may expect a guaranteed ICV audit procedure that meets MOIAT requirements.

The UAE government launched the In-Country Value (ICV) program as a strategic endeavour to boost the country’s economy by encouraging firms to contribute to local growth. The ICV certificate is an important tool for enterprises looking to connect with the UAE’s economic goal and open up new prospects in government and semi-government initiatives.

In this article, we’ll look at the significance of the ICV certificate, its benefits, and how it helps businesses succeed in the UAE’s competitive market.

What Is The ICV Certificate?

ICV Certificate is an official document issued by ADNOC approved ICV Certifying body, that certifies the in-country value contribution of a company operating  in the UAE. 

The ICV accreditation assesses a company’s contribution to the UAE economy using certain criteria, which include:

• Local Procurement
• Emiratisation (Hiring UAE nationals)
• Investing in Local Industries
• Export Performance

This certification is required for enterprises who want to compete in bids with government and semi-government entities including ADNOC, Etisalat, and Mubadala.

What is the importance of an ICV Certificate in UAE?

1. Increases Competitiveness in Tenders

The ICV score is an important consideration for awarding contracts. Businesses with better ICV scores receive favour in government and semi-government procurement processes, giving the certificate a competitive edge.

2. Shows Commitment to Local Growth

An ICV accreditation demonstrates a company’s commitment to assisting the UAE’s economic diversification and environmental objectives. This commitment helps the company’s reputation and credibility in the local market.

3. Gain Access to Lucrative Opportunities

Businesses that hold an ICV accreditation can bid on high-value projects with the government and semi-government bodies. This creates huge revenue-generating opportunities.

4. Encourages Sustainable Practices

The ICV initiative encourages businesses to embrace sustainable practices, such as hiring Emirati workers and sourcing materials locally, thus promoting long-term economic stability.

5. Supports National Objectives

The UAE government’s objective includes economic diversification, employment development for UAE citizens, and support for local industries. The ICV program directly supports these objectives, making it a key component of the nation’s development plan.

Who Benefits From the ICV Certificate?

1. Government and Semi-governmental Entities

These organisations use the ICV program to ensure their expenditure benefits the UAE economy.

2. Businesses Seeking Contracts

Companies in industries such as oil and gas, construction, manufacturing, and IT benefit greatly from having an ICV accreditation.

3. The UAE Economy

The initiative supports local industries, creates jobs, and lowers dependency on imported goods, all of which contribute to the nation’s overall economic growth.

How Does the ICV Certificate Affect Businesses?

1. Encourages local procurement

Companies are encouraged to source products and services from local suppliers, thereby benefiting the local economy.

2. Promotes Emiratization

Hiring UAE citizens improves a company’s ICV score, which aligns with the government’s goal of expanding opportunities for Emiratis.

3. Encourages Investment in Local Industries

Businesses are encouraged to invest in local manufacturing and services, which helps the UAE’s industrial growth.

4. Promotes Transparency and Accountability

The certification process compels organisations to keep accurate and transparent financial records, thereby encouraging good governance.

How to Get an ICV Certificate?

To get an ICV certificate, organisations must:

• Prepare audited financial statements
• Ensure compliance with UAE regulations
• Engage with an Approved Certifying Body
• Submit financial information to an authorised body for review
• Identify avenues for improving your ICV score, such as expanding local procurement or Emiratisation activities

How AbstractICV Can Support Your ICV Journey

AbstractICV specialises in helping firms navigate the ICV certification procedure. 

Our services involve 

• Preparing financial data for examination.
• Issuance of ICV Certification
• Identifying techniques for increasing your ICV score.
• Ensuring compliance with UAE regulations.

Our team of professionals assures a smooth certification procedure, allowing you to realise the full potential of the ICV program.

Conclusion

The ICV certificate is more than just a compliance requirement; it is a strategic instrument that allows firms to acquire a competitive advantage, contribute to the UAE’s economic progress, and access lucrative prospects. Companies that participate in the ICV program not only increase their market presence, but also contribute significantly to the nation’s vision of a sustainable and diverse economy.

