A document that certifies a company’s ICV score, known as the ICV Certification in UAE. Several variables that measure a company’s contribution to the local economy are used to calculate this score. Greater dedication to local economic development is indicated by a higher ICV score, which offers a substantial competitive advantage in the bidding process for government and semi-government tenders.
The Need for ICV Certification in UAE for SME
In UAE, the importance of the ICV instrument goes well beyond simple compliance. Its advantages for SMEs are revolutionary, even though it has become mandatory for contractors and suppliers to participate in tenders with entities like ADNOC and vibrant government agencies.
- Get Additional Contracts: You may not be able to participate in large tenders or lose your chances of winning if you have a zero ICV score. When evaluating marketable flings, the ICV score is given a substantial weighting (up to 40) by the majority of government and quasi-governmental organizations, including those overseen by the ADNOC ICV Program. Having a legitimate ICV Certificate UAE is the key to accessing these economic systems.
- An advantage over others: In a competitive request, the ICV tool in Dubai helps you stand out. It’s a sign that you support public thrift, which builds credibility with guests and unspoken partners. This indicates that you are a stable, long-term partner who is dedicated to the UAE’s strategic vision.
- Improving UAE business opportunities: The program promotes teamwork. Larger, ICV-certified companies prefer to work with suppliers who have a high ICV score. As a result, your network of implicit guests and mates grows and a strong original force chain is fostered. The ICV Certification UAE turns into a passport to previously unattainable new business opportunities in the UAE.
- Conformity to the National Vision: Your company directly supports important public pretensions by carrying ICV instruments, such as the development of original diligence, job creation for Emiratis, and profitable diversification. This enhances your business’s reputation and harmonizes your expansion plan with the nation’s long-range goals.
How to Apply for an ICV Certificate for SME
The ICV Certificate UAE is a straightforward route to improved supplier eligibility and profit, despite its apparent complexity.
Step 1: First, create financial statements that have been audited.
Get an IFRS-compliant audit of your financial statements from a MoE-certified auditor. They have to be younger than two. For a provisional certificate, new businesses (less than ten months old) can use management accounts.
Step 2: Work with an Approved Certifying Body
ICV Certificates can only be issued by companies that have received MoIAT approval. Pick a trustworthy one.
Step 3: Finish the ICV Template
Give specifics about revenue, UAE investments, local versus foreign procurement, and Emiratization. Data and audited accounts must match.
Step 4: Audit & Verification
The certifying body calculates your ICV score after examining your application and auditing the data.
Step 5: Obtain your certificate of ICV
Your certificate, which is valid for 14 months following the date of your financial statement, is given to you after verification.
ICV Certification Advantages in the UAE
- Government Tender Preference: Companies with higher ICV scores have a better chance of obtaining private, semi-private, and government contracts.
- Suppliers who wish to collaborate with ADNOC and its group companies get have access to the ADNOC Program.
- Improved Business Reputation: Known for being dependable, growth-oriented, and dedicated to the UAE economy.
- Strength of the supply chain: Promotes domestic buying, lowering reliance on erratic foreign markets.
How SMEs Can Increase Value and Remain Biddable through In In-Country Value Program (ICV)
It takes constant effort to maintain your ICV Certificate UAE and raise your score. SMEs should:
- Perform a Gap Analysis to Optimize Value: Evaluate your company’s operations on a regular basis in relation to the ICV criteria. Find ways to improve your initial investments, Emiratization sweats, and spending.
• Give original procurement top priority. Create a plan to further reference your products and services from companies based in the United Arab Emirates. This is the most efficient method for raising your ICV score.
• Keep Correct Records: Maintain meticulous financial records, particularly with regard to initial expenditures. This will speed up and improve the effectiveness of the periodic recertification process. - Seek Professional Consultation. The ICV process can be intricate. Partnering with an expert ICV adviser can give inestimable guidance, ensuring a flawless operation, accurate score computation, and a strategic plan to maximize your ICV instrument in UAE.
Call our professionals right down to start the ICV instrument and for your business, to start a new growth cycle.
