This national value program’s objective was to boost the efficiency of various industrial sectors by increasing the contribution of local industries to the national GDP. The strategic localization of the supply chain and the creation of new local services and industries that attract foreign investment in the economy, diversifying it, and boosting exports create lucrative job opportunities within the private sector, which contribute to the growth of GDP, increase the amount of money spent on R&D and the latest technology, and boost the contribution of private companies to the GDP of the nation.
In the context of the National ICV Program, suppliers must present their ADNOC ICV Certification Services in Dubai and Abu Dhabi in relation to the prior financial year prior which assesses their contributions to the local economies of the UAE. Certified suppliers are given preference when it comes to the awarding of contracts as well as purchases. The ICV scores play a significant role in securing contracts and assets.
ICV Certificate ICV Certificate Must be Regularly Verified With One of The Certified Agencies
Inspire MS Tax Consultancy is the most reputable company in the UAE that offers national ADNOC ICV Certification Services in Dubai and Abu Dhabi Program consultation. The strategic partners of the Program are an array of government agencies and leading semi-national and national corporations across various fields, such as the pioneers of the Program, Abu Dhabi National Oil Company (ADNOC).
Who Started The National In-Country Value Program?
Their primary goals included Emiratization, diversification of GDP, and strategic aspects. Over the next few years, various Government and semi-Government companies joined the Program to broaden the range covered by ICV certification. ICV the certification procedure. This resulted in a Unified ICV program for suppliers across diverse sectors in the UAE.
At the end of 2021, the Unified ICV program was renamed the National In-Country Value Program (ICV) by the Ministry of Industry and Advanced Technology (MoIAT).
How To Get The ICV Certificate?
Only professional firms authorized by the MoIAT have been granted the authority to verify and issue an ICV Certificate. Professional companies such as Inspire MS Tax Consultancy are known as Certifying Bodies which offer ICV certification within Dubai, Abu Dhabi and throughout the UAE.
What Companies Require An ICV Certificate?
Any company, whether or not it is located in the UAE, can apply. So for an ICV certificate that aligns with the ICV guidelines. In ICV’s National ICV program, any business that wants to submit a bid for a semi-government. Because government procurement opportunity will have to possess ICV certification. ICV certificate.
scoreSuppliers that directly supply products or services to members of the program might require to provide their ICV score. But it is crucial to an evaluation of their bid and the award procedure. Other suppliers might also be required to present the ICV certificate for that they are competitive when they tender. The ICV factor plays a role in determining the percentage of tender evaluation. But it isn’t an obligation.
What Metrics Does The ICV Score Represent
The ICV Score measures a company’s contribution to the UAE economy. The Score is calculated and reported in percentage form when taking the following elements into account:
- Goods Manufactured
- Third-Party Spend
What Are The Key Factors To Look for When Obtaining A National ICV Certification?
The MoIAT has outlined the requirements suppliers must meet to earn ICV certification. You may also seek advice from ICV-certified service companies such as Inspire MS Tax Consultancy.
Here are a Few of The Most Important Aspects to Consider in ICV
Audited Financial Statements, Prepared Following IFRS and not older than two years from the certifying year. And Signed By A Licensed Auditor From The UAE Ministry Of economy get a professional financial audit