Ready to get your ICV certificate? Contact AbstractICV today to find out how we can help you achieve ICV and prosper in the UAE’s thriving business environment.

Who Needs an ICV Certificate in the UAE?

The In-Country Value (ICV) program, initiated by the UAE government, has become a cornerstone for businesses aiming to align with the nation’s economic development goals. An ICV certificate is not just a document but a key requirement for companies looking to enhance their competitiveness in government and semi-government contracts.

In this blog, we’ll explore who needs an ICV certificate, its importance, and how businesses can benefit from obtaining it.

What Is the ICV Certificate?

The ICV certificate is a formal document issued by certifying bodies authorized by the UAE Ministry of Industry and Advanced Technology (MoIAT). It evaluates a company’s contribution to the local economy based on parameters such as local procurement, Emiratisation, investments, and export activities.

The program incentivizes companies to prioritize local suppliers, hire Emirati talent, and invest in the UAE’s economy, fostering sustainable growth.

Who Needs an ICV Certificate?

The ICV certificate is essential for businesses that:

1. Supply Goods or Services to Government Entities

Companies bidding for contracts with government bodies like ADNOC, Etisalat, and Mubadala are required to present a valid ICV certificate. These entities prioritize businesses with higher ICV scores, making the certificate a competitive advantage.

2. Work with Semi-Government and Large Corporations

Many semi-government organizations and large private corporations in the UAE have adopted the ICV program to evaluate suppliers. If your business provides goods or services to such entities, obtaining an ICV certificate is crucial.

3. Aim to Participate in Tenders

Businesses looking to participate in tenders floated by government or semi-government organizations must have a valid ICV certificate. It serves as a critical evaluation factor in awarding contracts.

4. Align with UAE Economic Goals

Companies committed to supporting the UAE’s vision for economic diversification and sustainable growth benefit from obtaining an ICV certificate. It demonstrates alignment with national priorities and boosts business credibility.

Industries That Commonly Require an ICV Certificate

While the ICV program applies to all sectors, certain industries are more likely to require the certificate due to their close ties with government projects:

1. Oil and Gas

Companies supplying goods or services to ADNOC or other energy sector entities need an ICV certificate to qualify for contracts.

2. Construction and Infrastructure

Firms involved in large-scale construction or infrastructure projects with government backing must present an ICV certificate.

3. Manufacturing

Manufacturers supplying locally produced goods to government or semi-government entities benefit significantly from the ICV program.

4. IT and Telecommunications

Suppliers to entities like Etisalat and DU are often required to have an ICV certificate to demonstrate their local contributions.

Why Is the ICV Certificate Important?

1. Competitive Edge in Tenders

Businesses with higher ICV scores have a better chance of securing contracts, as government entities prioritize local contributions.

2. Enhanced Credibility

An ICV certificate showcases a company’s commitment to the UAE’s economic growth, boosting its reputation among clients and stakeholders.

3. Access to Lucrative Opportunities

With an ICV certificate, businesses can access a wider range of tenders and projects, increasing revenue potential.

4. Support for National Goals

By aligning with the ICV program, businesses contribute to the UAE’s objectives of economic diversification, Emiratisation, and local industrial growth.

How to Obtain an ICV Certificate

To obtain an ICV certificate, businesses must follow these steps:

1. Prepare Audited Financial Statements

Ensure your financial statements for the most recent fiscal year are audited and compliant with UAE regulations.

2. Engage With an Approved Certifying Body

Submit your financial data to a certifying body authorized by MoIAT for ICV score calculation.

3. Receive the Certificate

Once verified, the certifying body issues the ICV certificate, valid for 14 months.

Who Doesn’t Need an ICV Certificate?

While the ICV program is beneficial for many businesses, not all companies require certification. For instance:

• Small Businesses: Companies not engaged in government or semi-government contracts may not need an ICV certificate.
• Businesses Without Local Operations: Firms that do not contribute significantly to the UAE economy might not benefit from obtaining the certificate.

How AbstractICV Can Help

At AbstractICV, we specialize in helping businesses navigate the ICV certification process. Our team of experts ensures that your financial data is accurately prepared, maximizing your ICV score and enhancing your eligibility for contracts.

