ICV Certificate Services
What Is ICV Certification
ICV Certificate is issued to suppliers working directly or indirectly with Government, Semi-Government, or ICV-certified companies to evaluate their contribution towards the UAE economy.
What We Offer?
ICV Certification
ICV Improvement Plan
ICV Score Improvement Strategy
Benefits of ICV Certification
- Companies joining the ICV program will benefit from increased demand for local products & services to grow their businesses and win government contracts and tenders.
- Entrepreneurs, as well as small and medium-sized companies, will have more significant opportunities for growth through the localization of value chains.
- Increasing the opportunity for local companies to enter partnerships with international companies looking to collaborate with local ICV-certified companies to bid for tenders jointly.
- The program represents an opportunity to promote local companies and introduce their products and the quality of their services.
- ICV-certified companies can get financing at lower interest rates.
How to get ICV Certificate?
Companies are required to follow below mentioned 4 steps to get ICV certification
Auditing of Financial Statements
Engage a UAE-based Local Auditor to get IFRS-based Audited Financial Statements if you don't have them earlier. A newly established company can get ICV based on management accounts of less than 10 months.
Sharing of Financial Information for ICV Process
Based on Audited financial statements, share further financial documents to ICV team like the detail of purchases through ICV Certified and non-ICV-certified suppliers, WPS/Payroll of all employees, including expats and Emiratis, Investment within UAE, and exports, if any
Verification of Financial Information
The received information is verified as per pre-defined ICV guidelines by ICV team. Templates are filled, and the ICV score is calculated based on available information
Finalization and Issuance
Review of the ICV template and all supporting documents before final issuance, confirmation of ICV score, and issuance of ICV certificate
Your Only Solution to ICV Certification!
In Addition, we offer a free call or meeting service so that you can get all the information you need at your convenience. So, if you’re looking for reliable, expert advice on ICV certification, look no further than Adepts.
frequently asked questions
The ICV certificate measures the business' contribution to the regional economy.
An In-Country Value (ICV) program was announced for Abu Dhabi National Oil Company (ADNOC) Group Companies with the following objectives:
- (a) Emiratization: Creating additional employment opportunities for Emiratis in the private sector
- (b) GDP Diversification: Supporting UAE GDP diversification by sourcing additional goods and services within the UAE; and
- (c) Strategic Considerations: localizing strategically critical parts of the value chain for selected categories.
- In November 2017, Abu Dhabi National Oil Company ("ADNOC") introduced an In-Country Value (ICV) program to improve the GDP of the country by enhancing local supplies of goods and services, and encouraging manufacturing facilities to set up in the country. Emiratisation in the private sector, in line with UAE vision 2030, is also one of the main objectives to introduce the ICV program.
- In years 2019 and 2020, various Government and Semi-Government Entities (Participating Entities) joined hands to broaden the ICV Certification process and launched the Unified ICV program which requires that all their vendors be mandated to calculate and declare their certified ICV score for the financial year, to demonstrate how they are helping to deliver ICV.
- In 2021, the ICV program was shifted to the Ministry of Industry and Advanced Technology (MOIAT) with the intention to make this program all-inclusive for Government and Semi-Government departments across the whole UAE. Carrying forward the objective of this program to ensure spent of businesses is within the national economy in terms of manufacturing cost as well as spent on local products & services. In Addition, encouraging investments in the country, appointing and qualifying citizens and creating quality job opportunities is another major objective of the National ICV Program. Further, to support industry in the UAE and recycling a larger part of purchases and services expenses within the national economy is the foremost objective of this program.
Companies working directly as suppliers or indirectly as sub-supplier with the following Implementing Agencies are required to acquire the ICV certificate. The Implementing Agencies for the National ICV Program are gradually increasing in numbers to ensure observing ICV Program across the country.
- ADNOC Group Companies
- Abu Dhabi Department of Economic Development
- Aldar Properties
- Abu Dhabi Ports
- Mubadala
- Etisalat
- Emirates Steel
- TAQA Group
- Edge
- Etihad Rail
- Sharjah Investment and Development Authority (Shurooq)
- Emirates Nuclear Energy Corporation
- Emirates Global Aluminium (EGA)
- Companies submitting tenders through Musanada (Abu Dhabi General Services Company)
- Government and Semi Government
ICV certification is valid for 14 months from the date the Company's financial statements were issued.
Each license of a Company is considered as an independent legal entity even if the ownership is the same. However, if a Company has different branches in the same Emirate with identical activities and ownership listed on the licenses, then one combined ICV certificate is allowed for the Company in that Emirate.
For newly established Companies (less than 10 months old) that do not have audited financial statements, the Management Accounts for a period of up to 9 months can be used for ICV calculations. Any management accounts greater than 9 months will be required to be audited.
Audited Financial statements prepared on the bases of IFRS are must to get ICV certification. Financial statements prepared based on GAAP are not acceptable for ICV certification.
The ICV score calculations are based on assessing the supplier contribution towards UAE economy. These values are measured according to below mentioned a pre-defined methodology.
The cost for ICV certificate varies depending upon scope of work involved based on nature of business, turnover of the Company and number of employees etc.
The ICV engagement takes 8 to 10 working days. However, the timeline is estimated based on the assumption that the required information will be made available to us on a timely basis.
Why Choose ADEPTS
