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The In-Country Value (ICV) program was first launched in 2017 for Abu Dhabi National Oil Company (ADNOC) Group Companies to achieve key goals such as Emiratization, GDP Diversification and Strategic considerations. Whether you have questions about ICV support, need assistance with compliance documentation, or seek guidance on best practices, our team of experts is here to provide you with comprehensive support. In the subsequent years, different Government and semi-Government Companies joined the program to broaden the scope of the ICV support process as a Unified ICV program for Suppliers across various sectors in Abu Dhabi and the UAE.
The initiative aims to fulfil its goals by boosting the contribution of the local industries to the national GDP and promoting local companies. As part of the program, the Ministry Certifying Bodies will issue an ICV certificate to suppliers which evaluates their contribution to the local economy of the UAE. Suppliers need to declare their ICV achievement or ICV certificate concerning the previous financial year. The ICV assessment should be certified by one of the Certifying Bodies on an annual basis. Consult with providers of ICV certification services in Dubai to leverage the National ICV program.
- Development of local industries and services
- Boosting exports, encouraging foreign investors to invest and diversifying the economy
- Great value private-sector opportunities
- National GDP growth
- Boost the spending on R&D and advanced technology
- GDP Private sectors to contribute in boosting UAE GDP
By availing the ICV certification services in Dubai can make it a lot easier for the companies to get settled. Basically, the ICV score shows how much value the company adds to the UAE economy. The score is in percentage. The authorities release the score based on some following parameters:
- Goods Manufactured
- Third-Party Spend
- Investment
- Investment – Top-up
- Manpower – Emiratization
- Manpower – Expats
- Additional Bonus – Revenue from Outside UAE, Emirati Head Count & Investment Growth
- Suppliers should submit Audited Financial Statements prepared as per International Financial Reporting Standards (IFRS). The report should not be older than two years from the certifying year. Moreover, the report should be signed by a licensed auditor.
- The ICV certificate must be obtained separately for each legal entity of a company.
- If a certain company has manufacturing and commercial licenses separately, all the accounting records must be separate too for both of them. The MoIAT certifying bodies will issue the ICV separately for each license.
- Newly established companies (less than 10 months old) and entities without audited financial statements can use Management Accounts for up to 9 months for the ICV certification process.
- Suppliers latest audited financial statement must be just like the figures entered in the ICV certificate.
- The ICV certificate shall be valid for 14 months from the date of issuance of audited financial statements.
