The ICV (In-Country Value Certification) program has been launched by the Ministry of Industry and Advanced Technology (MoIAT) in 2021. The program is an extension of the procurement-based ICV program and it encourages economic diversification and strategic considerations. To effectively implement ICV standards and to stay compliant, it is imperative for corporations to seek the services of ICV Consultants in the UAE.
The objectives of ICV Certification in UAE
ICV certification program has been introduced to achieve the following objectives:
- Promotion of new local industries and services
- Strategic localization of the supply chain
- Attracting foreign investments
- Economic diversification
- Creation of good and valuable job opportunities in the private sector
- To obtain a contribution to the growth of the national GDP
- Increased spending on research, development and advanced technology
- Increase in the private sector’s contribution to national GDP
Which businesses are eligible to obtain the ICV certificate in the UAE?
Companies that are operating inside as well as outside the UAE are eligible for applying for an ICV certificate. The direct suppliers of goods and services inside the UAE (Tier 1) can simply declare their ICV score using an ICV score certificate to get weightage when the tender evaluations and award processing happen. On the contrary, the suppliers who are not in the Tier 1 category can submit their ICV certificate obtained from MoIAT to stand out in comparison to Tier 1 suppliers. Thus, ICV Consultants in UAE can assist corporations to seamlessly obtain an ICV certificate in compliance with the statutory regulations and standards.
Conditions for obtaining an ICV certificate in the UAE
Businesses that deem to acquire an ICV certificate are required to fulfil a series of terms and conditions before getting an ICV certificate. These terms and conditions have been laid out by MoIAT. The list below details the conditions that are to be met for obtaining an ICV certificate in the UAE:
- Companies must present to the certifying bodies audited financial statements that have been made as per the IFRS (International Financial Reporting Standards) guidelines. The audit report must be signed by the auditor, and it should not be more than two years older than the certifying year.
- Corporations that operate with multiple legal entities are required to obtain ICV certification for all the entities that come under them. However, branches of a company operating with the same set of activities are eligible to operate with the same ICV certification.
- Companies operating on multiple licenses for commercial and manufacturing activities are supposed to obtain a separate ICV certificate for each license.
- Less than 10-month-old companies with no audited financial statements are eligible to use management accounts for up to 9 months for the ICV certification process.
- The suppliers must also ensure that the figures appearing in the ICV certificate tally with the figures mentioned in the audited financial accounts.
- The ICV certificate is valid for a period of 14 months from the date of issue of the audited financial statements.
Choose ICV Consultants in UAE
ICV Certificate UAE is an accredited and premier firm in UAE, we assist corporations to seamlessly acquire ICV certification in compliance with the statutory regulations and standards set by the Ministry of Industry and Advanced Technology (MoIAT). Therefore, contact us today and we shall be glad to assist you.