Our Services Include:

• Assistance with financial audits
• Guidance on improving ICV parameters
• Streamlined certification and renewal processes

Conclusion

An ICV certificate is essential for businesses aiming to thrive in the UAE’s competitive market, particularly those working with government and semi-government entities. By understanding who needs an ICV certificate and its importance, companies can align with the UAE’s economic goals and unlock new opportunities for growth.

Ready to obtain your ICV certificate? Contact AbstractICV today for expert assistance!

Get Your ICV Certificate In 2025 from a Renowned ICV Certifying Body in UAE (ADNOC Approved)

Are you looking to boost your business opportunities in UAE, support local economic growth, increase your chances in government contracts and tenders and gain competitive advantage in the UAE business landscape? You will probably need an ICV Certificate for your company. 

Whether you are a budding entrepreneur or established enterprise in the UAE, achieving ICV certification showcases your commitment to Emiratization and boost national economic growth. The ICV certification is considered as the badge of trust for businesses operating in the UAE and aimed to boost national economic growth. 

Get Your ICV Certificate from a renowned ICV Certification Body in UAE. Let us help you understand the key aspects of ICV Certification and find some of the renowned ICV Certification Services Providers in UAE. 

The In-Country Valuation Program

The In-Country Valuation (ICV) Program has been introduced in the Middle East and this initiative was taken by the Abu Dhabi National Oil Company, also called ADNOC, the national oil corporation to foster the growth of the local economy as well as diversify the economy. In 2021, the UAE introduced In-country valuation as part of the “Projects of the 50”, under the oversight of the Ministry of Industry and Advanced Technology (MoIAT). 

ICV Certification in UAE

The main objective of the ICV program is to redirect larger parts of procurement expenditures of local industries to the national economy and boost the economic performance of the country. Manufacturing of local goods and services, local investments, and hiring and development of Emiratis will be considered for ICV certification and scores. Simply put, the ICV considers your contribution to the national economy.

What are the objectives of the ICV program?

• Supply Chain Localization 
• Boost Foreign Investments
• Economic Diversification
• Increasing Exports
• Create Private Sector Job Opportunities 
• Promote GDP Growth
• Increase Private Sector’s Involvement in National GDP Growth

Who needs ICV Certification?

The national ICV program includes some of the government and semi-government entities called as participating entities who are official partners of the program. 

Some of the participating entities are Abu Dhabi National Oil Corporation (ADNOC), Abu Dhabi Department of Economic Development (ADDED), Aldar Properties, Mubadala, Etisalat, Edge, Etihad Rails, Emirates Nuclear Energy Corporation (ENEC), Sharjah Investment and Development Authority (Shurooq), and Emirates Global Aluminium. Any company that needs to apply for tenders and contracts of these participating institutions or other government contracts are required to obtain ICV Certification.  

The ICV Certification is highly required for companies that wish to participate in local tender and contracts and do business with the UAE government. 

The following are the organisations that should obtain ICV certification:

Tier 1 & 2 Suppliers & Contractors: The tier 1 suppliers who provide goods and services to participating institutions in the National ICV Program should obtain ICV certification and disclose their ICV score which is required for tender calculations. The tier 2 and Below Supplier who needs to bid against the tier 1 supplies also need to provide their ICV certification. 

ADNOC Suppliers and Contractors: Any suppliers or contractors such as logistics providers, manufacturers, engineering firms etc that provide goods and services to the ADNOC are required to obtain an ICV Certification. 

Companies Seeking Government Contracts: Any organization including technology, healthcare, and transportation etc, that wish to work directly with the UAE government must obtain ICV certification.  

By obtaining an ICV certification, the suppliers and vendors gain a competitive advantage in the tendering process. 

What is the eligibility to obtain ICV certification in UAE?

Here we have listed some of the basic requirements for any organization to obtain an ICV certification.

Companies must meet the following the eligibility criteria to obtain an ICV certification:

• Businesses should be registered with the government agency and have a trade license. 
• There must be a physical office in the UAE and provide products or services.
• Organisations must satisfy the ICV requirements based on their industry sector.
• Depending on the industry sector, In-Country Valuation provided guidelines explaining the standards that should be followed b companies in order to obtain ICV certification.

