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ICV Certificate UAE
The In-Country Value (ICV) program aims to support the Ministry of Industry and Advanced Technology’s mandate of improving the productivity and sustainability of the UAE’s Industrial sector. The In-Country Value certificate evaluates the contribution of a company to the local economy. Certified suppliers gain advantages during the award of tenders and contracts based on their ICV score. The ICV certificate grants companies the first right of refusal in the tender process.
The key objectives of the ICV program are strategic localization of supply chains and the development of new local industries and services, stimulating and attracting foreign investments, diversifying the economy, increasing exports, creating valuable job opportunities in the private sector, contributing to the growth of national GDP, enhancing spending on R&D and advanced technology, and increasing the private sector’s contribution to national GDP.
The program’s strategic partners comprise a cluster of government entities and leading national companies in diverse fields, including the program’s implementers, such as the
The ICV certificate is hence extremely important for companies that have direct commercial dealings with these (and other) government entities. Supplier companies are required to have a National ICV certificate to participate in procurement tenders of the participating entities.
FREQUENTLY ASKED QUESTIONS ON THE ICV CERTIFICATE, UAE
What is “In-Country Value”?
In-Country Value, or ICV, refers to the degree of indigenization of a business in the UAE. Put simply, the In-Country Value is the company’s spend that remains inside and contributes to the UAE.
What is the ICV Score
The ICV Score is a quantification of the monetary value add a company contributes to the UAE economy. It is a weighted average percentage of its contribution towards goods manufactured or third-party spending (up to 50% weight), investment (up to 25%), Emiratization (up to 15 %), expat contribution (up to 10%), and a bonus component up to 5% weight which comprises factors such as revenue from abroad, Emirati headcount, and investment growth. The ICV score is contained in a formula within the In Country Value certificate.
What is the National ICV Certificate?
A National ICV certificate consolidates the ICV process and the above criteria into a single In Country Value certificate. The ICV score is evaluated along these five criteria based on the audited financial statements of the previous financial year. Financial statements should not be older than two years from the certification year. For companies with multiple entities, each license within a group is considered an independent legal entity. The In Country Value certificate is valid for 14 months from the date of issue of audited financial statements. The supplier can get re-certificated during this period but the 14-month validity from the first issue remains.
Who issues the ICV certificate?
The Ministry of Industry and Advanced Technology has appointed a few leading firms as authorized ICV certifiers. MBG is honored to be one of the first such empaneled certifying bodies. We have a dedicated ICV team to both advice you on the ICV program as well as to ensure smooth and speedy ICV certification for your business.
What is an ICV Audit?
As the name suggests an ICV audit is a comprehensive and in-depth study of where your company stands with respect to the ICV process and the various criteria on which the ICV score is calculated. As an empaneled ICV certifying firm, at MBG we conduct comprehensive, high-quality ICV audits we review your financials, processes, and internal controls and identify and fix the gaps therein to ensure smooth and swift ICV certification.
Getting your ICV Certificate smoothly and swiftly with MBG
As an empaneled and approved certifying body for the ICV program, at MBG Corporate Services we have a specialized team of over 30 professionals across Dubai and Abu Dhabi for our ICV service line. With MBG having issued more than 2000 ICV certificates, our experts are experienced in issuing in-country value certificates across various industries and can conduct the assignment both remotely and onsite. We thus ensure that you acquire your National ICV certificate smoothly and quickly.
More FAQs for In-Country Value Certificate
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