In today’s competitive market, businesses in the UAE are constantly looking for ways to stand out and demonstrate their commitment to the local economy. One effective way to do this is by obtaining an In-Country Value (ICV) certificate. This certification can open new opportunities and partnerships with government entities and large corporations. In this guide, we’ll walk you through everything you need to know about the ICV certificate, including what it is, why it’s important, and how to get it.

What is an ICV certificate in UAE?

The ICV certificate is a program initiated by the UAE government to boost the local economy by encouraging businesses to invest in local resources and talent. It measures a company’s contribution to the UAE’s economy through various factors such as local procurement, Emiratization (hiring UAE nationals), and investment in local infrastructure.

Why is the ICV certificate important?

Having an ICV certificate can significantly benefit your business. Here are a few reasons why:

1. Increased business opportunities

Many government and semi-government entities in the UAE favor working with ICV-certified companies, resulting in more business opportunities and projects. For example, if your company is ICV certified by the UAE, you may have a better chance of winning tenders from major organizations like ADNOC (Abu Dhabi National Oil Company) or other government-related entities.

2. Competitive advantage

Being ICV-certified sets you apart from other competitors. It shows that your business is committed to supporting the local economy and adhering to the UAE’s economic goals.

3. Support local economy

By obtaining ICV certification, your business supports the growth and development of the UAE’s economy. This not only helps the country but also builds a positive reputation for your business within the community.

Steps to get ICV certified

After knowing why the ICV certificate is so important, you may want to know how to get certified. The following steps will guide you:

Understand the requirements

Before starting the certification process, understanding its requirements is crucial. The ICV program evaluates businesses based on several criteria, including:

1. Local procurement

The percentage of goods and services purchased from local suppliers. This encourages businesses to support local industries and reduce reliance on imports.

2. Emiratization

The number of UAE nationals employed within the company. This is a key focus area for the UAE government as it aims to increase employment opportunities for its citizens.

3. Investment in local infrastructure

Investments made in local facilities and infrastructure. This includes building new offices, factories, or other facilities within the UAE.

4. Expenditure on local suppliers

Money spent on local suppliers and service providers. This helps to keep more money circulating within the local economy.

2. Prepare your documentation

Gather all necessary documents that demonstrate your company’s compliance with the ICV criteria. This may include:

1. Financial statements

These should show your firm’s revenue, expenses, and profits.

2. Procurement records

Detailed records of all goods and services purchased from local suppliers.

3. Employment records

Documentation of the number of UAE nationals employed and their roles within the company.

4. Investment documents

Proof of investments made in local infrastructure and facilities.

3. Choose an approved certifying body

The UAE government has approved various organizations to issue ICV certificates. These include:

Choose a certifying body that best suits your needs and budget. Selecting a reputable and experienced certifying body is important to ensure a smooth certification process.

4. Submit your application

Once your documents are ready, submit your application to the chosen certifying body. They will review your submission and may ask for additional information if needed. Ensure accurate and complete information is provided to avoid delays in the certification process.

5. Undergo an audit

The certifying body will conduct an audit to verify the information provided in your application. The audit process ensures that all the information submitted is accurate and that your company meets the ICV criteria.

6. Receive your ICV certificate

Upon approval of your application, you will be awarded the ICV certificate. This certificate is valid for one year, after which you must renew it. The renewal process involves submitting updated documentation and undergoing another audit to ensure continued compliance with the ICV criteria.

Tips for a successful ICV certification

Here are some tips you may follow for a successful ICV certification:

1. Maintain accurate records

Keep clear and accurate records of all transactions and activities related to the ICV criteria. This will make it easier to prepare your documents when it’s time to renew your certificate.

2. Regularly review your processes

Review and update your processes to ensure they align with the ICV requirements. This includes monitoring your local procurement, Emiratization efforts, and investments in local infrastructure.

3. Engage with local suppliers

Build strong relationships with local suppliers and service providers to increase your local procurement percentage. This can also lead to better prices and more reliable supply chains.

4. Invest in Emiratization

Focus on hiring and training UAE nationals to boost your Emiratization score. This can involve offering internships, apprenticeships, and training programs to help develop local talent.

Conclusion

Obtaining an ICV certificate can be a game-changer for your business in the UAE. It not only opens up new opportunities but also demonstrates your commitment to supporting the local economy. By following the steps outlined in this guide, you can navigate the certification process with confidence and achieve ICV certification for your business.