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ICV Certification Services in Dubai, UAE
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Business owners operating in the UAE who want to work with government entities and major oil and gas companies must understand the importance of the ICV certificate in Dubai. The certificate was introduced as a part of the In-Country Value program, which promotes the growth of the local economy by encouraging businesses to spend more within the UAE, including on local suppliers, infrastructure, and workforce.
A business’s chances to secure contracts with the government, ADNOC, and other major entities are significantly increased by an ICV certificate in Dubai, UAE. This legal document offers a great advantage to a business, as it shows its commitment to supporting the national economy. With HISAB Taskmaster CAdvisors, the trusted ICV consultant offering comprehensive ICV certification services, you can easily navigate the entire certification process. Our team ensures that every requirement is fulfilled at every step to deliver ICV certification services for your business on time and without hassle.
What is an ICV Certificate in the UAE?
The ICV or In-Country Value Certificate is an official document that reflects a business’s contribution to the Emirates’ local economy. This certificate is a key part of the government-launched initiative to maximize the use of UAE-based resources like local suppliers, workforce, and locally manufactured goods. Before issuing this certificate, a business’s ICV score is calculated based on factors such as employee costs, investments, and spending within the country. With an ICV certificate in Dubai, UAE, you become eligible to secure contracts issued by government and semi-government organizations, particularly in sectors like oil and gas, defense, and energy.
Why is the ICV Certificate Important?
If any business wants to secure long-term success in a competitive and opportunity-rich market, like the UAE, securing an ICV certificate is a must. Here are some benefits that are offered by this important official document:
- Boosts Tender Eligibility - Most government and semi-government organizations prefer to give their tenders or contracts to companies having a valid ICV certificate in Dubai, UAE. So, if you want to qualify to participate in tender bidding, especially for ADNOC or other important major partners' tenders, you must secure this certificate. Businesses actively seeking an ICV certificate in the UAE are more likely to meet the eligibility requirements of these entities.
- Improves Business Reputation - As the ICV certificate is issued for those businesses that prove their contribution to the local economy, this helps them secure a trusted image among clients, suppliers, and authorities, as a business that supports national goals.
- Encourages Local Growth - Another thing that makes this official document important is that it motivates businesses to hire local employees, work with Emirates-based vendors, invest in the country, and support the nation’s vision to become more sustainable.
- Long-Term Competitive Advantage - A high ICV score helps businesses gain a competitive advantage in partnership and contract decisions. Also, it shows a business is compliant and all prepared for the evolving economic policies of the UAE.
Who Needs an ICV Certificate?
Not only big companies or corporations but a wide range of businesses operating in different sectors can apply for the ICV certificate Dubai, UAE. From securing high-value contracts to maintaining competitiveness, this certificate offers many benefits. Here is who needs this certificate:
Suppliers to Government Entities
If you want to become a goods or services supplier for ADNOC, Aldar, and other government-linked entities, you need to secure an ICV certificate, which makes you eligible to participate in tender bidding.
Contractors and Subcontractors
Any company involved in or wanting to be involved in construction, oil and gas, infrastructure, and logistics projects supported by the government needs this certificate to show their contribution to the local economy.
Manufacturing Companies
Businesses involved in the manufacturing of goods within the country need to maintain a high ICV score to win bids for supply chain contracts.
Professional Service Providers
Businesses offering professional services like legal, marketing, consulting, finance, and IT need to apply for the ICV certificate in Dubai, UAE, to work on long-term and high-value contracts.
Foreign Companies with UAE Branches
Foreign businesses operating in the UAE with a local branch need to apply for this certificate to secure a more credible and compliant image.
Companies Renewing Government Contracts
Those who want to renew their existing contracts with the government and major government-supported partners need to maintain a high ICV score and require a valid ICV certificate Dubai, UAE.
What Are the Eligibility Criteria?
To become an eligible applicant for the ICV certificate in Dubai, UAE, you need to fulfil certain conditions that are as follows:
- Legally Operating in the UAE- The business must be officially registered and must have a valid mainland or free zone business license.
