ICV in UAE operates with the grand objective of fostering sustainable local firm growth and improving job opportunities which ultimately ensure sustained economic growth. Therefore, for businesses to seamlessly obtain ICV certification, it is advisable to seek the expert services of reputable ICV Consultants in UAE.
ICV specific requirements are subject to variation depending on the industry and the concerned government authorities. The typical process begins with the systematic appraisal of a firm’s performance capacity in various areas which are directly relevant to the UAE’s economic growth.
ICV assessments are determined by key performance indicators (KPIs). These are points that carefully measure a company’s net impact on the local economy.
ICV criteria may be inclusive of:
- Local Sourcing: The proportion of goods and services that are obtained from suppliers within the specific bounds of the UAE.
- Emirati Workforce: The approximate number of Emirati citizens that have been employed by a firm.
- Training and Research: The approximate value of investments in employee-centred training programs, and the extent of curated skill development initiatives for Emirati employees.
- Ventures in Local Facilities: The net value of expenditure on local substructure, industrialization, or research and innovation within the UAE.
- Awareness of Civic Duties: The degree of involvement in business-related activities that contribute to local welfare.
- Technology Transfer: tangible efforts made to better local communities through a range of social work projects.
Technicalities of Registration
Once cleared from assessment processes, ICV-focused firms typically provide extensive documentation of their business process. This information is typically subject to third-party verification to ensure accuracy and transparency. Companies that meet or exceed the specified ICV thresholds will be granted ICV certification.
Vision for Sustainable Growth
ICV certification can significantly impact a company’s ability to obtain business contracts and increase entrepreneurial prospects in the UAE. Nowadays, government entities and organizations in the UAE tend to give preference to certified companies when awarding contracts. Thus, higher ICV scores provide a competitive edge and advance a company’s chances of securing tenders and bidding opportunities.
Compliance with Government Ideals
ICV is in tandem with the UAE government’s long-term growth plan, which includes the goals of:
- Economic diversification
- Creating a well-informed, internationally attuned business environment
- Creating a strong local supply chain that serves the purpose of decreasing reliance on global suppliers
- Creating a stable and resilient business network
Companies that actively contribute to these objectives benefit from government support and partnerships.
Read more: How to Prepare for ICV Certification in UAE?
Mitigation of Foreseeable Risk
Another part of the government’s strategy involves targeting risk. Localizing supply chains and workforce serves to minimize exposure of UAE businesses to several geopolitical weaknesses, supply chain interferences, and supply-demand fluxes in international labour markets.
Companies that can consistently perform following ICV objectives secure sustained partnerships with government entities and pertinent stakeholders. They turn into long-term business growth opportunities and joint undertakings.
Avail the expert services of top ICV Consultants in UAE
By aligning with the nation’s economic objectives, ICV not only enhances a company’s competitive advantage but also fosters resilience, innovation, and enduring partnerships, all of which are critical for long-term and sustainable business development in the UAE. Therefore, for businesses to seamlessly obtain ICV certification, it is advisable to seek the expert services of reputable ICV Consultants in UAE. Thus, contact us today and we shall be glad to assist you.