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What are the key considerations for obtaining an ICV Certificate?

ICV certification is a vital tool which enhances regional economic growth, local staff development, and sustainable business practices. This article discusses essential considerations that ensure obtaining an ICV certificate. Thus, businesses are advised to seek the expert services of top ICV Consultants in UAE to seamlessly obtain ICV certification and to ensure compliance with the statutory statutes. 

What are the Important Considerations for Obtaining an ICV Certificate?

Below are key considerations for obtaining an ICV certificate in UAE: 

  1. Ensuring compliance with IFRS 

ICV certification requires financial statements in line with International Financial Reporting Standards (IFRS). Thus, compliance ensures correct reflection of a business’s financial activities.

  1. Incorporated Certification for Numerous Branches

Businesses working in numerous branches under incorporated ownership are fit for a single ICV certificate. It rationalizes the certification process and improves operational competence.

  1. Enclosure of Holder Salary Credits

Holders’ salaries, recorded under the Wage Protection System (WPS), can back up ICV calculations, up to AED 120,000 per owner monthly. It highlights the vow to impartial compensation.

  1. Deliberate Internal Cost Consideration

While internal costs except for depreciation are excluded from calculations, prudent management of operational expenses ensures a focused approach towards value creation.

  1. Assessment Based on Number of Employees

The number of employees during the year forms an essential metric. It imitates the investment in human wealth development and the enhancement of the staff.

  1. Continental Supplier Advantage

Continental UAE suppliers gain the advantage of a 10% recompense in ICV score. It strengthens local obtaining and inspires economic development. 

Read more: What are the objectives of the ICV Program in UAE?

What are the Advantages of Obtaining an ICV Certificate in UAE?

Obtaining an ICV (In Country Value) certificate is a tactical decision that creates advantages for businesses, such as boosting market presence to strengthen socioeconomic growth.

Below are the comprehensive advantages of obtaining an ICV certificate in the UAE:

  • Efficient Access to Contracts

ICV certification unlocks business opportunities, holding this certification can improve the company’s suitability and integrity for procurement contracts.

  • Boosted Market Affordability

An ICV certificate positions businesses as active suppliers to the country’s economic progress. It serves as evidence of a company’s pledge to boost the local economy, enhance workforce skills, and nurture a self-reliant ecology. 

  • Assessable Performance Measurement

The ICV certification procedure includes evaluating an organization’s local value influence through an ICV score certificate. This measurable metric offers companies a clear standard to measure and progress their socio-economic impact over time. The higher the ICV score, the more momentous the contribution. It presents positively the company’s status.

  • Enhanced Supply Chain Management

Through the ICV certification procedure, businesses grow and reinforce their local supply chains. This contributes to nurturing a more robust and maintainable business environment within the UAE.

  • Position with Sustainability Goals

ICV certification lines up with sustainability and corporate social responsibility (CSR) enterprises. By arranging the development of local communities and staff, qualified organizations actively contribute to the UAE’s vision of stable and holistic development.

  • Cost Competence and Resource Utilization

While there might be an early investment related to ICV certificate cost, the longstanding benefits often compensate for this expenditure. By confining operations, obtaining materials from local dealers, and investing in local staff development, companies can enhance costs and resources in the UAE market. 

Read more: How to Prepare for ICV Certification in UAE?

Seek the Expert Services of top ICV Consultants in the UAE

Businesses are advised to seek the expert services of top ICV Consultants in UAE to seamlessly obtain ICV certification and to ensure compliance with the statutory statutes. Thus, contact us today and we shall be glad to assist you.