In Abu Dhabi, the ICV certificate (In-Country value) is required for enterprises engaging in government contracts, particularly those associated with the Abu Dhabi National Oil Company (ADNOC). A firm can use this certificate to demonstrate that it has contributed to the local economy through local procurement, emiratization, and value addition.

Key Aspects of the In-Country Value Certificate (ICV) :

• ADNOC recommends that their suppliers obtain their ICV certificates from certified ADNOC. Although non-certificate suppliers can apply for group tenders, their ICV score will be considered zero.
• Only the last financial year’s audit report can be used to prepare an ICV certificate. However, the report should not be older than two years.
• The ICV certificate is valid for up to 14 months after it is issued or when the financial statements are refreshed.
• Suppliers must receive their amended ICV certificate within two months after the issuance of fresh audited financial statements.
• ICV certificates have become nearly mandatory for every business organization that want to engage in a tender with ICV or any linked party.

Benefits of ICV certification in the UAE:

• Immediate financial gain

ICV certificates can help companies save money on taxes and reduce company costs by offering a variety of incentives, such as tax credits and subsidies. This can help firms increase earnings while benefiting the economy.

• Community growth

Companies can use an ICV certificate to indicate their commitment to sustainable development initiatives such as infrastructure investments or employment training programs. This helps firms create trust in their local communities while also increasing brand value.

• Expansion and Market Value:

ICV offers a variety of financial incentives for businesses. These incentives eventually result in tangible cost savings, which can greatly increase a company’s net market value. This, in turn, boosts the company’s ability to expand and reinvest.

• Grants:

Grants gained through ICV programs are quite useful. When firms use grants, they benefit themselves and the economy by boosting economic activity and creating job possibilities.

• Competitive Advantage:

ICV certification is ideal for the procurement process. Government agencies tend to choose vendors and partners with high ICV scores. Companies with excellent ICV credentials are more likely to have large local networks and supply chains.

• Investor Trust

Investors are interested in enterprises that actively contribute to the UAE’s economic and social development. A good ICV record provides indisputable proof of such dedication; it sends a clear message that the organization is more than just a profit-making machine.

• Long-term Approach:

ICV provides more than just immediate cash rewards; it also considers long-term economic gain, brand development, and improved international image.

How do I obtain an ICV certificate Abu Dhabi?

Companies can obtain an in country value certificate by completing the following steps:

• Apply online using the ICV platform: The Abu Dhabi Department of Economic Development (ADDED) offers an online portal for ICV applications. Companies can register, complete the necessary forms, and submit supporting documents electronically.
• Visit the ICV platform website: The webpage address for the ICV platform may differ based on the emirate you are applying in. For example, the website address for Abu Dhabi is https://idb.added.gov.ae/.
• Sign up for an account: If you are a new user, you will need to create an account on the ICV platform website. This normally entails supplying your personal information and contact information.
• Complete the online application form: After logging into your account, complete the online application for an ICV certificate. The application form will normally ask you for information about your firm, such as its legal name, trade name, and contact information. You will also be required to upload supporting papers, such as your company’s trading license and financial statements.
• Submit your application: Once you have finished the online application form and submitted all relevant papers, you must submit your application. You will then receive a confirmation email from the ICV platform.
• Wait for the assessment: After the ICV platform receives your application, it will be assessed by an accredited ICV certification authority. This process may take several weeks.
• Get your ICV certificate: If your application is successful, you will receive your ICV certificate by email. The certificate will include your company’s ICV score, which measures its contribution to the local economy.

Conclusion:

If the company achieves the necessary standards, it will receive an ICV certificate Dubai with a specified score. The score will be valid for a limited time, after which the company must request for recertification.

Acquiring an in country value certificate has the potential to significantly increase company opportunities and successes in Abu Dhabi. Get started on the path to acquiring your ICV certificate right now. It is critical to remember that this is both an investment in your company’s future and a necessary step toward long-term success in the profitable Abu Dhabi market.

How Smart Link Can Help:

We can finish the audit process, guide and assist with filing the ICV template, and have it approved by the ADNOC-appointed certifying authority.

For further information or an instant quote, please contact [email protected] or +971 50 202 9489.