- Minimum One Year of Operation- A business with over 12 months of operational history, which means a new business has to wait until its audited finances are ready.
- Audited Financial Statements- Financial documents associated with the recent fiscal year that are signed by a licensed audit firm and approved by the MoE need to be provided.
- Local Contribution Factors- A business with high local involvement, including Emirati employees, local supplier usage, UAE-based expenses, and others, has a good ICV score, which is another eligibility factor for the ICV certificate in Dubai, UAE.
Step-by-Step ICV Certification Process
To obtain an ICV certificate in Dubai, UAE, you have to follow a specific process that needs to be followed, and under the guidance of a professional ICV certification services, you can easily navigate this process:
1. Prepare Your Audited Financial Statements – Before applying for the ICV certificate, ensure that your most recent financial statements (covering 12 months) have been audited by an approved audit firm in the Emirates.
2. Fill Out the ICV Template- MoIAT provides a standard ICV template; you need to enter details about your business, like expenses, revenue, Emirati employee costs, and more.
3. Choose an Approved Certifying Body- After filling in the details in the template, you need to select an ICV certifying body that will verify and issue your certificate. Only pre-approved certifying bodies on the list can be selected.
4. Verification & Evaluation- The chosen certifier will review your application and supporting documents, or may request more data during this stage. Once everything is cleared, the certifying body validates your application and supporting documents, making sure you’re compliant with the required ICV standards.
5. Receive Your ICV Certificate- After that, you will be provided with the ICV certificate, which will show your company’s ICV score and remain valid for 14 months from the date of your audited financials.
With expert ICV certification services in the UAE, like HISAB Taskmaster CAdvisors, you can easily navigate this complex process without any hassles.
Key Guidelines and Requirements for ICV Certification services
You must be aware of all the rules and requirements associated with the ICV certificate Dubai, UAE, before applying for this certificate, as it will make sure your application process goes smoothly. Here are the key points you need to keep in mind, as any error or missing document can slow down the ICV certification process:
1. Use of MoIAT Template – Any applicant operating in any sector within the UAE must complete the official ICV template provided by MoIAT, which must be filled out accurately to avoid any delay.
2. Audited Financials Are a Must – If the audited financial statements submitted along with the application for the ICV certificate are older than two years from the date of ICV submission, you will fail to meet the eligibility for the ICV. So, you must make sure that valid financial statements are signed and stamped by an Emirates-based audit firm.
3. Separate Certificate for Each License – If you own a company that has multiple trade licenses, then for each license, you need to secure a separate ICV certificate, which is a must to maintain transparency.
4. Consistency with Other Filings – The information on the ICV template and audited financial statements, and other documents submitted, must match; if any mismatch is found, the entire certification process will be delayed.
5. Annual Renewal – The validity of the ICV certificate is 14 months, starting from the end date of your audited financials. So, if you want to secure this certificate for the long term, you need to remain compliant with standard ICV requirements, maintain a high ICV score, and apply for renewal before its expiration.
Documents Required for ICV Certification Application
Before you apply for an ICV certificate in Dubai, UAE, you need to prepare the required documents that verify your company’s financial status and contribution to the local economy. Here are some documents that typically need to be prepared:
- Audited financial statements prepared by a certified audit firm in the Emirates and not older than 2 years from the application date.
- A completely and accurately filled ICV template provided by MoIAT.
- Copy of your company’s valid trade license.
- Details of your business’s legal and ownership structure.
- Proof of salaries paid to Emirati employees, like WPS reports or payroll summaries (if applicable).
- Invoices that can prove your company’s expenses spent within the UAE, like rent, suppliers, and others.
- A documentation that provides details about your fixed assets in the UAE, like machinery, property, and others.
- A list of vendors or subcontractors based in the UAE, with their TRNs and services provided.
How is the ICV Score Calculated?
The ICV score is a percentage that shows how much a business contributes to the UAE’s local economic growth. An approved certifying body calculates this score based on the data provided in a business’s submitted audited financial statements and the ICV template. Several factors impact this score, including how much a business spends with local suppliers, how many Emirati employees it employs and pays, and how much of its operations and assets are physically based in the Emirates.
