The UAE has become a landscape of businesses in the Middle East and ICV is an important part of running the country’s business. This article serves as a comprehensive guide to who is required to get an ICV certificate and specifies the role of an ICV certificate in UAE’s Vision 2030 by certifying bodies. Abu Dhabi National Oil Company (ADNOC) launched the ICV program for its suppliers and contractors in 2018. It offers extraordinary incentives to businesses in developing countries that meet specific requirements. 

The ICV program focuses on reducing the taxation and costs associated with importing goods while optimizing product delivery and quality. 

What is an ICV Certificate?

A supplier or contractor who has successfully finished the certification procedure and obtained a validated ICV score from approved certifying organizations is verified by an ICV certificate. The organization’s ICV “achievement,” which includes spending on domestic products and services and general financial assistance for the UAE, is shown in this certificate.

A defined technique that assesses the economic value contributed by the company’s goods or services inside the United Arab Emirates is used to determine the ICV score. Through this certification procedure, contractors and suppliers may show how they contribute to the regional economy and emphasize their dedication to boosting the country’s environmental durability and economic success.

ADNOC ICV Certification: Who Needs It?

All vendors wishing to work with ADNOC or related government agencies in the oil and gas industry must be certified by ADNOC ICV. In addition to compliance, it is very beneficial for companies in a variety of sectors looking to increase their market share and reputation in the United Arab Emirates. ICV certification in the UAE has a major positive impact on the following industries:

• Engineering
• Technology
• Construction
• Logistics Consulting 
• Oil and Gas Manufacturing

Qualifications for The ADNOC group ICV Certification

Businesses have to submit the following essential paperwork in order to be eligible for ADNOC ICV certification:

• Financial records from the most recent fiscal year are known as audited financial statements.
• Specifics of Local Procurement: a list of products and services purchased from vendors in the United Arab Emirates.
• Employment Documents: documentation showing how many UAE citizens are employed.

The Purpose of Abu Dhabi, United Arab Emirates’ In-Country Value (ICV) Certificate Program

Strengthening private sector participation in the UAE’s economic development is the goal of the ICV Certificate Program, which ADNOC launched in January 2018 and went into effect on April 1. This program creates a favorable atmosphere for regional suppliers of commodities and sub-suppliers, whether they are involved in direct commerce or act as middlemen. The program’s main goals are to foster knowledge transfer within the local community and provide socioeconomic possibilities for UAE citizens as part of ADNOC’s 2030 development strategy. ADNOC provides assistance to strengthen local merchants’ contributions to the country’s economy because it acknowledges their critical role of ICV in UAE in promoting GDP development and economic diversification.

The following are the main goals of the implementation of the ICV Certificate in Abu Dhabi:

• Sustainable localization is the process of locating important value chain components inside particular categories in order to support regional business.
• GDP diversification is the process of encouraging companies to purchase more goods and services from the United Arab Emirates in order to assist the expansion of the national economy.
• Encouraging UAE citizens to engage in the private sector in order to improve their socioeconomic status and workforce specialization.

Accountax: Our Services as ICV Advisors

We at Accountax are proud to be the top ICV certification consultants, having earned the confidence of many happy customers around the United Arab Emirates. Our services are customized to each client’s specific requirements, guaranteeing optimal ICV performance.

Here’s how we assist companies in achieving success in their ICV journey:

Personalized ICV Evaluations: In a thorough impact analysis report, we outline the incremental advantages of each optimization step and offer practical suggestions to improve your ICV score.

Understanding of ICV: A thorough understanding of ICV is possible thanks to our explanation of the main factors that affect your ICV score, which are unique to your company’s activities.

ICV Template Gathering: Our professionals create comprehensive ICV templates, making sure that every facet of your performance is recorded to assist you get the best possible score.

ICV Performance Plans: To assist companies in reaching goals and preventing ICV payments from being forfeited, we develop practical, contract-aligned ICV improvement plans.

Committed ICV Services: We provide a comprehensive range of services to assist you in achieving your target ICV score, from acquiring ICV certifications to creating improvement plans and guaranteeing adherence to ICV requirements.

By partnering with Accountax, you may increase the value of your company, satisfy ICV requirements, and support the economic development of the United Arab Emirates while growing the business framework.