How to Obtain an ICV Certificate in the United Arab Emirates?

How to Obtain an International Civil Aviation Organization (ICAO) Certificate in the United Arab Emirates. This project, ADNOC’s Unified ICV Program, is a commendable initiative that deserves encouragement. Contributing to In-Country Value (ICV) offers economic incentives that encourage local suppliers to prioritize obtaining an ICV certificate over other business goals to maximize their profits.

According to the program’s website, the overall objective of the program is to promote economic growth in the United Arab Emirates while also supporting small businesses in conducting business with large organizations such as ADNOC. The project also provides an opportunity for “participating firms” to localize their commercial activities and contribute to the development of the UAE’s economic infrastructure through the establishment of local subsidiaries.

Bids submitted to ADNOC by local suppliers have the potential to give them a competitive advantage over their rivals. If you’re competing under the ADNOC bidding process, ICV Certification is a crucial part of the selection process. Therefore, bidders who possess ICV Certification will have an edge over those who do not hold the certification.

As more political parties get involved in the ICV program, obtaining an ICV Certificate becomes increasingly important. If you’re interested in learning more about how to obtain one of these certificates, consider using the following method.

KGRN Chartered Accountants has grown from humble beginnings to become one of Dubai’s most reputable audit firms, specializing in ICV certification consulting and other related services. Our aim is to provide you with a comprehensive understanding of the critical factors that can help improve your ICV score. When our professionals work with your team from the start to the end of the certification process, it makes the process much smoother to complete.

Instructions on How to Obtain an ICV Certification are provided below.

The application method will be straightforward for those who want to participate. But there are a few points you should be aware of before you get started with the process.

Guidelines

1. One of the first things to realise is that ICV Certification in the United Arab Emirates may only be awarded by ICV certifying organisations that have been authorised by the UAE government.
2. When a supplier submits an application for certification, he or she must provide an ICV Certificate for each business licence that the supplier currently has. In the perspective of the law, each business licence will be handled as if it were a separate legal entity from the others. Whenever an organisation has many branches that all operate under the same licence, the organisation will be granted one consolidated certificate that covers all of the organization’s activities.
3. It is the candidate’s responsibility to completely fill out the ICV Certification Templates, which are available online.
4. Unless otherwise specified, the numbers in the template must be taken from the most recent audited financial statements that are compliant with International Financial Reporting Standards (IFRS). It is recommended that these financial statements be no more than two years old at the time of compilation. Companies who are less than ten months old and have not yet had their financial statements audited may instead depend on data from their Management Accounts to complete their financial reporting obligations in order to remain in business. Management accounts should be no more than nine months old, and it is critical to remember this. However, in order to be placed into operation, they must first be subjected to an audit by an authorised auditing firm.
5. Unless otherwise noted, the Certificate will be valid for 14 months from the date of issue, unless otherwise stated (from the date of issuance of audited financial statements). Companies have till the end of the month to submit a fresh certification application. The same financial statements that were previously used may also be used. Receiving an updated certificate, on the other hand, does not void the validity of the certificate that was previously obtained.
6. The change of certifying bodies by a company after it has contracted with an Empaneled Certifying Body to verify the certification of its goods or services for the duration of the certification is not permitted (unless they have an adequate reason).
7. During the course of a business’s fiscal year, every expense and income recorded by the firm must be included in the company’s government filings.
8. The ICV Template stipulates that all statistics must be represented in UAE dirhams, regardless of the currency used (AED). Exceptions may only be granted if they are expressly indicated in the law that authorises them.
9. If a company is unable to supply consumption statistics, it may be feasible to utilise purchases made during the year in lieu of consumption information (specified by invoice and vendor).
10. The assumptions and calculations used in the ICV Template must be in conformity with the applicable regulations and standards.
11. In order for the data to be correctly analysed, each and every figure offered by the source must be supported by supporting documentation. During the course of the verification process, an authorised representative from one of the participating organisations may request a quality review of any ICV Certificate Template that is presently being examined by the Certifying Body. This may be done at any point during the process. Any information necessary by the representative will be provided by the certifying authority and supplier upon request.
12. If it is discovered that a corporation’s submission has been tampered with or that the company has been careless, fines will be applied. One of the repercussions of this decision might be a limitation on doing business with ADNOC.
13. Following your certification, you will be allowed to begin submitting bids to organisations that are taking part in the competition. The importance of your ICV score in the bidding process is determined by how much of a competitive edge you have over the other bidders.