A Comprehensive Guide for Businesses on How to Acquire an ICV Certificate in Dubai

Introduction

The In-Country Value (ICV) certification is an essential requirement for businesses operating in the UAE, particularly those seeking government and semi-government contracts. The ICV certificate in Dubai helps companies enhance their competitiveness by demonstrating their contribution to the UAE economy. In this guide, we will explore the process of obtaining an ICV certificate, its benefits, and the role of ICV consultants in streamlining certification.

What is ICV Certification?

The ICV program, initiated by the Abu Dhabi National Oil Company (ADNOC) and later expanded to other entities, aims to localize supply chains and increase economic contributions within the UAE. The ICV certification in Dubai evaluates a company’s economic value contribution based on various criteria, including local procurement, employment of UAE nationals, and investments in the country.

Why is an ICV Certificate Important?

Obtaining an ICV certificate in the UAE offers numerous benefits, including:

• Enhanced Business Opportunities: Companies with high ICV scores gain priority in government tenders and contracts.

• Increased Competitiveness: A higher ICV score can improve business credibility and market positioning.

• Encouragement of Local Sourcing: The certification promotes the procurement of locally manufactured goods and services.

• Support for Economic Growth: Companies contribute to the UAE’s long-term economic development.

Steps to Obtain an ICV Certificate in Dubai

Acquiring an ICV certificate in Dubai requires adherence to specific steps. Below is a step-by-step guide to obtaining certification:

1. Understand ICV Requirements

Before applying, businesses should familiarize themselves with the ICV program’s criteria, which focus on local expenditure, manufacturing activities, and workforce composition.

2. Engage with an ICV Consultant

Hiring an ICV consultancy can simplify the certification process. An experienced ICV consultant can guide businesses through compliance requirements, documentation, and evaluation processes.

3. Prepare Financial Documents

Businesses must submit audited financial statements from the previous fiscal year. These statements must be prepared by a registered auditor to ensure compliance.

4. Submit the Application

The application, along with the necessary financial documents, should be submitted to an ICV certification services provider accredited by the relevant UAE authorities.

5. Evaluation and Issuance

Once submitted, the certifying body will assess the company’s economic contributions based on the provided data. If the requirements are met, the ICV certification in Dubai will be issued.

Choosing the Right ICV Consultancy

Partnering with a reputable ICV consultancy can make the certification process smoother. Professional consultants assist businesses in improving their ICV scores, ensuring compliance, and maximizing their economic contributions.

Conclusion

Securing an ICV certificate in Dubai is a strategic move for businesses aiming to expand their market presence and secure government contracts. With the support of expert ICV consultants, companies can efficiently navigate the certification process and unlock the benefits of ICV certification. Investing in ICV compliance not only enhances business credibility but also contributes to the UAE’s economic growth.