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How to apply for an ICV certificate in Dubai, UAE
The Ministry of Industry and Advanced Technology (MOIAT) oversees the National In-Country Value (ICV) Program, which aims to promote the UAE economy. An ICV certificate is issued to suppliers (companies wishing to obtain an ICV Certificate) who work directly or indirectly with ICV-certified, government, or semi-government companies. If you are worried about how to apply for an ICV certificate in Dubai, rest assured that ADEPTS is here to provide you with reliable and trusted ICV certification services in UAE. This blog post includes comprehensive information about applying for an ICV certificate.
ICV Certification Process
Applying for an ICV certificate in Dubai and the UAE is a straightforward process involving four simple steps. Still, it may seem daunting to collect and compile all documents.
Step 1: Audit of Financial Statements
Engage a UAE-based professional auditor to get an audited financial statement. The audited financial statement should be as per IFRS (International Financial Reporting Standards) and at most two years from the certification year. For instance, for ICV certification in 2024, the audited financial statements shall be at most 2022.
A newly established entity without financial statements gets its ICV certificate based on management accounts. Management accounts are a set of summarized financial information, including balance sheets, income statements, and cash flow statements, that reflect a business’s financial performance. For entities with less than 10 months of operation, these management accounts are sufficient for ICV certification. However, any management accounts exceeding 9 months will required to be audited.
Step 2: Filling out the ICV Template
To fill out the ICV template (the template that the Supplier fills to calculate the ICV score as per a predetermined formula), share all your documents based on your auditing financial statements, with appointing a certified body. Documents include:
- Detail of purchases
- WPS/Payroll of all employees
- It also includes expats and Emiratis, Investment within the UAE, and exports.
- Suppliers with Industrial License activities must also submit an annual consumption in units (e.g., kWh, cubic meters m3) for Electricity and Gas.
Step 3: Evaluation of Documents
All these documents are evaluated per ICV guidelines by appointing a certified body and filling out the template. The evaluation results in an ICV score, which is crucial in determining your company’s compliance with the ICV regulations and subsequent issuance of the ICV certificate in UAE.
Step 4: Getting ICV Certificate
Upon successful evaluation and verification by appointing a certified body, you will receive the ICV Certificate within a week or even faster, subject to the provision of accurate documents.
This certification signifies your company’s compliance with the ICV regulations and showcases your commitment to supporting the UAE’s economic growth. To maintain compliance and access the associated benefits, track the certificate’s validity period and initiate the renewal process well in advance.
General Instructions for ICV Certificate
- An ICV certificate in Dubai shall be obtained for each legal entity of the supplier that intends to be certified. Each license of a company is treated as a separate legal entity irrespective of the ownership, which is the same. Moreover, if the company has multiple branches within the same Emirate conducting identical activities and with identical ownership listed on the licenses, in this scenario, one combined ICV certificate will be issued to the company in that Emirate.
- All the entered figures in the ICV certificate template should tally with the Supplier’s latest audited Financial Statements, and all the audited financial statements shall be as per the IFRS standards.
- This certificate is valid for 14 months from the date of issuance of audited financial statements. Suppliers can also choose to get recertification during the validity of the ICV certificate using the same audited statements. However, the validity of 14 months from the first issue will remain.
- Once you decide to apply for an ICV certificate, you must appoint a certifying body. This is a crucial step, as the certifying body will evaluate your documents and issue the ICV certificate. Please note that once you have appointed a certifying body, you can only change it for that year with proper justifications.
ICV Certification Services in UAE
Only professional firms authorized by MOIAT, such as ADEPTS, can verify and issue ICV Certificate in Dubai and across the UAE. With ICV certification services in UAE. ADEPTS also offers an ICV improvement plan, a comprehensive strategy tailored to your company’s needs to enhance your ICV score and compliance with the ICV regulations. Additionally, we provide a detailed ICV score improvement strategy to help you increase your ICV score over time in Dubai and across the UAE.
Reach out to us to get your ICV certificate within a week, and avail government benefits.
