Why-is-ICV-Certification-Critical-for-Your-UAE-Business
It is essential for UAE businesses to maintain an ICV Score and to attain ICV certification. Obtaining ICV certification is quite more crucial subsequent to the UAE’s implementation of several economic projects benefiting small, medium and large companies through tenders and bidding. ICV certification is a catalyst for companies bidding for tenders with participating entities such as ADNOC, Aldar, Emirates Steel, etc.
The ICV score calculation is based on percentage contribution, not total spending. In this case, the opportunity for tier 2 and tier 3 companies is relatively equal compared to tier 1 companies. All the certified companies can participate in the bidding process.
Companies that do not have the ICV certificate can participate in the bidding process, and their ICV score column will be considered “zero”. Comparatively, a company that is ICV Certified will gain up to 40% weightage in the commercial evaluation of the bidding process. It is a strategic goal to incubate the future development of the country’s economy, where businesses will thrive in fair competition and create opportunities for local UAE residents and expats.
Get to be a part of the supplier and vendor database for various requirements. Not all projects will be posted as tenders. The Ministry of Industry and Advanced Technology aims to prepare a database for ICV-certified vendors that will be given priority on several procurements done internally within the participating entities.
There are around 21 certifying agencies for the ICV certification. Hence if you are looking for an affordable and reliable ICV Certifying agency, you can shortlist the agency and request for quotation. Similarly, completing your financial statements and getting them audited is a must before applying for the ICV Certification. ICV Certificate UAE is a pioneer and one of the most reliable audit service providers in Dubai and UAE. Improve your ICV score by getting an audit done per the ICV requirements.
Read more: Purpose of ICV Certification in the UAE
The newly launched digital platform enables users to complete the application process and certification. Companies can view their application status online and receive their ICV Certification within two weeks. The new platform uses blockchain technology to help users through its artificial intelligence interface. The platform is designed to obtain quality data from its users, making it easier for people to apply for and receive the ICV Certification.
The five attributes of the ICV certification are:
The ICV Certification allows companies to lower their costs and hire companies locally for their procurement requirements. It aims to boost the companies locally and be a part of the developing economy. Instead of depending on companies overseas for procurement requirements, companies can score better on the ICV Certification by hiring locally.
Read more: ICV Certification requirements
Companies wanting a better ICV score must hire more, invest more and even procure more in the UAE. The more localized the company is, the better the ICV score can be. Foreign companies wanting to get an ICV Certificate must also consider these factors. Going local is aligned with the strategy to boost the economy and even double it in the coming years.
Once ICV Certified, you could apply for tenders for companies from heavy machinery, medical, aviation, Telecommunication, Real Estate and much more. The certificate is not limited to one sector but various sectors, which is a benefit of getting ICV Certification.
The more companies that go local in the UAE have a positive ripple effect on local hiring. The government of the UAE is very keen on companies benefiting from the UAE, providing enough opportunities for talent within UAE. ICV Certification aims to create more than 120,000 jobs by 2031. The ICV certification considers the company hiring process for UAE Locals and expats, which directly affects the ICV Score.
ICV Certificate UAE, a licensed audit company in the UAE, encourage companies to get ICV Certification today! We will help you understand the ICV process and the attributes that affect the ICV Score. Imperatively, the ICV Score can be enhanced through the legal process, organizational restructuring, reviewing the procurement process and essentially auditing the financials according to the ICV standards. Thus, contact us today and we shall be happy to assist you!