The Abu Dhabi National Oil Company (ADNOC) introduced the In-Country Value (ICV) accreditation in Abu Dhabi in 2018 to promote Emiratisation, GDP diversification, and strategic considerations. Later, in 2021, the initiative was officially established at the federal level under the direction of the Ministry of Industry and Advanced Technology. The National ICV Certificate program gives the provider the chance to receive bids from governmental and semi-governmental organizations.
The providers might increase their weight during the evaluation of tenders by acquiring an ICV certificate. The latest audited financial accounts as well as other elements are used to calculate the suppliers’ contribution score on an ICV certificate. Suppliers can overcome the process’s difficulties by consulting with ICV certification services in Dubai. To learn the conditions and prerequisites for obtaining ICV certification in the UAE, continue reading.
Before applying for ICV certification in the UAE, suppliers must be aware of the essential conditions they must fulfill. Suppliers may get help from ICV certification service providers in Dubai to get their ICV certificate.
The essential prerequisites are as follows:
- If the suppliers require certification for several legal companies, they need to get the ICV certificate for each of them. Even if the company’s owner is the same for all licenses, the government views each license as a unique legal entity.
- If a company has many branches in a given emirate that engage in comparable activities and ownership the MoIAT will issue a combined ICV certificate for the Company in that Emirate.
- The ICV certificate should only contain data that is consistent with the supplier’s audited financial statements. Suppliers are responsible for ensuring this consistency. Additionally, confirm that the audited financial accounts were prepared following International Financial Reporting Standards.
- The financial statements that have undergone an audit cannot be more than two years old as of the certification year. To be eligible for ICV certification in 2022, vendors must not submit audited financial statements that are older than 2020.
- Under the ICV Certification program, vendors that are neither goods manufacturers nor industrial license holders will be regarded as service providers.
In the UAE, obtaining an ICV certification is a difficult process that calls for professional help. Suppliers must adhere to several standards, including submitting the audited financial statements and completing the MoIAT-required supplier submission template. The most recent audited financial statements must be used to complete the form. Suppliers may get assistance from top ICV certification service providers in Dubai like Adepts Chartered Accountants to achieve these important criteria. To assist our clients in achieving the necessary level of ICV scores, we have established a specific sub-service line for ICV certificate. In addition, we can guide businesses on the elements affecting their ICV score and draught audited financial statements following global norms like IFRS.