The National In-Country Value (ICV) Program is a government program that was released in the UAE with an aim of multiplying economic activities and assisting local businesses by stimulating more spending of public money into the local economy. This article explains how suppliers can join the ICV program in the UAE. Thus, it is advisable for businesses to seek the expert services of top ICV Consultants in the UAE, such as ICV Certificate UAE, to obtain ICV certification and ensure compliance seamlessly.
Scope of the ICV Program in UAE
The ICV program is a key component of the UAE economy, which seeks to boost the regional diversification and economic advancement. It is a comprehensive program that reviews local expenditures, job creation, and nationalizing tasks of firms in the UAE, thus assessing and improving their contribution to the economy of the United Arab Emirates.
Eligibility requirements for ICV program in the UAE
Suppliers must fulfill specific requirements to be eligible to take part in the ICV program. Some typical qualifying requirements include the following, though these may change based on the industry and unique specifications of the procurement entities:
- Legal Entity Registration: Legally speaking, all potential suppliers either has to be wholly established in the UAE or be registered as a recognized foreign entity.
- Operational Presence: Supply chain partners must be physically local all over the UAE, either through the plants, offices, or facilities.
- Compliance: In the United Arab Emirates, suppliers must abide by all applicable labor, environmental, and business standards.
- Financial Stability: Suppliers must exhibit their economic viability and stability to meet their responsibilities under the ICV program.
Procedure for suppliers to join the ICV program?
Suppliers must complete these easy procedures to become a part of the ICV Program:
- Secure the audited financial statements: Financial statements that have been audited by the International Financial Reporting Standards (IFRS)
- Fill in the ICV template: Follow the instructions to complete the ICV template. To download the template, click this link.
- Approach the ICV certifying bodies: Assess with one of the accredited certifying organizations. To learn more about the certifying bodies, see this link.
- Receive your ICV certificate: Following receipt of the ICV certificate, a provider may submit it to one of the participating entities.
ICV Compliance and Reporting
Suppliers must adhere to the program’s guidelines after earning ICV accreditation. This comprises:
- Frequent Reporting: Vendors must notify the appropriate authorities regularly about their ICV performance. Standard reporting components include updating local spending, job development, Emiratization initiatives, and other pertinent metrics.
- Auditing and Verification: To ensure suppliers truthfully disclose their ICV performance, authorities may conduct recurring audits and verification procedures. Inconsistencies or non-compliance could lead to fines or program disqualification.
- Continuous Improvement: By boosting local sourcing, funding local talent development, and endorsing sustainable business practices, participating suppliers are urged to keep raising the bar on their ICV performance.
Advantages of Enrolling in the ICV Program: Participating in the ICV program provides suppliers with several advantages, such as:
- Access to Government Contracts: Obtaining ICV certification improves a supplier’s chances of being awarded government contracts and participating in UAE procurement activities.
- Market Competitiveness: Suppliers can become more competitive in the UAE market by showcasing their dedication to regional economic growth through the ICV program.
- Strategic Partnerships: An alliance with nearby organizations and companies might be facilitated by the ICV scheme which potentially may open new growth opportunities for the long run.
- Brand Reputation: Through the ICV program, the suppliers that commit to eco-friendly and socially responsible business strategies secure themselves with the enhanced label of their supplier’s brand.
The strategic implication of the ICV program, as a result, is for the suppliers seeking to deepen their market share and support UAE economic growth targets; a path to this goal is the program membership. The suppliers that are negligent can consequently be out from the ICV program as they fail to take the opportunities for growth and expansion that they ignore. The suppliers need to be aware of the requirements, have regular registration procedures, be responsible for these compliance standards, and the benefits might be lots.
Seek the Expert Services of Top ICV Consultants in UAE
ICV certificate UAE is a premier ICV Consultant, committed to assisting businesses to seamlessly obtain ICV certification. We can help you prepare your audited financial statements and improve your ICV score by helping you understand how it can be done through local procurement and in-country hiring. Therefore, contact us now, and we shall be glad to assist you in seamlessly obtaining your ICV certification in compliance with statutory regulations.
