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ICV Certificate

What is an ICV Certificate?

ICV Certification, i.e., In-Country Value Certification, refers to a program in UAE (in Abu Dabhi at the moment) that redirects high public spending to the economy of UAE based on a government process. The program intends to boost the country’s economic performance and help local industries. The ICV certificate registration in UAE thus meets the following purposes- 

  • To locate the supply chain strategically  
  • To develop new services and local industries 
  • To attract and stimulate investments from foreign countries  
  • To diversify the overall economy 
  • To create employment opportunities among the private industries  
  • To increase the contribution of the private sector to the nation’s GDP 
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How to Register for the ICV Certificate

CV certificate filing company in UAE must follow the below steps to complete their registrations- 

Issue the Audited Financial Statement 

To start, one should issue the audited financial statement according to the latest IFRS Standards. Alternatively, you may use management accounts for your newly establishment entities of les than the period of 10 months.  

Get the ICV Template 

You should fill out your ICV template according to the latest guidelines.  

Proceed for Evaluation 

Next, you must look for one of the UAE-based authorized and certified bodies to undergo further evaluations.   

Receive Your ICV 

In the final step, you will receive the ICV Certificate. In this way, you may easily submit it to any of your participating entities. 

How to Register for the ICV Certificate

An ICV Certificate is a vital credential for many UAE-based companies belonging to diverse industrial segments. These include oil and gas, construction, ICT, healthcare, and similar others. Moreover, ADNOC suppliers and contractors with their subsidiaries must get an ICV Certificate. These include the firms supplying goods and services to ADNOC, like drilling contractors, engineering companies, logistics providers, and many more. In Country Value Certificate registration in UAE is ideal for other companies as well who want to perform business activities with the UAE government. 

Eligibility Criteria to Obtain an ICV Certificate

Your business must hold the latest operating license and be compulsorily registered with UAE’s government agency.

The business must be in any region of the UAE and provide a product or a service.

Every organization should fulfill its specific ICV requirement for its industry’s segment.

Documents required for In-Country Value Certificate registration 

Almost every type of company or business must produce the following fundamental documents for In Country Value Certificate Audit in UAE, followed by the ICV Certifications- 

Records Related to Accounts Payable  

One should possess audited financial accounts that are strictly compliant with IFRS, i.e., International Financial Reporting Standards. Moreover, the respective accounts should never be older than two years. Simultaneously, you must show the tax returns you received from the Federal Tax Authority to provide details of your business’s financial context.   

License and Shareholders’ Details of Your Business 

Applicants must share key details related to their business trade licenses to prove the validity of the companies. Besides, one should share the Memorandum of Association document to highlight the company’s present goals and its organizational structure. Also, you should duly attest every document with the ownership of your stakeholders and highlight the share allocation within your business. 

Details about Your Employees 

The record related to the employee’s payroll register highlights the use of your local labor, as it confirms the number of employees your business has and the workers’ nationalities. Moreover, companies should provide certificates for the Wage Protection Systems to make sure of their workers’ welfare and to highlight their contribution to boosting the local economy. The main role of a WPS Certificate is to prove that the companies deposit the salary of their employees based on the WPS system.  

Contractual Records 

You must provide contractual records, which consist of purchase order copies collected from surrounding vendors for products/services qualified for the ICV. Moreover, you must provide the bills or invoices related to the purchase orders and your contracts with several local suppliers.   

Process of applying for an In Country Value Certificate 

  • Create a detailed financial report of your company 
  • Calculate your company’s ICV score  
  • Submit the documents to get a certificate for your ADNOC ICV 
  • Let a professional institute to review your submitted documents 
  • Make sound decisions once you receive your ICV Certificate 

In Country Value Certificate Registration in UAE

Based on the processes, documents required, and other aspects, ICV Certificate registration for a UAE-based company is not easy. For this, companies must look for a few spectrum accounts and spectrum auditing services. These accounts help several aspiring entrepreneurs, small-scale industries, and multinational corporations. Accordingly, the spectrum audit team consists of chartered accountants, ACCA-certified professionals, management accountants, and other people belonging to UAE’s audit industry with about decades of industrial experience.    

Our Services

Expert Consultation 

We deliver expert and professional level of consultation to our clients to meet the eligibility criteria and go through the diverse steps required for an ICV Certificate.  

Documentation Assistance 

We assist you in arranging the documents required to obtain an ICV Certificate in UAE.   

Application Management  

We manage everything related to your ICV Certificate Application.  

Certification Tracking 

We keep proper track of your ICV application and regularly inform you about its status.  

Why Choose Us for In Country Value Certificate Registration Services in UAE

Experience and Expertise 

Our In Country Value Certificate consultants in UAE have many skilled chartered accountants and other experts with vast level of expertise and years of experience to manage complex accounting and regulatory standards. Besides, our professionals are highly proficient in both international and local (UAE-based) regulations to deliver you strictly compliant services with improved accuracy levels.   

Customer Satisfaction 

Dedicated to delivering reliable and consistent services, we aim to build long-term relationships with our clients based on trust, integrity, and mutual respect. 

Efficiency and Reliability 

We always maintain reliability while delivering the In Country Value Certificate registration services in UAE. Our team keeps accuracy at the top priority. Our experts always adopt meticulous approach combined with rigorous procedures to achieve precision and strict adherence to the necessary standards.  

Benefits of Hiring Our ‘In Country Value Certificate Registrations’ Consultants in UAE

Hiring the reliable In Country Value Certificate consultants in UAE may benefit your business in the following ways- 

Improve the ICV Score  

ICV score plays a vital role for ADNOC ICV in UAE. Consultants streamline your business procedures to help you boost your ICV score.  

Improve the Chances to Win Government Contracts 

Our consultants help companies and businesses to secure the highest possible ICV scores. Accordingly, they may easily place bids to diverse government contracts.  

Increase Your Brand Reputation 

ICV Certificate obtained via professional assistance from our consultants may let every entrepreneur or business owner to be a responsible citizen.  

Strong Support to the Country’s Economy 

ICV Certification is the best way to promote local investment, procurement, and employment among UAE’s business owners.  

ICV Certification is vital for businesses to thrive in today’s competitive UAE market. It is a measure of the economic value added from diverse local operations go on in the country.  

FAQ

What is the validity of ICV certificates? 

An ICV Certificate remains valid for up to 14 months from the issuance date of various audited financial statements.  

Is ICV certification restricted to Industry size? 

There is no restriction for ICV Certification or its registration based on the specific industry or company size.  

How long will it take to receive the ICV certificate? 

Regardless of the type of the company/industry, one can get the ICV Certificate within 10 to 15 working days after all the required documents and information is provided.  

Can a company abroad get an ICV certificate? 

Yes, an abroad company may also apply for and get an ICV Certificate in UAE if it meets the mandatory requirements.  

What is the cost of getting an In Country Value Certificate? 

In Country Value Certificate related fees may vary based on the size and complexity of the company for which ICV is required in addition to the nominal fees charged by the authority.  

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