ICV Certification Requirements for Suppliers in UAE
ICV is an unprecedented competitive advantage for vendors and suppliers in the tender market. The Ministry of Industry and Advanced Technology (MoAIT) primarily aims to achieve the goals below by implementing the ICV certification.
Participating entities such as ADNOC, Etisalat, Aldar, and Emirates Steel consider ICV-certified companies to propose various tenders in the market for local and international service providers and manufacturers. By getting the ICV score and certificate, suppliers and vendors get an added advantage to compete in the tender process. The ICV score calculation is percentage-based, so tier-two and tier-three suppliers can compete with tier-one suppliers. Mainland and Free zone small and Medium-sized companies can participate in the bidding process as much as larger companies can.
The validity of the ICV Certificate is 14 months from the last audited financial statements. Companies can renew their ICV certificate by providing their latest audited financial statements. Below are the requirements for getting an ICV certification for your company
Read more: How to get an ICV for a company in the UAE
The certifying bodies issue the ICV certification, and a company can seek quotations from the approved certifying bodies. If you have unaudited financials, you must seek the services of UAE Approved Auditors to conduct the audit and certify the financials.
It is essential to note that based on the company type and its relevant activity under the license, the ICV certifications are issued. For example, if you are industrial license manufacturing in one emirate and provide services in another, you will need two different ICV certifications for each license. Similarly, for group entities, each entity’s financials which include the revenues, ICV parameters costs, assets, liabilities, and costs related to every entity under the combined or group financial statement, must be disclosed accurately.
During a tender bidding process, the ICV score column will be zero for companies that do not have an ICV certification. In contrast, companies with an ICV certification can gain almost 40% weightage on the bid evaluation. Your company may be eligible for a higher ICV score. Accurately audited financial statements setting the correct accounting codes for the ICV parameters stand a better chance for a higher ICV evaluation score. ICV certificate UAE assist companies in identifying the critical components of ICV. Book a consultation today with ICV certificate UAE.