ICV Certification 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.

Benefits of ICV Certification

In Addition, companies get the following benefits from ICV Certification
Many private, public, and government organizations in UAE solely concentrate their procurement efforts on ICV Certified vendors.
Companies who don’t have the ICV Certificate can still bid on tenders, but their ICV score is considered “ZERO” in the bid evaluation, which may put them at a disadvantage compared to those with the ICV Certificate.
ICV Certifications

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

Pioneer ICV Certification Consultants

Adepts, pioneer ICV certification consultants in UAE, provide complete services to help organizations get ICV Certification with the highest possible ICV score per ICV guidelines. In Addition, we have a specialized sub-service line for ICV that helps our clients acquire ICV certificates and ICV improvement plans. Our experienced consultants will work with you to develop an effective strategy for achieving and maintaining compliance with the ICV Program. Contact us today to learn more about how we can help you effectively and efficiently get the ICV certificate and ICV Improvement plan.

What We Offer?

ICV Certification

Getting an ICV certificate can help you get more customers and win government contracts. We promise to deliver within a week or even faster, subject to the provision of accurate documents.

ICV Improvement Plan

ICV Improvement plan is requested at tender submission proposing your strategy and expected ICV score for the next 3-5 years. We prepare the plans, compare them, and choose the best option for your business. We develop a well-thought-out ICV Improvement plan which is achievable and helpful for winning tenders. Our professionally prepared plans help to avoid losing 5% ICV retention money.

ICV Score Improvement Strategy

Businesses need to develop ICV strategies that work well to scale up the Company in a highly competitive business environment. We help create a plan that focuses on finding solutions for optimizing ICV spending, Investment strategy, and raising the overall ICV score.

Your Only Solution to ICV Certification!

You will take pride in Adepts once you work with us because we provide clients with the best possible advice and service when it comes to ICV certification. With years of rich experience in the industry, our team of experts is well-positioned to provide you with the guidance you need to navigate the complex world of 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.

 

  1. 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.
  2. 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.
  3. 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

Expertise and Experience
At Adepts Chartered Accountants, our team consists of highly skilled professionals with extensive experience in managing complex regulatory and accounting standards. We are proficient in both local and international regulations, ensuring our services are accurate and fully compliant.
Tailored Solutions
Recognizing the unique nature of each Business, we offer customizable services designed to align with your specific needs and business objectives. We collaborate closely with you to understand your requirements and deliver solutions that achieve optimal results.
Time and Cost Efficiency
By choosing our services, you benefit from significant savings in time and resources. Our solutions are engineered to be cost-effective, providing high-quality support without the need for substantial internal investment.
Accuracy and Compliance
We prioritize accuracy and compliance in every aspect of our service. Our meticulous approach and rigorous procedures ensure precision and adherence to standards, reducing the risk of errors and the potential for non-compliance penalties.
Dependable Service
Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect.