How to get ICV Certificate in Dubai, Abu Dhabi, UAE?
In-Country Value (ICV) program is introduced by Abu Dhabi National Oil Company (ADNOC) with the aim to improve the economic outlook of Dubai, Abu Dhabi, UAE by supporting local businesses, promoting diversifications, and fostering employment opportunities for UAE nationals. Moreover, the ICV program in Dubai, UAE also seeks to improve the government procurement procedures to achieve development goals defined by economic visions, strategies, and plans according to the regulations in force.
Update on In-Country Value Program in Dubai, UAE
During 2019 and 2020 Government and semi Government companies being the participating entities including Abu Dhabi National Oil Company (ADNOC), Department of Economic Development, Abu Dhabi (DED), Aldar Properties PJSC (Aldar), and Abu Dhabi Ports Company PJSC (ADPC) joined hands to broaden the ICV certification process for suppliers across various sectors in Abu Dhabi and the UAE which lead to modification in the ICV program which renamed as Unified In-Country Value Program, where the ICV score will be used by all PEs based on their tender processing guidelines.
Who needs ICV Certificate in Dubai, Abu Dhabi, UAE?
All the business entities involved in supplying directly or indirectly as sub-suppliers to ADNOC and the following participating entities are required to attain and submit the unified ICV Certificate in Dubai, UAE with their tenders.
- Abu Dhabi Department of Economic Development
- Aldar Properties
- Abu Dhabi Ports
During the supplier registration phase with the Department of Government Support – Abu Dhabi you will be asked to show the ICV certificate and ICV score in Dubai, UAE of your company to complete the registration process.
Guidelines for Attaining the ICV Certificate in Dubai, Abu Dhabi, UAE
One of the primary prerequisites of attaining an ICV Certificate in Dubai, Abu Dhabi, UAE is that the company must provide IFRS complied audited financial statements for the last two financial years signed by a partner in an Audit firm in Dubai, UAE registered with the Ministry of Economic. However, for the newly established companies which are less than ten months old, the management accounts for up to 9 months from the establishment date can be used for ICV Certification in Abu Dhabi, UAE. Any management accounts greater than nine months need to be audited.
Following are the other guidelines that need to be kept in mind while obtaining an ICV Certificate:
- Each trade license of a Company is considered an independent legal entity for ICV Certification purposes.
- Companies with different branches in the same Emirate with identical activities and ownership can obtain one unified ICV Certificate in Dubai, UAE.
- Any misleading or misrepresentation in a company’s submission will lead to penalties being awarded to the company in question.
- The validity of the ICV certificate is 14 months (from the date of issuance of audited financial statements).
- The company cannot change its Empaneled Certifying Body once they are appointed to verify them for certification.
- The company shall include all costs and revenues of the company during its financial year.
- All figures in the ICV Template must be in AED.
- Every figure presented by the supplier must be backed with relevant documentation.
Aviaan Accounting; ICV Certificate Service
We are the top audit and assurance firm in Dubai, Abu Dhabi, UAE providing ICV certificate consultation service in Dubai, UAE with the help of our dedicated in-house team of professionals who are highly knowledgeable and experienced in obtaining ICV certificates. In addition to that, our team designs ways, solutions, strategies to improve your ICV score in Abu Dhabi, UAE and drive business transformation.
Aviaan Accounting is a unique amalgam of regional expertise and local provider’s business understanding. We distinguish ourselves on the quality of services we deliver and the way we provide them. To ensure the accuracy and timely submission of our deliverables, we proactively deal with issues and propose solutions to achieve client satisfaction.
For further detail, contact us at email@example.com or +971567952590.
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