ICV Certification Services
Accurate Accounting Solutions is one of the leading In Country Value Certification Consultants in Abu Dhabi
The In-Country-Value program (ICV) initiated by ADNOC in the year 2018 is a plan to maximize the value of our nation’s petroleum and gas resources to boost the growth of the UAE’s economy and diversification.
Recently, there was 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 Company (Participating entities) as well as Mubadala Investment Company (Participating entities) the implementation of the unified In-Country Valuation (ICV) Program Version 3.0. 3.0.
The aim of ICV Certification
- Emiratization Creating more opportunities to work with Emiratis within the business sector.
- GDP Diversification More of goods and services are made available in the country to boost diversification
- Strategic considerations Essential components in the value chain have localization to specific categories of companies.
Why ICV Certification?
- ICV Score forms an essential component of the bid evaluation of the participants and will provide additional weightage to vendors and suppliers in the award process.
- Entities indirectly associated with tenders also gain benefits from the ICV certification program. ICV-certified suppliers’ “spend” that remains within the UAE or contributes to the UAE economy is deemed eligible for ICV calculations.
Essential aspects of ICV Certification
- ICV Certification is based on the entity’s most recently examined IFRS accounts and must not be more than 2 years prior to the year of certification.
- For new companies (less than 10 months older) that don’t have audited financial statements, the management accounts for a time of up to 10 months are acceptable for ICV calculations.
- The ICV certificate is valid 14 months after issuing the audited financial statements.
- ICV Scores are determined using a defined procedure that assesses the value of economics added to the country by the products or services offered by the organization. The following areas are included in the calculation ICV Score: ICV Score:
How can we assist you to get ICV Certificates?
Accurate Accounting Solutions is recognized by the various certifying bodies that issue an ICV Certificate to the relevant authorities. In addition to the issuance of this certificate, we also work with clients to comprehend their needs, assist them with ICV calculation, and suggest improvements in their operations and business processes. We are also committed to updating our clients with the latest information on the ICV program and offering suggestions for policy changes if needed.
What exactly is the ICV program?
The National In-Country Value Program (ICV) is a UAE government program that seeks to improve the economy and strengthen the local economy by redirecting a larger part of public spending to the nation’s economy. The National ICV is a certificate given to suppliers where they are assessed. The suppliers who have been certified are granted an advantage in awarding contracts and purchases according to the ICV score.
Who are the entities that participate in the ICV program
The entities that implement the in-country value (ICV) program together are known in the context of “Participating Entities” and include the Abudhabi Department of Economic Development (ADDED), ADNOC, ALDAR, MUBADALA, Etisalat, Emirates Nuclear Energy Corporation, Etihad Rail, Shurooq, EDGE. Participants can use the ICV Certificates to evaluate their tenders to procure.
What are the benefits of ICV?
As part of this ICV Program, more products and services are procured within the UAE to help support Dubai’s economic diversification. In addition, the Program will provide more job opportunities for Emiratis working in the private sector. The crucial components that make up the value chain are sourced locally for specific categories of companies.
What is the best way to get suppliers involved in the program?
To be a part of ICV, suppliers must follow a few simple steps. ICV Program, suppliers need to follow a few steps:
- Issue audited financial statements Based upon International Financial Reporting Standards (IFRS) (management accounts for newly established entities with a period of fewer than 10 months.)
- Complete the ICV template according to the guidelines.
- Choose one of the approved certification bodies to be evaluated.
- After the ICV certificate has been received after which, a supplier is allowed to present it to any participating entity.
Who is the person who issues the ICV Certificate
Ministry of Industry and Advanced Technology (MOIAT) has permitted certain professional firms known as “Certifying Bodies” to verify and issue the ICV certificate.
Accurate Accounting solutions is one of the certified certifying bodies authorized by ICV certification in Abu Dhabi.
What is ICV Score?
ICV Scores are determined based on a pre-defined procedure that evaluates the value of economics added to the country to the products or services offered by the company. The score is calculated after considering the following and is expressed as an amount:
- Made-to-order goods/third-party expenditure
- Expatriate contribution
- Bonus on exports Emirati number of employees and growth in investment
Validity of the certificate
The certificate’s validity extends for 14 months, starting from when it was issued on the audited financial statements. The provider can be recertified within the period of validity of the ICV certificate if the supplier wishes to do so using the same financial statements that have been audited; however, its validity period of 14 months after the initial issue will be maintained.
Is ICV compulsory in UAE?
ICV certification is mandatory for any business that wishes to participate in governmental or semi-governmental tenders. The ICV factor is responsible for the tender’s weightage evaluation. But, it isn’t an obligation.
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