Important Facts About Getting ICV Certificate In UAE

The Abu Dhabi National Oil Company (ADNOC) has been running an In-Country Value (ICV) initiative since January 2018. With the goal of diversifying the UAE's economy by localizing more goods & services, localizing key oil & gas functions, & increasing job possibilities for UAE citizens in the private sector, every organization wishing to become an ADNOC provider must have an ICV Certificate. The certifying body issues the certificate (empaneled by ADNOC). Suppliers that do not have ICV certification will be able to bid on ADNOC contracts. However, their ICV Score will be zero in the bid evaluation. Each company that wants to do business with ADNOC or any of its group entities must receive ICV certification.

Emiratization, produced goods, migrant involvement, investment development & income from outside the UAE are just a few of the topics that ICV certification examines. As a result, the ICV program has become a new business line that requires delivery from the UAE. If you‘re thinking about how to get an ICV certificate in UAE, then you should first understand the important factors for obtaining an ICV certificate:
  • ADNOC advises their vendors to obtain their ICV certificates from an approved ADNOC. Non-certificate providers can apply for group bids, but their ICV score will be zero.
  • Prepared in accordance with IFRS in a timely manner & signed by a licensed auditor from the UAE Ministry of Economy, no older than two years from the certification date.
  • An ICV certificate is mandatory for each license (legal entity) that a corporation holds. A unified ICV certificate is issued if a company has many branches in the same emirate, each with the same activities and ownership.
  • All accounting entries must be split between trades & manufacturing activity for firms having trades & manufacturing licenses; an ICV certificate will be granted for each license independently.
  • The ICV certificate has a validity period of up to 18 months from the date of issue or the date of updated financial statements.
  • Within two months after the issuing of fresh audited financial statements, suppliers must get their amended ICV certificate.
  • Each business entity that wants to participate in a tender with ADVOC or any linked party now practically needs an ICV certificate.
  • For approximately 9 months, management accounts can be utilized for ICV certification purposes if the company is less than 10 months established & does not have audited financial statements.

What Is The Procedure For Obtaining An ICV Certificate?

High-quality material is available from the relevant agencies in each nation to promote participation & begin the process of gradually raising ICV.  The procedure in Saudi Arabia, Qatar, & Oman begins with the submission of either an ICV plan or a survey, based on the nation. It's important to engage an approved ICV certifier in UAE at this early stage because these submissions will serve as the foundation for future certifications. The ICV certificate will be issued in the UAE by one of the ICV-accredited certification bodies. The data used to calculate the ICV score comes from the most recent set of consolidated financial statements. At the time of submission, these financial statements must be no more than two years old. Irrespective of the nation for which the ICV score is required, it’s important to have the financial statements audited as soon as possible. By following the close of the fiscal year, these financial statements are used as a constant reference point.

Go With the Best ICV Auditors in UAE

Many agencies & businesses, both inside & outside the UAE, give guidance & help on UAE in-country value certification. ARC Associates is probably one of the top ICV Auditors in Dubai, UAE. We have been delivering ICV certification consulting services in Dubai as one of the major ICV-recognized organizations since the beginning. We can help you with finishing the audit, filing the ICV template, & having it certified by an ADNOC-approved certifying body. We have an in-depth understanding of the necessary rules for improving your ICV score. When our experts assist your team throughout the certification process, the procedure becomes a lot easier.
Our tailored services are offered in Dubai, Abu Dhabi, Sharjah, and the rest of the United Arab Emirates. You may always go to an approved empaneled certifying body in the UAE like us, because the ICV certificate can only be received from certified ICV certifying organizations in UAE. As one of the best expert ICV certification bodies in the UAE, we can assist firms in acquiring a unified ICV certificate. So don't hesitate to contact us today.
Location: United Arab Emirates

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