For instance, the ICV program considers the degree of local components in products and services provided, local investments and degree of employment of Emiratis in oil and gas industry and many other factors. 

• For obtaining ICV Certification, it is mandatory for companies to go through audit conducted by an ICV Certifying Body. According to the ICV requirements of the specific industry, the ICV certification provider will evaluate the performance of company and provide accreditation depending on the ICV score. 

The ICV obligations are set out to verify that the businesses that apply for certification are committed to the development of the UAE and to the national economy. 

How to get an ICV Certificate in UAE?

Here is the general procedure for companies to do for obtaining an ICV Certification in UAE:

Step 1: Understanding The Eligibility Criteria

Businesses must be aware of the eligibility criteria and requirements such as to apply for ICV Certification.

Step 2: Select Authorized ICV Certifying Body

To begin with, you need to select a certification body approved by the MoIAT (Ministry of Industry and Advanced Technology). The certifying body will perform an audit to evaluate your financial statements, records, local procurement, employment details, and other factors that contribute to determine your ICV score.

Step 3: Document Submission

To obtain ICV Certification, you need to prepare and submit relevant documentation such as audited financial statements, records on local suppliers, local employment documents, company’s employee training programs, local investments, CSR (Corporate Social Responsibility) initiatives within the UAE. 

Step 4: ICV Score Evaluation & Receive ICV Certificate

Companies should submit all the required documents along with the ICV Certification application to the ICV Certifying bodies. The certifying body will calculate the ICV score based on the available data and evaluate the application.

Step 5: Renewal & Annual Updates

The ICV certification needs to be renewed annually to update the ICV score and keep the certificate valid. By updating your ICV score regularly, you will improve your position in the market. You can increase the ICV score by improving local investments, increasing relationships with local suppliers and local hiring. 

What is the role of the ADNOC ICV Certifying Body or ICV Certification Provider in UAE?

The ICV certifying Body also known as ICV Certification Provider, plays a crucial role in helping businesses in obtaining and managing the ICV certification. 

Here’s how the ICV certifying Body can help you:

ICV Assessments & Certification: 

The ICV certifying body will evaluate and certify companies based on their compliance with ICV requirements which involves numerous factors such as the degree to which local content is utilized for goods and services, Emiratization, investments in local vendors and suppliers and other national economic contributions.  

Boost Local Economic Growth & Diversifications 

By certifying companies that contribute to national development and economic diversification in UAE, the ICV certifying bodies play a vital role in encouraging businesses to make local investments. 

Enhance Local or Government Procurement 

To gain a competitive advantage in government contracts, tenders and procurement opportunities in the UAE, ICV certification is a must. The ICV certifying body makes it possible by providing an independent assessment of ICV performance of businesses. Thus, helping government organizations to make better decisions in selecting suppliers and vendors. 

Importance And Benefits of Obtaining an ICV Certification:

Let us explain the importance of ICV certificate and how it will remarkably benefit your company:

Access to Government Contracts and Tenders

One of the significant benefits of obtaining an ICV certification is that businesses gain an edge in the government contracts and tenders. As most of the government entities and big companies, especially high-value industries such as oil and gas, have a preference working with suppliers that hold an ICV certificate. 

Increased Competitiveness in the Market

Many organisations and government entities choose to sanction contracts and tenders to companies with high ICV scores. Businesses are more likely to miss out on major opportunities without the ICV certification. 

Financial Benefits

By holding an ICV certificate, you will have the opportunity to receive tax credits and incentives that reduce your business costs and increase your income. 

Increased Trust and Credibility

The ICV certification shows the company’s commitment to UAE economy, compliance with local standards, improving trust with customers, partners and 

Compliance and Recognition

A business with ICV certification will comply with the UAE regulations and guidelines, which is a mandatory requirement for companies that wish to bid on major projects as it gives them recognition and credibility in the market. 

But… How do you get an ICV Certification?

