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How to get an ICV Certificate in the UAE?

Inspire Ms TaxConsultancy can help implement an efficient plan to make the ICV certificate proceedings much organized and lower time-consuming.

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Abu Dhabi National Oil Company (ADNOC) was established in 1971 to work in all areas of UAE’s Oil & Gas industry and is headquartered in Abu Dhabi. In terms of figures as of today, United Arab Emirates holds the seventh-largest proven reserves of oil in overall the world at97.8 billion barrels, all mostly located in Abu Dhabi. ADNOC is the world’s 12th bigest oil company by production, producing3.1 million barrels per day
It's a brilliant action. Making contributions to In- Country Value (ICV) is connected to business motivated programs, which inspires local suppliers to start concentrating further on obtaining an ICV certificate. The action aims to promote economic development in the UAE & help local businesses in doing business with large association like ADNOC. The trait enables" sharing entities"to localize their business operations & help the UAE to further economically grow. ADNOC focuses on helping near & international affiliations and openings by incorporating ICV measures into its business assessment measures, thereby increasing job openings for UAE nationals & having a good impact on the globe.

ADNOC consists of 15 subsidiary companies, covering all stages of Oil & Gas production, as given below

  • Exploration and production of oil and gas – ADNOC Onshore, ADNOC Offshore, ADNOC Drilling, Al Yasat Petroleum, Al Dhafra Petroleum
  • Processing and Refining – ADNOC Gas Processing – GASCO, Abu Dhabi Polymers Company (Borouge), ADNOC Sour Gas, ADNOC Oil Refining Company (Takreer), ADNOC LNG, ADNOC Fertilizers, ADNOC Industrial Gas
  • Marketing & Distribution – ADNOC Distribution, ADNOC Logistics & Services, Abu Dhabi Crude Oil Pipeline LLC (ADCOP)

In earlier times, each Subsidiary had their own Vendor registration program. But now, ADNOC has centralized the registration process for all their subsidiaries, which means that with only one registry your company becomes eligible to be invited to bid for any relative tenders from any of the subsidiaries, therefore slicing down a great amount of time and effort spent on registrations.

You Should Be Aware Of A Few Guidelines

The application procedure for an ICV certificate is fairly simple. Still, a few guidelines you should always be aware of. They're as follows

  • ICV certification can only be issued by empanelled ICV certifying bodies in the UAE.
  • Once a supplier has applied for ICV certification, they must obtain a individual ICV certificate for each trade licence they hold. Each operating trade permit will be regarded as a individual legalentity.However, the company will be issued a single integrated ICV certificate, If a company has many outlets running under one permit.
  • The candidate should complete the ICV Certification Templates.
  • All figures in the ICV template should come from an organization's most recent IFRS compliant audited financial statements, which should be no more than two years old. Organizations that have been in operation for less than ten months & don't have audited financial reports can use figures from their management accounts. Keep in mind that the accounting systems should be no more than 9 monthsold.However, they must be assessed by an approved accounting company before being used, If this is the case.
  • Once obtained, the certificate is valid for a very long time from the date of issuance of the audited financial statements. Before the time limit expires, organisations can reapply for ICV certification.
  • However, they won't switch certifying bodies during their certification unless they've a good reason, If an organisation chooses an empanelled certifying body to verify them for certification.
  • A organization's submission will contain all of the organization's expenses & earnings for the fiscal year.
  • In the ICV Template, all figures should be in AED. Exemptions must be granted whenever feasible.
  • An invoice issued by the organisation during the year can be used as a substitute, If an organisation is unable to give consumption specifics from a seller.
  • Any assumptions & estimations made in the ICV Template should follow the guideline instructions.
  • Each figure presented by the supplier should be accompanied by supporting documentation, permitting for a detailed examination of all provided data. An assigned agent of the participating bodies can inquire for a performance evaluation of each ICV Certificate Template being investigated by the certifying body at any moment during the verification. Any required data should be provided to the agent by the certifying body & provider whenever it's requested.
  • carelessness or falsifying an organization's submission will result in a penalty being imposed on the referred organisation. These fines may include a prohibition on collaborating with ADNOC.

Eligibility for ADNOC enrollment ?

SPC approval,pre-requisite forADNOC enrollment, is ideally given to a company having its license issued by Abu Dhabi mainland licensing authority and owning at least 51 of its shares owned by an Abu Dhabi local.

Of late, SPC approval is also being rewarded to companies formed at the various free zones of Abu Dhabi. However, the approvals for Abu Dhabi free zone based companies are determined by SPC on case to case base.

Following types of companies can be enrolled with ADNOC

  • Vendor/ Trader to supply Products to ADNOC
  • Manufacturer that produces materials or end products to supply them to ADNOC
  • Contractor delivering Services to ADNOC
  • While Seller and Contracting companies must have their license issued from Abu Dhabi to be eligible for ADNOC enrollment, Manufacturers from across UAE are eligible to be enrolled.
  • Indeed Overseas manufacturers who wish to supply products to ADNOC can do so by having a tie-up with the applicable Seller company in Abu Dhabi

Hire the Best ICV Auditors in Dubai, Inspire Ms Tax Consultancy

We strive to improve your ICV score & add the incremental result of each stage to our impact analysis report as the stylish and most professional ICV auditors in the UAE. We can gain a better understanding of your company's financial situation & help you with a thorough auditing process with no flaws, effective guidance & assistance with filing the ICV template, & the creation of a unified ICV certificate. Our knowledgeable team understands how to conduct a thorough examination of financial data to help customers in attaining the best ICV score possible under the ICV rule. We're committed to completing the ICV certification on time, & we will dedicate all of our resources to completing the ICV certification proceedings.

Our customised services are available in Dubai, Abu Dhabi, Sharjah, and throughout the UAE. We suppose that everything begins with a good focus on the smallest details, a detailed investigation of all prospects, & the execution of the proper arrangements that have a genuine impact on your business. That's why we strongly advise you to seek out the best expert ICV certification bodies in the UAE, similar as Inspire Ms Tax Consultancy, to insure that you're in working order. Call on Mobile.No: +(971) 504884714, +(971) 543353947, Landline: +971 2 5551949 or for further information or questions about in- country value instrument conditions.

ADNOC Supplier Registration

As a company coming across to explore business opportunities from ADNOC, you can rely on our expert consultancy services.
Our team of experts is genuinely well versed with all the proceedings of the ADNOC enrollment. We'll be capable to analyze your company’s eligibility for ADNOC and be able to offer you with the best solutions. ADNOC enrollment process is quite a tedious and lengthy one, and thus we, at InspireMsTaxConsultancy, can help implement an efficient plan to make the proceeding much organized and lower time- consuming.

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