Navigating the complexities of In-Country Value (ICV) compliance in the United Arab Emirates can be challenging, particularly when it comes to comprehending the necessary documentation. Thus, this thorough guide will help you navigate the process and stipulate the requisite documents for obtaining ICV certification. ICV Certificate UAE is a trusted firm that can help you seamlessly obtain ICV certification and ensure compliance with statutory regulations.
Who Must Be Certified in ICV?
ICV certification is typically required for businesses that participate in government contracts worth more than AED 30 million or that provide goods and services to government bodies. There are, nevertheless, exceptions for some sectors and situations. For more information, visit the website of the Ministry of Industry & Advanced Technology (MOIAT).
Documents required for ICV certificate in UAE
While specifics may differ significantly according to the certifying authority, the following fundamentals are required:
Accounts Payable Records:
Audited Financial accounts: Compliant with International Financial Reporting Standards (IFRS), audited financial accounts are essential. Make sure their age does not exceed two years. It may be acceptable to accept management accounts for a maximum of nine months for freshly founded companies (less than ten months old).
Tax Returns: The Federal Tax Authority (FTA) has received recent tax returns, which offer more financial context.
Trade License: One of the main indicators of the validity of your company is a current trade license. Association Memorandum (MoA): This document presents your company’s goals and organizational structure, demonstrating how they correspond with ICV’s objectives.
Shareholder Certificates: These documents attest to a stakeholder’s ownership and the allocation of shares within the company.
Information about Employees:
Employee Payroll Register: This record shows how local Labor is used by confirming the number of workers and their nationalities.
Certificates for the Wage Protection System (WPS): These certificates attest that salaries are deposited via the WPS system, ensuring worker welfare and boosting the local economy.
Purchase Orders: To show your support for local procurement, provide copies of purchase orders from nearby vendors for products and services that qualify for the ICV.
Invoices: The bills associated with these purchase orders offer concrete evidence of payments made to nearby vendors, confirming the results of ICV computations.
Contracts with Local Suppliers: By establishing procurement conditions with suppliers who comply with ICV, you may firmly establish your commitment to working with local partners.
ICV Application Template: A unique template describing ICV calculations and activities is provided by each certifying authority. Carefully fill it out.
Following successful completion, your ICV certificate will bear the company logo and stamp.
Whereas, more documentation may be needed depending on distinct scenarios. For instance, various documentation requirements could apply to particular businesses. The following key points can help you in obtaining your ICV certificate super easily and fast.
- Collect Documents Early: To prevent needless delays, begin gathering the appropriate documents well in advance.
- Keep Accurate Records: Make sure that all procurement and financial records are easily accessible and kept up to date.
- Seek expert Advice: For assistance and expert guidance during the procedure, think about speaking with a tax counselor or ICV specialist.
- Select the Appropriate Certifying Body: Find a trustworthy and knowledgeable certification organization that the MOIAT has approved.
We can help you gather the ICV certificate in UAE
ICV Certificate UAE has a team of ICV experts who understand the businesses and the required documents for obtaining ICV certification. They will help you with tips for improving your ICV score and hence obtain a competitive score to take part in government tenders and contracts. In summary, a business’s commitment to supporting the local economy must be validated by a complete set of documentation required by the UAE’s In-Country Value (ICV) certification process. Every document, from trade licenses to financial records, personnel data to technological investments, is essential to determining how the company will affect the UAE’s economy. Businesses may demonstrate their commitment to sustainable and meaningful operations in the nation by navigating the ICV certification procedure with confidence and guaranteeing the accurate and timely submission of these documents. Therefore, contact us today for the ICV certificate-related documents and get your ICV certificate within no time.
Read More: ICV Process and Requirements in the UAE