In Country Value Certificate in Dubai Assurance & Audit Services In UAE

In 2017, Abu Dhabi National Oil Company (“ADNOC”) launched the Inland In Country Value Certificate in Dubai to  boost  the country’s economy by supporting local businesses. The program aims to promote economic diversification and In country certificates for dubai nationals. Thereafter, in 2019 and 2020, various government and quasi-government companies were participating entities (individually  “PE” and collectively “PE”), specifically the National Petroleum Company.

Abu Dhabi National Council (“ADNOC”), Ministry of Economic Development, Abu Dhabi. Dubai. (“DED”), Aldar Properties PJSC (“Aldar”) and Abu Dhabi Ports Company PJSC (“ADPC”) have partnered to expand the ICV certification process to suppliers across various sectors in Abu Dhabi. Dubai and UAE. As a result, the ICV program has been renamed the Unified National Value Program (“ICV”), where  ICV scores will be used by all EPs based on their own procurement processing principles.

In Country Value Certificate in Dubai

An In Country Value Certificate in Dubai for submissions of government and ADNOC tenders. The In-Country Value (ICV) Program’s main objective is to diversify the economy of the UAE by localising more goods and services, increasing the number of private sector jobs available to UAE nationals, and localising crucial operations in various industries. The Program was later put into action on a national scale under the guidance of the Ministry of Industry and Advanced Technology (MoIAT) 2021.

The Ministry of Industry and Advanced Technology’s mission of enhancing the productivity and sustainability of the UAE’s industrial sector is supported by the In-Country Value (ICV) initiative. The In-Country Value certificate assesses a company’s contribution to the regional economy. Based on their ICV score, certified suppliers are given benefits when contracts and tenders are awarded. Companies are given the first option in the tendering process with the ICV certificate.

The strategic localization of supply chains, the development of new local businesses, the diversification of the economy, the expansion of exports, the creation of worthwhile job opportunities in the private sector, the augmentation of research and development and advanced technology spending, and the enhancement of the private sector’s share of national GDP are the main goals of the ICV program.

The program’s strategic partners include a number of government agencies and top national businesses operating in a variety of industries, including the corporations that implement the program, include

The Objectives of the In Country Value Certificate in Dubai

Emiratization: creating additional employment opportunities for Emiratis in the private sector

GDP Diversification: supporting UAE GDP diversification through sourcing more Goods and Services within the UAE; and

Strategic Considerations: localising strategically critical parts of the value chain for selected categories.

PEs admonish vendors to go through the ICV review procedure and receive an ICV certification. To take part in the bids offered by PEs, an ICV certificate is not required. Although providers without the certification will be seen as having a 0% ICV score, those who do will have an advantage during the tendering process.

A standardised supplier submission template has been made available to suppliers by all PEs. The data from the suppliers’ audited financial statements should be added to this template by the suppliers. Forthright will carry out the specified procedures on the data in the submission template as required by the ICV Committee and publish a report of factual findings. This ICV certificate will be valid for 14 months starting on the date of the audited financial statements or two months starting on the date that the audit report for the following fiscal year is signed, whichever comes first.

You will be guided by the Forthright team through the ICV certification procedure. In order to streamline your accounting records, assure proper ICV certification, and add clarity to the process, Forthright will tell you of the important issues highlighted at the conclusion of the assignment.

The ICV program is a forward-thinking project that supports the UAE’s efforts to grow, develop, and diversify. In partnership with our esteemed associates, Forthright is honoured and committed to working with the PE-established ICV Committee to implement the ICV program and assist suppliers with their requests for ICV certification.

How to apply for an In Country Value Certificate in Dubai?

Suppliers must be aware of the requirements before applying for an ICV certificate in the UAE. Suppliers may assist ICV certification service providers in Dubai in obtaining their ICV certificates.

If the suppliers need to be certified, they should obtain the ICV certificate for each of their numerous legal organisations. Even if the owner of the Firm is the same, the government regards each licence as a separate legal entity.

If a company has many branches in the same Emirate that carry out equivalent operations and are owned by the same entity, the MoIAT will issue a combined ICV certificate for the Firm in that Emirate.

FREQUENTLY ASKED QUESTIONS ON THE ICV CERTIFICATE

What is “In-Country Value”?

The degree of indigenization of a business in the UAE is referred to as its in-country value, or ICV.  Simply said, the In-Country Value is the amount of money spent by a company that stays in the UAE.

What is an ICV Score ?

The ICV Score quantifies the monetary value add that a company brings to the UAE economy. It is a weighted average percentage of its contribution to goods manufactured or third-party spending (up to 50% weight), investment (up to 25% weight), Emiratization (up to 15% weight), expat contribution (up to 10% weight), and a bonus component (up to 5% weight) that includes factors like revenue from abroad, Emirati headcount, and investment growth. The In Country Value certificate includes a methodology that calculates the ICV score.

What is a National ICV Certificate?

A National ICV certificate combines the ICV methodology and the criteria mentioned above into a single In Country Value certificate in dubai. Based on the audited financial accounts of the preceding fiscal year, the ICV score is calculated using these five factors. Financial statements must be no more than two years old as of the certification year. Each licence within a group is regarded as a separate legal entity for firms having several entities. The In Country Value certificate in dubai is valid for 14 months after the audited financial accounts are issued. During this time, the provider can be recertified, but the 14-month validity period from the first issue continues.

Who issues the ICV certificate?

A few notable organisations have been appointed as authorised ICV certifiers by the Ministry of Industry and Advanced Technology.   We have a specialised ICV team to both advise you on the ICV program and to ensure that your organisation receives ICV certification as quickly as possible.

What is an ICV Audit?

An ICV audit, as the name implies, is a comprehensive and in-depth examination of where your company stands in relation to the ICV process and the various criteria used to calculate the ICV score. As an authorised ICV certifying firm, Forthrightconsultancy conducts comprehensive, high-quality ICV audits. We review your financials, processes, and internal controls, identifying and closing gaps to ensure smooth and timely ICV certification.