The higher ICV score reflects greater local contribution of a business, helping it gain a competitive advantage when bidding for government and ADNOC-related contracts.
ICV Improvement Plan For Ongoing Projects
Those businesses operating in the UAE that do not have a high ICV score can still participate in government and ADNOC-related tenders by submitting an ICV improvement plan. This document shows how a business increases its ICV value or score throughout a contract or project. This plan outlines steps a business needs to implement to maximize their local spending, hire more Emirati employees, partner with local suppliers, and more. So, even if you’re still building a high ICV score for your company, you can have a chance to secure government and ADNOC projects, as these entities often accept an ICV improvement plan for long-term and high-value projects.
Approved ICV Certifying Bodies in the UAE
To obtain an ICV certificate in Dubai, UAE, a company needs to choose a pre-approved certifying body by MoIAT, which will review documents and applications submitted by the company. The MoIAE-authorized certifying bodies are registered firms that have a license and have been properly trained to verify the submitted ICV template by the applicant and calculate its score based on standard guidelines. These bodies make sure every requirement is aligned and the business is compliant with the ICV framework. You just need to make sure you choose a certifier from the pre-approved list that is familiar to your industry.
Validity and Renewal of ICV Certificate
In the UAE, an ICV certificate remains valid for 14 months from the date of the applicant’s audited financial statements, and not the certificate issuance date. For example, if a company’s financials were audited in January, the ICV certificate will remain valid until March of the following year. So, if a company wants to continue winning government and ADNOC projects, it must renew its ICV certificate annually before expiration.
Cost of Getting an ICV Certificate
The cost to obtain an ICV certification in Dubai is not fixed, as it depends on various factors, including a company’s size, complexity of a company’s financials, certifying body chosen, and more. However, the average cost ranges between AED 5,000 and AED 15,000. This cost generally covers reviewing audited financial statements, verifying the submitted ICV template, and issuing the final certificate.
How HISAB Taskmaster Can Help You
Applying for an ICV certificate in Dubai, UAE, might seem complex for you, but with a reliable ICV consultant, you can navigate this process without stress. Make HISAB Taskmaster CAdvisors your trusted ICV consultant to make this complex process simple. We have years of experience and have served many companies from diverse sectors in applying, securing, and renewing ICV certificates.
Our experienced experts are well-versed in all guidelines set by MoIAT and help our clients prepare financial statements, fill out the ICV template, choose and coordinate with chosen approved certifiers, and more. Additionally, we also guide our clients on how they can improve their ICV score and enhance their competitiveness in the local market. Connect with HISAB Taskmaster CA Advisors to secure reliable, transparent, and fast ICV certification services in the UAE.
Frequently Asked Questions about ICV Certificate Dubai, UAE
How to Get ICV Certificate in UAE?
In order to get an ICV Certification services in UAE, one needs to take a simple step to communicate with the Taskmaster professionals who will guide you and help you in getting an ICV certificate.
Who issues the ICV Certificate?
An ICV certificate UAE can be just acquired from an ICV-sanctioned auditor firm. The ICV auditor company would just issue the ICV certificate based on the audit report of a unit granted by a sanctioned external auditor firm from the UAE government.
Who needs an ICV Certificate?
ICV certificate can be acquired by every legal unit, which wants to take a part in the tender with the ADNOC and its group units. The ICV certificate Dubai will be arranged depending on the current audited financial records, which will not be over 2 years from the year of certification.
What are the key considerations for obtaining an ICV Certificate?
The key considerations of an ICV certificate UAE are – audited financial records, arranged as per the IFRS and not more than 2 years old, an ICV certificate will be acquired for every license of a venture, the companies are not old than 10 months, and don’t have audited financial records, for a 9 months duration can be utilized for the purpose of ICV certificate.
What is the validity of the ICV Certificate Dubai?
The validity of the ICV certificate Dubai is for 14 months from the issuance date of the audited financial records.
How much does it cost to obtain an ICV Certificate in UAE?
The cost of an ICV certificate in UAE differs based on the company size and the required processes to be performed to grant an ICV certificate.
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