Get the Game-Changing ICV Certificate from one of the best ICV Certification Providers in UAE

Some of the renowned ICV Certification Providers in UAE in 2025

Here we have listed some of the renowned ICV certifying Bodies approved by ADNOC 

1. Abstract Accounting and Auditing

Abstract Accounting & Auditing is a professional services firm based in the UAE that offers auditing, accounting, taxation, and ICV certification services to businesses of all sizes. As an ADNOC approved ICV Certifying Body, they provide the expert ICV Certification services to companies in the UAE.  

With a team of qualified professionals, Abstract Accounting & Auditing is committed to provide exceptional services that help businesses increase operational efficiency, achieve compliance with regulations, and improve overall financial performance.

Abstract Accounting & Auditing ICV certifying body, authorized by the MoIAT (Ministry of Industry and Advanced Technology) in the UAE, issuing ICV certificates to numerous companies.

They provide services including ICV Certification, auditing, accounting, bookkeeping, taxation services including corporate tax services in UAE, etc to help businesses manage their finances effectively. With in-depth industry expertise and extensive skill set, they help businesses ensure compliance, make informed decisions and stay competitive.

Thus, Abstract Accounting & Auditing has been working with various clients across different sectors as a reliable and trustworthy partner for businesses in the UAE, offering expert guidance and assistance to help them navigate the complexities of financial management processes such as accounting, auditing, taxation, ICV certification and regulatory compliance. They are committed to standards of financial excellence and help clients thrive in the competitive market.

2. KPMG Lower Gulf Limited

KPMG Lower Gulf Limited is one of the top global audit, tax and advisory services firms catering to a wide range of international clients (public and private sector) across all major divisions of business and the economy in the UAE, for over 50 years. 

KPMG Lower Gulf is part of KPMG International Cooperative’s global network of professional member firms. These firms are operating across143 countries, with more than 270,000 partners and employees. KPMG Lower Gulf was established in 1973 in the UAE, functioning with its global member network to provide bespoke professional services by blending its local knowledge with global expertise.

KPMG is one of the ICV Certifying Body Approved by ADNOC, that aims to boost opportunities and partnerships in the UAE private sector. They continue to empower businesses, public-sector agencies, governments, and non-profit organizations through their audit and assurance practices. 

3. PriceWaterhouseCoopers

PriceWaterhouseCoopers (PwC) is one of the world’s largest professional services firms functioning across 158 countries with over 360,000 people, providing assurance, tax, and business advisory services. 

As one of the top global professional services firms, PwC can offer a broad range of services to businesses and brings a variety of talents and expertise to address & solve challenges of their clients. 

PWC has been operating in the Middle East region for 40 years with over 11,000 employees across 12 countries such as Bahrain, Lebanon, Libya, Oman, the Palestinian territories, Egypt, Iraq, Qatar, Jordan, Kuwait, Saudi Arabia and the United Arab Emirates. 

PwC has been practicing in the United Arab Emirates for over 25 years and specialises in Audit, Assurance, Advisory and Taxation. PwC is one of the independent ICV certifiers helping suppliers with their ICV certification and score improvement.

4. Deloitte & Touche (Middle East)

Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited and is the first Arab professional services firm established in the Middle East region with continuing existence since 1926. 

Deloitte & Touche (M.E.) is one of the leading global professional services firms, providing audit, tax, financial advisory, and consulting services through 26 offices in 15 countries. 

Deloitte is one of the authorized certifiers for ADNOC’s ‘in-country value’ programme, to ensure that suppliers in the UAE are paying their contribution to the national economy.

Deloitte brings high-level competence and deep expertise to help clients succeed wherever they operate. They have contributed to the development and advancement of the professional services industry globally to foster growth and innovation. 

5. Bakertilly MKM Chartered Accountants

Baker Tilly JFC is an independent member firm of Baker Tilly International, based in Dubai. Baker Tilly JFC is a professional service firm providing the highest quality of Auditing, Consulting and Business Advisory Services since 1931, by liaison with clients from various sectors. 

They provide clients with a reliable coast-to-coast and global advantage in key areas of the U.S. and in many of the leading global financial centers – New York, San Francisco, Los Angeles, Chicago, Boston and London.

