As a result of the implementation of the national In-Country Value (ICV) initiative, suppliers now have a fantastic opportunity to win bids put out by the government and semi-government institutions. In evaluating organizations for tenders, possessing an ADNOC ICV Certification Services in UAE lends those businesses a certain amount of weight. The suppliers can earn an ICV Certificate that will display a score based on their contribution according to the most recent audited financial statements and other considerations.
The ADNOC ICV Certification Services in UAE initiated a procurement-led ICV program in 2018 to encourage Emiratization, increase GDP diversity, and take strategic concerns into account. After some time, and as a direct result of the program’s overwhelming success, the Ministry of Industry and Advanced Technology (MoIAT) initiated a national ICV certification program in the year 2021. In light of this context, the companies that supply the goods must understand the significance of ICV certification for their operations.
Why ICV Certification is Necessary for Distributors and Suppliers
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By participating in the ICV program, suppliers can contribute to the UAE’s strategic goal, which is to encourage the expansion of domestic industries and reduce the country’s dependency on imported goods. The financial incentives that will be announced in the future can also be of use to the suppliers, and they can benefit from those. These are some of the more general benefits, but the benefits that are most central to the ICV certification program are as follows:
Suppliers who participate in the initiative can capitalize on the growing demand for locally produced goods and services and the possibility of being awarded government contracts.
As a result of the ICV program, value chains are becoming increasingly localized, which presents an opportunity for both sole proprietors and small and medium-sized businesses (SMEs) to expedite the expansion of their respective companies.
Who Needs to Have the ADNOC ICV Certification Services in UAE?
According to the ICV rules, businesses located within or outside the UAE are eligible to submit an application for an ICV certificate. Tier 1 suppliers directly provide the goods or services. To increase their competitiveness in bids against Tier 1 suppliers, suppliers in Tier 2 and lower categories must show their ICV certificate.
Essential Prerequisites to Satisfy Before Obtaining an ICV Certificate in the UAE
To be eligible for an ICV certificate in the UAE, businesses must first satisfy several restrictions and standards outlined by the Ministry of Infrastructure and Agricultural Technology (MoIAT). In Dubai, several companies offer bespoke ICV certification services. Suppliers that have questions about the certification process can speak with these companies. The following is a list of the prerequisites that must be satisfied for a provider to be awarded an ICV certificate in the UAE:
The vendors who are seeking ICV certification in the UAE must provide audited financial statements prepared in accordance with International Financial Reporting Standards (IFRS). A certified auditor must sign the audit report, which can be up to two years old if the certification was issued in a more recent year.
What kind of assistance can you expect from Jitendra Chartered Accountants?
A supplier submission template known as an ICV Certificate Sample has been provided by the Ministry of Industry, Agriculture, and Trade (MIT) for use in submitting information to certifying agencies. It is necessary to fill up the ICV Certificate template following the most recent financial audit statements. ICV certification service providers in Dubai, like Jitendra Chartered Accountants (JCA), can significantly assist businesses. JCA is the most trusted name in the certification industry in Dubai, United Arab Emirates.
