Inspire Ms Tax Consultancy's ICV Approved Auditors help you in issuing an ICV (in country value) Certificate with the respective authorities in UAE.
The In-Country-Value Program (ICV) pioneered by ADNOC in 2018 is an initiative designed to attain the optimum value from our nation’s oil and gas resources to stimulate the UAE’s economic process and diversification.
Recently, the Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National oil company, Abu Dhabi Ports Company PJSC, Aldar Properties PJSC, Emirates nuclear energy Corporation, and Mubadala investment trust (Participating entities) even have collaborated during this program by implementing a unified In-Country Value (ICV) Program, Rev. 3.0.
The National In-Country Value Program (ICV) is a UAE government program that aims to boost economic performance and support local industries by redirecting higher portion of public spending into the national economy. The National ICV is a certificate issued to suppliers in which their contribution to the local economy is evaluated. The certified suppliers are then given an advantage during the award of contracts and purchases based on their ICV score.
All the entities who have implemented the In-Country Value (ICV) program jointly are mentioned as “Participating Entities” and includes Abudhabi Department of Economic Development (ADDED), ADNOC, ALDAR, MUBADALA, Etisalat, Emirates nuclear energy Corporation, Etihad Rail,Shurooq, EDGE. ICV Certificates are employed by the Participating entities in evaluating their tenders for procurement
As a section of ICV program, more goods and services are sourced within the country, during a move to support UAE’s GDP diversification. Also the Program will generate more employment opportunities for Emiratis within the private sector and important parts of the worth chain are going to be localized surely categories of companies
To join the ICV Program, suppliers got to follow few simple steps:
Who issues the ICV certificate?
Ministry of Industry and Advanced Technology (MOIAT) has authorized certain professional firms called “Certifying Bodies” to verify and issue the ICV certificate.
A Company who has been authorized by the MOIAT for verification of Suppliers’ ICV certificate application and issues the ICV certificate.
ICV Scores are calculated using pre-defined methodology by assessing the value added within the country for the products or services provided by the entity . The score is decided after taking the below into consideration and is described as a percentage:
No, the ICV certificate isn't limited to company size.
The entity must have audited IFRS financial statements which shall not be older than 2 years from the certification year and other requirements requested by the certifying bodies.
The certificate’s validity is 14 months from the date of issuance of the company’s audited financial statements. The supplier can get recertified during the validity of the ICV certificate if he chooses to, using an equivalent audited financial statements, but the validity of 14 months from the primary issue will remain.
ICV certification is required for all companies that wish to use to governmental and semi-governmental procurements. The ICV factor accounts for a particular weightage in tender evaluation.However, this is often not a compulsory requirement.
Yes, free zone companies can obtain an ICV certificate
Branches are often combined if they exist in one emirate and their activities are similar. For the branches in several emirates, a certificate for every license must be obtained.
Below are the critical considerations for the national ICV program:
The fee for an ICV certificate varies counting on the size of the corporate and therefore the procedures required to be performed.
ICV may be a national program implemented of Ministry of Industry and Advanced Technology because it aims to support the national industry and redirect amounts spent in procuring goods and services towards the economy.