The In-Country Value (ICV) certification was first launched by the Abu Dhabi National Oil Company (ADNOC) in 2018 in Abu Dhabi. In 2021, the program was re-launched under the supervision of the Ministry of Industry and Advanced Technology (MoIAT) at the national level. The National ICV Certification program provides the supplier with an opportunity to win tenders from government and semi-government entities. The suppliers can get a certain weightage during the assessment of tenders by obtaining an ICV certificate in the UAE. Get in touch with Plus UAE, the best ICV registration service provider in the UAE, and we will help you navigate the challenges associated with the ICV certification process.
The key points suppliers must know for ICV registration in the UAE are:
- The suppliers should obtain the ICV certificate for each entity separately, if they have multiple legal entities that need to be certified.
- The MoIAT will issue a combined ICV certificate for the company in the Emirate if a company has multiple branches in the same emirate that conduct similar activities and have the same ownership.
- Suppliers should make sure that the audited financial statements are made as per the International Financial Reporting Standards (IFRS). The audited financial statements should not be older than two years from the certification year.
- Newly established companies (not more than 9 months old) may not have audited financial statements. Those companies can submit the Management Accounts report for a period of up to 9 months and it can be used for the ICV calculations.
- The ICV certificate is valid for 14 months starting from the date the audited financial statements have been issued. Suppliers who want to recertify their ICV certificates can do so using the same audited financial statements during the validity period.
- All the suppliers should appoint an empanelled certifying body to issue the ICV certificate in the UAE. Suppliers aren’t allowed to change certifying bodies for any given year without adequate justifications.
- Suppliers who manufacture goods are considered Goods Manufacturers under the ICV certification initiative. Such companies must hold an industrial Licence in the UAE. All other suppliers will be considered as Service Providers under the ICV Certification program.
If you are looking for a reliable ICV registration and ICV auditing service provider in the UAE, then get in touch with Plus UAE, and we will make the ICV process hassle-free for you.