Concerned about the potential financial penalties for non-compliance with ICV certification requirements in the UAE?
Businesses in the UAE are required to obtain an ICV (In-Country Value) certification to participate in government tenders and contracts. The ICV certification is a measure of the local value-added by a business and it is calculated based on the amount of money the business spends on local goods and services, local employment and local investment.
Benefits of having ICV Certification for your Business in UAE,
- Access to Government Contracts:
ICV certification is mandatory for businesses to participate in government tenders and contracts. By obtaining the certification, businesses can access a significant market opportunity, as the UAE government is one of the largest buyers of goods and services in the country.
- Competitive Advantage:
Having an ICV certification can give businesses a competitive advantage over non-certified companies. It demonstrates that the business has a strong commitment to the local economy, which can be a critical factor in winning tenders and contracts.
- Compliance with Local Regulations:
The UAE government has made ICV certification mandatory for businesses that want to participate in government tenders and contracts. By obtaining the certification, businesses can ensure that they are in compliance with local regulations.
- Positive Impact on the Local Economy:
The ICV certification promotes the use of local goods and services, local employment, and local investment, which can have a positive impact on the local economy. By obtaining the certification, businesses can contribute to the economic development of the UAE.