How to get ICV Certification in UAE: In-Country Value (ICV) certification has become essential for businesses looking to thrive in the UAE. Introduced by the Abu Dhabi National Oil Company (ADNOC) and supported by other government entities, the ICV program encourages economic diversification by boosting local industries and creating employment opportunities. ICV certification demonstrates your company’s commitment to the UAE economy, making your business eligible for government and semi-government contracts. For companies seeking to obtain this certification smoothly and efficiently, Abstract Accounting and Auditing Services in Dubai offers comprehensive ICV compliance services. This guide walks you through the certification process and how Abstract Accounting and Auditing Services can help you achieve it.
1. Understanding the ICV Certification Program
The ICV certification is part of a national initiative that assesses companies based on their contribution to the local economy, from investments and hiring practices to sourcing materials locally. Companies are scored on their performance in areas such as Emiratization, local procurement, and overall contribution to the UAE’s GDP. This score determines their eligibility for government contracts, making it an essential credential for businesses aiming to work with government bodies or entities aligned with the UAE’s Vision 2030.
2. Why ICV Certification is Important for Your Business
Having an ICV certification offers multiple benefits, including:
- Enhanced Opportunities: Companies with high ICV scores have priority for government contracts.
- Competitive Advantage: ICV-certified companies are viewed favorably by partners and clients within the UAE.
- Growth Potential: Companies contributing to local value are more likely to attract investment and expand within the region.
Achieving ICV certification through Abstract Accounting and Auditing Services can streamline your process and ensure that your documentation meets the standards set by the UAE government.
3. Steps to Obtain ICV Certification in the UAE
Here’s a step-by-step breakdown of the ICV certification process and how Abstract Accounting and Auditing Services can support you:
Step 1: Initial Assessment and Documentation Collection
To start, Abstract Accounting and Auditing Services will conduct an initial assessment to determine your business’s readiness for ICV certification. During this phase, they will:
- Collect necessary financial records, including audited financial statements.
- Review all key financial data, including profit margins, expenses, assets, and salaries.
- Gather additional data on your local procurement and Emiratization efforts.
By working with a certified firm like Abstract Accounting and Auditing Services, you ensure that your documentation is complete, accurate, and ready for submission.
Step 2: Calculate Your ICV Score
Based on the collected data, Abstract Accounting and Auditing Services will calculate your ICV score, which will highlight areas of strength and improvement. Your ICV score is determined by evaluating the following factors:
- Local Procurement: The percentage of goods and services sourced within the UAE.
- Emiratization: The number of UAE nationals employed by your company.
- Investment in UAE: Any capital invested within the UAE that contributes to the local economy.
- Exports and Value Addition: Goods and services exported out of the UAE.
This score calculation will allow you to see where your company stands and prepare for any improvements needed.
Step 3: Prepare for Certification Application
The application process requires that your ICV score is documented accurately, and all compliance requirements are met. Abstract Accounting and Auditing Services will work closely with you to ensure all criteria are fulfilled, completing necessary paperwork, and preparing your application for submission to the designated certification body.
Step 4: Submit for ICV Certification Audit
Once all documents are prepared, Abstract Accounting and Auditing Services will guide you through submitting your application to a certified ICV auditor. During this stage, an audit is conducted by an independent ICV certifier to verify the accuracy of your submitted data and confirm compliance with UAE ICV requirements.
Step 5: Receive Your ICV Certificate
Following the successful audit and verification process, your ICV certificate will be issued. The certification is valid for one year, after which you will need to renew it to maintain your eligibility for ICV-related opportunities.
4. How Abstract Accounting and Auditing Services Can Help
Abstract Accounting and Auditing Services in Dubai are experts in ICV certification, providing a range of services to assist clients through every step of the certification process. Here’s how they can make the process seamless and efficient:
- Experienced Team: With a team of skilled professionals, they provide industry insights and ensure accuracy in documentation, calculations, and compliance.
- Tailored Services: Abstract Accounting and Auditing Services offer personalized services based on your business’s unique needs, making sure all ICV requirements are met.
- Efficient Process: They streamline the entire ICV certification process, from assessment and document preparation to audit submission, saving you time and resources.
- Ongoing Support: They provide annual renewal services and support for companies looking to improve their ICV scores and compliance standards.
5. Renewing Your ICV Certification
ICV certification is an annual requirement, meaning businesses must renew their certification each year to stay eligible. Abstract Accounting and Auditing Services can assist you with the renewal process, ensuring your documents are updated and your company remains compliant with any new regulations.
6. Contact Abstract Accounting and Auditing Services for ICV Certification in Dubai
Ready to get started on your ICV certification journey? Abstract Accounting and Auditing Services is here to help you navigate the process smoothly. With their guidance, your business can achieve ICV compliance and benefit from the vast opportunities available to ICV-certified companies in the UAE.
Contact Abstract Accounting and Auditing Services today to learn more about how they can support your ICV certification and compliance needs in Dubai.
We are MOIAT Approved Consultant. For more information and registration visit us: www.abstractauditing.com
