UAE’s National ICV Program
In the UAE, obtaining an In-Country Value (ICV) certification has grown to be one of the most crucial requirements for operating a successful business. The Abu Dhabi National Oil Company (ADNOC) introduced the ICV programme for the first time in Abu Dhabi in 2018 to promote emiratization, GDP diversification, and strategic considerations. Later, in 2021, the programme was made available to the entire country under the direction of the Ministry of Industry and Advanced Technology (MoIAT) 2021. The UAE’s National ICV program gives the supplier the chance to receive bids from governmental and semi-governmental organizations.
In the event that a vendor in the UAE obtains an ICV certificate, there is a possibility that they may be granted a specific weighting in the process of tender review. For the purpose of determining the contribution score of a supplier on an ICV certificate, numerous elements, including the most recent audited financial records, are taken into consideration. By consulting with ICV certification services in Dubai, suppliers have the ability to overcome the problems that are associated with the procedure. Learn the answers to the questions that are asked the most frequently by continuing to read.
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Important FAQs Regarding National ICV Certification in the UAE
Before submitting an application for ICV certification in the UAE, suppliers must be aware of the essential conditions they must fulfill. Suppliers can get help from ICV certification service providers in Dubai to get their ICV certificate. The essential prerequisites are as follows:
1. How should multiple legal entities be certified?
The suppliers should obtain the ICV certificate for each of their many legal entities if they need to be certified. Even though the owner of the company is the same, the government views each license as a separate legal entity.
How should numerous branches be certified?
The MoIAT will issue a combined ICV certificate for the Company in that Emirate if a company has many branches in the same emirate that carry out comparable operations and are owned by the same entity.
3. Do financial statements need to be audited?
All figures submitted in the ICV certificate should match exactly with the supplier’s audited financial records, according to suppliers. Additionally, confirm that the financial statements have been audited in accordance with international financial reporting standards (IFRS).
4. How reliable are the financial accounts that have been audited?
The financial statements that have undergone an audit cannot be more than two years old as of the certification year. In order to be eligible for ICV certification in 2020, vendors must not submit audited financial statements that are older than 2018.
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5. Are audited financial statements required for newly formed companies?
Companies that are young (less than 10 months old) could not have financial statements that have been audited. These businesses are eligible to submit Management Accounts for up to a 9-month period, which can be utilized for ICV computations. Audits should be performed on management accounts that are older than nine months.
6. How long is an ICV certificate valid?
Beginning on the day when the audited financial statements have been issued, the ICV certificate will be valid for 14 months. During the time of validity, suppliers may recertify their ICV certifications using the same audited financial statements. The validity period of 14 months beginning with the first issuance, however, will remain the same.
7. Who issues certificates for ICVs?
The empanelled certifying organization that will issue the ICV certificate in the UAE should be chosen by the suppliers. However, without valid grounds, suppliers are not permitted to switch certifying organizations for any given year.
National ICV Certification in the UAE: The Procedure
A faster process to receive an UAE’s National ICV certificate has been developed by the MoIAT. Suppliers can receive process guidance from Dubai’s top ICV certification service providers. To receive the ICV certificate, just follow these easy steps:
- Release IFRS-based, audited financial accounts for the company or supplier.
- Complete the application for a certificate in accordance with the most recent rules and financial statement.
- Utilize the certificate in accordance with each applicable authority’s recommendations.
Why should you use KGRN Chartered Accountants for National ICV Certification?
In the UAE, obtaining an ICV certification is a difficult process that calls for professional help. Suppliers must adhere to a number of standards, including submitting the audited financial statements and completing the MoIAT-required supplier submission template. The most recent audited financial statements must be used to complete the template. Suppliers can get assistance from top ICV certification service providers in Dubai like KGRN to achieve these important criteria.
For businesses that need UAE’s national ICV certification, KGRN offers a staff of highly skilled accountants and auditors who can help with Template filing criteria. In addition, KGRN may give organizations advice on the elements affecting their ICV score and generate audited financial statements in accordance with global norms like IFRS.
For enquires call @ +971 45 570 204 / Email Us : [email protected]
Get more assistance on top audit firms in Dubai, UAE for year 2023, Contact KGRN Chartered accountants at @ +971 45 570 204 / Email Us : [email protected]
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