In this blog, let us see about National ICV certificate and ICV certification bodies in UAE.
What is National ICV Certificate?
In order to successfully run a business in the UAE, obtaining an In-Country Value (ICV) accreditation is now considered to be one of the most crucial requirements. To promote Emiratization, GDP diversification, and strategic considerations, the Abu Dhabi National Oil Company (ADNOC) was the first to introduce the ICV project in 2018.
The programme was initiated in the year 2018. Later, in 2021, the Ministry of Industry and Advanced Technology (MoIAT) 2021 oversaw the program’s introduction at the national level, which took place under their watchful eye. The National ICV Certification programme gives the provider the opportunity to compete successfully in bids for contracts with government and semi-government organisations.
In the United Arab Emirates, providers have the opportunity to increase their weightage during the evaluation of tenders by getting an ICV certificate. The suppliers have the ability to acquire an ICV certificate that will display a score based on their contribution in accordance with the most recent audited financial statements as well as other considerations.
The vendors will be better able to traverse the hurdles that are linked with the procedure if they consult with ICV certification services in Dubai.
ICV Certification will be prepared based on the last audited budget statements, which will not be older than 2 years from the certification year. ICV certificate validity can be for 18 months from the date of the initial issue or once a new set of financial statements are issued. The supplier is responsible to receive the updated and revised ICV certificate within 2 months of the issuance of audited financial statements.
Who is an ICV certifier?
ICV Certifiers are outsider independent bodies who guarantee ICV scorecards and plans submitted by suppliers.
Their main duties are:
- They perform test methods and verify information given by the suppliers
- ICV certifiers issue factual finding reports which incorporate ICV Certificates
- They attend and contribute to ICV Certifiers board bi-weekly meetings.
- They give access to calibre to review the working papers.
Why is ICV implemented in UAE?
Their aim and objectives are as follows:
- Emiratization: It creates more employment opportunities in private sectors
- GDP Diversification: they support the UAE GDP diversification by sourcing extra goods and services within the UAE.
- Strategic Considerations: They localize strategically critical parts of the value chain for selected categories.
Who needs an ICV certificate?
Any company or firm that works directly as suppliers or indirectly as sub-supplier with the following Government and Semi-Government Departments must own the unified ICV certificate.
- ADNOC Group Companies
- Abu Dhabi Department of Economic Development
- Aldar Properties
- Abu Dhabi Ports
- Environment Agency Abu Dhabi
- All other Govt Departments of Abu Dhabi
- Companies submitting tenders through Musanada or the Abu Dhabi General Services Company
KGRN is one of the leading ICV certificate agencies in Dubai. For further queries or consultations, contact us.
For enquiries, call +971 45 570 204 / E-mail: [email protected]
