The In-Country Value certificate (ICV) score plays a significant role in your business operations. It helps companies get a competitive advantage over their competitors in winning tender bids and contracts. Businesses are advised to get expert help to increase their ICV scores and comply with the ICV statutory standards in the UAE.

ICV score helps companies excel in the market by leveraging the benefit of preferential treatment in the government procurement processes. Therefore, companies follow certain practices that ultimately improve your ICV scores over time. The In-Country Value is the total revenue in the country to stimulate business growth, develop human capital, and advance productivity. ICV Audit has become important to meet the demands in the UAE to conduct ICV. To take part in the economic growth of the nation, huge companies are adopting methods to evaluate ICV and select the best suppliers. 

What is the ICV Score?

A company’s economic contribution to the United Arab Emirates is gauged by its In-Country Value (ICV) score. Spending on locally produced products and services, worker investment in the UAE, and support for local manufacturing capabilities are all taken into consideration. Greater effect on the economic growth of the country is indicated by a higher ICV score.

The ICV score is used as a standard to assess how well a business aligns with the economic objectives of the United Arab Emirates. Businesses with better ratings might have a competitive advantage through improved market placement and preferred treatment in government acquisition.

Getting ICV certificate as a UAE-based provider of products or services is crucial to maintaining competitiveness in bids where ICV scores are taken into account. By consistently raising your ICV score, you can guarantee compliance and establish your organization as a preferred partner, supporting business expansion in the UAE for larger goals.

How is the ICV Score Calculated in the UAE?

There are several methods for determining the ICV score for UAE producers, distributors, and investors, and it is determined by a certain criterion. 

The following factors are used to determine a company’s ICV score:

• Purchasing goods from regional vendors
• Employing and educating UAE citizens
• Setting up activities in the oil and gas sector locally

In the UAE, government contracts frequently include certain ICV requirements that businesses must fulfill in order to be eligible to bid. For example, a procurement may stipulate that a specific percentage of the staff must be UAE nationals or that a particular amount of products and services must be acquired locally. Businesses who meet these requirements and keep up a high ICV score have an important competitive edge throughout the bidding process, increasing the likelihood of landing agreements and advancing the national economy.

How to Improve Your ICV Score in the United Arab Emirates?

Increasing your In-Country Value (ICV) score makes your company a valued partner in the area and demonstrates your dedication to bolstering the UAE economy. The following are essential tactics to raise your ICV score:

Local Sourcing: Give top priority to purchasing goods, services, and supplies from regional vendors. This strategy shortens supply chains, boosts the UAE economy, and shows your commitment to supporting regional companies. By directly boosting the local economy, subcontracting work locally raises your ICV score even further.

Emiratization Efforts: Hire and train UAE citizens to concentrate on growing the local workforce. Promoting Emiratization actively raises your ICV score by demonstrating your dedication to developing the nation’s talent pool. In addition to adding long-term value to your company, empowering local staff through skill development initiatives supports the UAE’s workforce expansion goals.

Investing Locally: Setting up production facilities or service hubs in the United Arab Emirates shows a significant dedication to the regional economy. In addition to enhancing your market presence, achieving this through collaboration, partnerships, or different investment models makes a substantial contribution to the economic growth of the country.

Community Engagement: Your commitment to social responsibility is demonstrated by your active participation in community-focused programs. To promote goodwill and match your company with the UAE’s community development objectives, sponsor events, donate to local organizations, or take part in charitable or environmental projects.

Technology Transfer: Two essential tactics are exchanging technical know-how and encouraging creativity. Work together with regional institutions, research facilities, and organizations to share expertise and create innovative goods and services. These initiatives not only raise your ICV score but also establish your company as a significant force in the economic and technology development of the United Arab Emirates.

In What Ways Do ICV Auditors Aid in Obtaining ICV Scores?

ICV auditors can help businesses in the United Arab Emirates improve their In-Country Value score. To enhance the internal ICV skills, they evaluate an organization’s ICV strategy, identify any shortcomings, ensure that regulations are followed, monitor and report on performance over time, and provide training and development plans.

• Assessment of the ICV approach
• Finding any flaws in the ICV rules’ compliance
• Observation and reporting
• Education and training 

Accountax – Leading ICV Auditors in the UAE

With our extensive ICV Certification Services in the UAE, we at Accountax are experts in helping companies raise their ICV scores. Our knowledgeable auditors offer priceless insights and tactical assistance, enabling your business to demonstrate its dedication to the UAE economy and the goals of the country’s economic growth.

Being a leading audit company in Dubai, we work closely with companies to develop their ICV improvement strategies and strengthen their Emiratization initiatives. We link you with outstanding local talent to promote sustainable growth and compliance by drawing on our vast expertise in working with the biggest employers of nationals in the UAE.

Accountax routinely participates in webinars and seminars with professional organizations to assist the UAE’s In-Country Value (ICV) initiative. We stress the program’s importance in generating job chances for UAE citizens and business opportunities for local organizations, guaranteeing your company’s success in a cutthroat market.