Baker Tilly seamlessly offers professional services to global clients through worldwide offices of the member firms. They offer specialized consultancy services to both the public and private sector organizations ranging from small-to-medium companies to large multinational corporations. 

Baker Tilly Advisory Group, LP and Baker Tilly US, LLP (Baker Tilly) offer services in accordance with the AICPA Code of Professional Conduct and applicable laws, regulations and professional standards. Baker Tilly US, LLP is a licensed independent CPA firm providing attest services to their clients. Baker Tilly Advisory Group, LP and its subsidiary entities are not licensed CPA firms.

6. Ernst & Young

EY is a leading global firm offering assurance, transaction, tax, and advisory services. Established in 1849 in the United Kingdom, EY is one of the world’s largest professional services firms. Along with KPMG, PwC, and Deloitte, EY is one of the Big Four accounting companies. 

EY has a network of member firms that are operated as independent legal entities in a partnership, with over 700 offices in more than 150 countries. In 1989, a merger of the two accounting firms, Ernst & Whinney and Arthur Young & Co, occurred forming a partnership and named Ernst & Young.

Through their strategic partnerships with technology and industry leaders, and businesses with distinctive abilities, they utilize powerful technology, specific skill sets and industry expertise to help their clients address their toughest challenges.

7. Crowe

Crowe LLP in UAE is a member firm of Crowe Global and is ranked as the 5th largest accountancy network in the UAE. Crowe LLP is a public accounting and consulting firm providing auditing, tax, and business consultancy services to public and private companies. The firm constantly establishes a commitment to quality and provides unmatched services to its clients. The firm operates in more than 200 independent accounting and advisory services offices in more than 130 countries around the globe.

Crowe Mak, a Crowe Global firm, is one of the Certifying Bodies, authorized by MoIAT, that contribute to the successful implementation of the ICV program. 

As a multidisciplinary practice, Crowe offers unprecedented access to international expertise, the highest standards of compliance, ensuring that their clients make informed decisions that lead to lasting value.

Find the Best ICV Certification Provider in UAE

By optimizing their supply chains, increasing local investments, and Emiratisation, businesses can improve their ICV scores, meet eligibility for government/public tenders and prove their contribution to the national economic growth. 

In conclusion, businesses in the UAE, specifically those who want to bid in government tenders, and ADNOC projects are required to obtain the ICV certification. The procedure for the ICV certification process is highly complex, so it is crucial to choose the ICV certifying body that caters to your ICV needs. 

The UAE’s In-Country Value (ICV) initiative is critical for fostering local economic growth, Emiratisation, and industrial development. Obtaining the ICV certificate, which acts as documentation of a company’s contribution to the UAE economy, is an essential component of this program. Understanding the validity duration of the ICV certificate is critical for businesses to ensure compliance and competitiveness in government and semi-government contracts.

This blog provides a thorough summary of the ICV certificate’s validity, renewal process, and advice for remaining compliant.

What Is The ICV Certificate?

The ICV certificate is an official certification issued by a certifying authority approved by the UAE Ministry of Industry and Advanced Technology (MOIAT). It assesses a company’s contribution to the UAE economy using particular criteria such as local procurement, Emiratisation, investments, and exports.

The ICV certificate is necessary for enterprises bidding on contracts with government bodies and significant corporations that participate in the ICV program, such as ADNOC, Etisalat, and Mubadala. A certified certificate increases a company’s chances of getting contracts and displays its commitment to the UAE’s economic aims.

Validity Period of the ICV Certificate

The ICV certificate is valid for 14 months from the date of issue. This prolonged validity term guarantees that firms have enough time to use their certifications for tenders and contracts without having to renew them frequently.

Key Points to Consider About the Validity Period

Single-Year Financial Basis: The certificate is based on the company’s audited financial statements from the most recent fiscal year.

Renewal Timing: Although valid for 14 months, businesses are recommended to begin the renewal procedure well in advance to avoid lapses.

Continuous Tenders: A valid ICV certificate is required for participation in tenders with companies that need ICV compliance.

