What exactly is what is an ADNOC ICV Certification Services in UAE?
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The In-Country Valuation Certification (ICV) was launched at the time of Abu Dhabi in 2018 by the Abu Dhabi National Oil Company, ADNOC, to promote Emiratization in the UAE, diversification of GDP, and strategic aspects. In 2021, the ICV certification was expanded to become a National In-Country Value program for suppliers in the UAE. The national ADNOC ICV Certification Services in UAE program permits suppliers to compete for tenders from semi-government and government organizations.
The ADNOC ICV Certification Services in UAE permits suppliers to include weight when bidding. Suppliers can obtain the certificate by presenting an ICV score about their contribution to the most recent audited financial statements and other aspects. Assistance from professional ICV-certified service providers located in Dubai (Certifying body) assists suppliers in overcoming the difficulties that arise during the process.
ICV certification program ICV certification program is designed to meet the following primary goals:
- More opportunities to work for Emiratis in the private sector
- Contribute to the diversification and growth of GDP.
- The development of local services and industries.
- Local supply chains should be strengthened.
Who needs ICV certificates? ICV certificate?
Any business or organization in direct contact with the departments listed below as a supplier or sub-supplier has to obtain an ICV certificate within Abu Dhabi.
- ADNOC Companies
- Department of Economic Development (Abu Dhabi)
- Aldar Properties
- Abu Dhabi Ports
How can I obtain an ICV certification to use in Abu Dhabi?
The MoIAT has developed a streamlined process for getting an ICV certification within the UAE. The most reliable ICV certification service supplier in Sharjah (Certifying body) can assist suppliers in the procedure. Simple steps should be followed to obtain an ICV certificate.
Preparing annual audited financial statements for firms/suppliers in line with IFRS.
Fill out the Application for Certificate ICV Template with the most current guidelines and financial reports.
When the process is completed successfully, ICV certificates are issued. It is then available to all participants.
Final Statement
It is vital to remember that the ICV process is changing as it continues to evolve. ICV in the UAE is currently in its third edition. It is interesting to note that, even though it doesn’t affect ICV outcomes, UAE suppliers’ CSR initiatives are documented in the ICV documentation, and it has a precise outline of the structure of the supplier’s company.
This is a way of ensuring that the basis of working with suppliers in the Middle East region is more of a long-term partnership that benefits all parties. It’s tempting to evaluate an individual ICV score in absolute terms. However, it’s a means to collaborate between suppliers and their countries to improve ICV scores and the economic stability of this Middle East region.
What does it mean to Elevate First Accounting and Auditing to have a team of professionals trained for you to get your ICV certification?
We work to increase the quality of your ICV score and add additional scores for each stage of our impact analysis report. We are the top and most experienced ICV services provider in Dubai. We can help you better assess your company’s financial condition and provide you with an efficient, perfect audit process. Practical guidance, help fill the ICV templates and create ICV certificates that are integrated ICV certificates. Our knowledgeable team knows the importance of conducting rigorous financial due diligence to assist clients in achieving the most effective ICV results by ICV guidelines.
A timely conclusion of the ICV certification processes by allocating dedicated resources is always our top priority.
Everything starts by focusing on the most minute aspects, thoroughly analyzing the possibilities, and creating the best plans that impact your company. This is why we strongly recommend seeking an appointment with the top ICV certification organization in the UAE, like Elevate First Accounting and Auditing, to ensure that you are current.
Read more: ADNOC ICV Certification Services in Dubai and Abu dhabi
