Why Is ICV Certification Important For Your Business In UAE

The inauguration of the national In-country value program gives a high prospect for suppliers to win contracts with government and semi-government entities. Obtaining an ICV certification in Dubai & UAE provides the corporation with a fixed score throughout contract reviews. The suppliers can get a certificate of ICV demonstrating a score depending on their support according to the current audited financial record and other aspects.

A purchase spread head ICV program was launched in 2018 by the Abu Dhabi National Oil Company to inspire Emiratization, GDP diversification, and strategic concerns. Upon the program’s success, a national ICV program was inaugurated by the Ministry of Industry and modern technology. In the background, the suppliers are needed to comprehend why an ICV certificate is important for business in UAE.

Here Know the Importance of ICV Certification in Dubai & UAE

Suppliers who join the ICV program can add to the UAE’s strategic target of supporting the developing of the local industries and shortening the dependency on imports. The suppliers can also advantage of the funding incentives that would be declared in the future. These are a few of the general advantages, but the major advantages of the ICV certificate UAE are given below –

• Suppliers who participate in the program can pull off the right in demand for domestic products and services as well as the prospect for government contracting.

• Individual businessmen, along with small and medium-sized businesses, can increase their business development as supply chains become localized on account of the ICV program.

• The major purposes of the ICV program comprise enabling local corporations, presenting the products of the local corporations into the market, and presenting good jobs.

• The ICV certificate Dubai program makes more prospects for domestic suppliers to enter partnerships with overseas businesses wanting to pull off the competitive benefits of a joint supply chain.

• The ICV certification holders can have a contracting benefit with the partner corporation and federal authorities.

Who Needs the ICV Certificate in Dubai & UAE

Corporations functioning inside or outside the UAE can make an application for an ICV certificate according to the ICV guidelines. A supplier who directly gives the goods or services requires to announce their score of ICV to get a score throughout their contract process and award procedure. Suppliers of Tier 2 and below classifications are also needed to give their ICV certificate to increase their competitiveness in their contracts with Tier 1 suppliers. ICV certification services providers in Dubai emirate can assist corporations in smoothly getting the certificate.

Major Requirements to Get an ICV Certificate in Dubai & UAE

Corporations making an application for an ICV certificate in Dubai & UAE are needed to comply with a series of terms and needs specified by the MoIAT. Suppliers who are in doubt regarding the process of certification can communicate with providers of customized ICV certificate services. Following are the needs that suppliers should comply with to get an ICV certificate in the UAE.

1. Audited financial records, equipped according to the international financial reporting norms, must be presented by the suppliers looking for an ICV certificate in this country. The audit statement must be inscribed by an authorized auditor and must be not over 2 years older than the certifying year.
2. Corporate groups with many legal units should get different certificates of ICV for every unit. If a corporation has different branches in a similar emirate, a merged certificate can be acquired given that the branches work the similar activity under the same ownership.
3. A corporation with manufacturing and commercial licenses is needed to have a particular accounting statement for commercial and manufacturing activities. The ICV certifying bodies sanctioned by the MoIAT would grant the separate ICV certificate Dubai for a particular license.
4. Corporations that are just 10 months old and units holding no audited financial records are permitted to utilize management accounts for around 9 months for the procedure of ICV certification.
5. The suppliers are needed to make sure that the figures entered in the certificate of ICV tally with their current audited financial record.
6. The ICV certificate will have validity for fourteen months from the issuance date of audited financial records.