Why is the Validity Period 14 Months?

The 14-month validity period aims to balance the following:

Business Flexibility: During this period, enterprises can engage in tenders and contracts without the necessity for quick re-certification.

Alignment with Financial Reporting: Because the certificate is based on audited financial accounts, its validity extends somewhat beyond one fiscal year to account for differences in financial reporting timeframes.

Encourage Regular Updates: The validity period guarantees that organisations update their financial data on a regular basis, keeping the ICV program current and relevant.

What happens when the certificate expires?

Once the ICV certificate has expired, it cannot be used to submit tenders or establish compliance with ICV criteria. Businesses must renew their certification to continue working on government and semi-government projects.

Consequences of an Expired Certificate: Tender Ineligibility – Expired certificates prevent organisations from competing on ICV-compliant projects.

Missed Opportunities: Without a legitimate certificate, organisations risk losing out on valuable projects and contracts.

Reputation Impact: Having a valid certificate demonstrates a company’s dedication to the UAE’s economic aims. An expired certificate can indicate noncompliance.

How Do I Renew the ICV Certificate?

Renewing the ICV certificate is a simple process that requires updating financial information and submitting it for re-certification. Here’s a step-by-step instructions:

1. Prepare Updated Financial Statements

Ensure that your company’s audited financial accounts for the most recent fiscal year are prepared. These materials provide the foundation for calculating the ICV score.

2. Select an Approved Certifying Body

Submit your financial statements to a certifying organisation approved by the MoIAT. Select a reputable and experienced certifying authority to ensure a seamless process.

3. Calculate the new ICV Score

The certifying authority will analyse your financial information and determine your revised ICV score based on the most recent fiscal year’s contributions.

4. Receive the New Certificate

Once the certifying agency has verified your information, they will issue a reissued ICV certificate valid for the next 14 months.

Tips for Keeping a Valid ICV Certificate

To ensure continuous participation in ICV-compliant tenders, organisations should implement the following practices:

1. Keep Track of Expiration Dates

Keep track of your certificate’s expiration date and start the renewal process at least 1-2 months in advance.

2. Keep Accurate Financial Records

Regularly update and examine your financial statements to ensure they are ready for submission at renewal time.

3. Work with ICV Consultants

Engage ICV advisors who can help you navigate the renewal procedure and improve your score.

4. Align Operations with the ICV Goals

To improve your score and competitiveness, continue to work on enhancing local procurement, Emiratisation, and other ICV characteristics.

Advantages of Renewing the ICV Certificate On Time

Renewing your ICV certificate before it expires provides the following benefits:

Continuous Eligibility for Tenders

A valid certificate enables easy participation in government and semi-government tenders.

Enhanced Business Reputation

Timely renewal indicates your dedication to the UAE’s economic growth objectives.

Improved Scoring Opportunities

Updating financial data during renewal can result in improvements in your ICV score, offering you a competitive advantage.

Operational Stability

Maintaining a valid certificate allows for continued business operations and access to lucrative contracts.

Common Challenges to Maintaining Validity

Despite the uncomplicated renewal process, firms may face problems such as:

Delayed Financial Audits: The renewal procedure may be delayed if audited financial statements are prepared late.

Lack of Awareness: Some businesses fail to monitor their certificate’s expiration date, resulting in lapses.

Insufficient Local Contributions: Failure to meet the ICV standards during the renewal term may result in a lower score.

How AbstractICV Can Help

AbstractICV specialises in helping businesses navigate the ICV certification and renewal procedure. With our knowledge, you can ensure timely preparation and submission of financial data, receive personalised suggestions for improving your ICV score, maintain compliance with UAE legislation and maximise tender chances.

Conclusion

The ICV certificate is an important tool for businesses in the UAE since it allows them to contribute to the local economy and receive government contracts. With a 14-month validity period, you must be proactive in renewing your certificate to preserve competitiveness and compliance.

Businesses may assure continuous participation in the ICV program and connect with the UAE’s aim for long-term economic growth by understanding the renewal process and implementing best practices.

Need help with your ICV certification? Contact AbstractICV now for expert advice and support!