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How to get an ICV Certificate in the UAE?

09/08/2021

ADNOC's Unified ICV Program is a brilliant initiative. Making contributions to In-Country Value (ICV) is linked to business incentive programs, which inspires local suppliers to start concentrating more on obtaining an ICV certificate. The initiative intends to promote economic development in the UAE & assist local businesses in doing business with large corporations like ADNOC. The feature enables "participating entities" to localize their business operations & help the UAE to further economically grow. ADNOC focuses on supporting nearby & international affiliations and openings by incorporating ICV measures into its business assessment measures, thereby increasing job opportunities for UAE nationals & having a positive impact on the globe.

You Should Be Aware Of A Few Guidelines

The application process for an ICV certificate is relatively simple. However, a few guidelines you should always be aware of. They are as follows:

  • > ICV certification can only be issued by empanelled ICV certifying bodies in the UAE.

  • Once a supplier has applied for ICV certification, they must obtain a separate ICV certificate for each trade licence they hold. Each operating trade permit will be regarded as a separate legal entity. If a company has multiple outlets operating under one permit, the company will be issued a single integrated ICV certificate.

  • The candidate should complete the ICV Certification Templates.

  • All figures in the ICV template should come from an organization's most recent IFRS compliant audited financial statements, which should be no more than two years old. Organizations that have been in operation for less than ten months & do not have audited financial reports can use figures from their management accounts. Keep in mind that the accounting systems should be no more than 9 months old. If this is the case, they must be assessed by an approved accounting firm before being used.

  • Once obtained, the certificate is valid for a very long time from the date of issuance of the audited financial statements. Before the time limit expires, organisations can reapply for ICV certification.

  • If an organisation chooses an empanelled certifying body to authenticate them for certification, they will not switch certifying bodies during their certification unless they have a good reason.

  • A organization's submission will include all of the organization's expenses & revenues for the fiscal year.

  • In the ICV Template, all figures should be in AED. Exemptions must be granted whenever possible. 

  • If an organisation is unable to provide consumption specifics from a vendor, an invoice issued by the organisation during the year can be used as a substitute.

  • Any assumptions & estimates made in the ICV Template should follow the guideline instructions.

  • Each figure presented by the supplier should be accompanied by supporting documentation, allowing for a thorough examination of all provided data. An assigned agent of the participating bodies can ask for a performance evaluation of each ICV Certificate Template being investigated by the certifying body at any time during the verification. Any necessary data should be provided to the agent by the certifying body & provider whenever it is requested.

  • Negligence or falsifying an organization's submission will result in a penalty being imposed on the referred organisation. These penalties may include a prohibition on collaborating with ADNOC.

 

Hire the Best ICV Auditors in Dubai, ARC Associates

We strive to improve your ICV score & add the incremental result of each stage to our impact analysis report as the best and most professional ICV auditors in the UAE. We can gain a better understanding of your company's financial situation & assist you with a thorough auditing process with no flaws, effective guidance & assistance with filing the ICV template, & the creation of a unified ICV certificate. Our knowledgeable team understands how to conduct a thorough examination of financial data to assist customers in achieving the best ICV score possible under the ICV rule. We are committed to completing the ICV certification on time, & we will devote all of our resources to completing the ICV certification procedures.

Our customised services are available in Dubai, Abu Dhabi, Sharjah, and throughout the UAE. We think that everything begins with a good focus on the tiniest details, a thorough investigation of all possibilities, & the execution of the proper arrangements that have a genuine impact on your business. That is why we strongly advise you to seek out the best expert ICV certification bodies in the UAE, such as ARC Associates, to ensure that you are in working order. Call +971 4 443 1604 or email info@arcauditing.ae for more information or questions about in-country value certificate requirements.