National ICV Program UAE
Ensure strategic localization of your supply chains and develop new industries and services that attract foreign investments, maximize exports, and create valuable job opportunities for UAE population, best of all contribute to the national GDP to bring more business.
Comply with the strategic partners of government entities and national companies from various industries including Abu Dhabi Department of Economic Development (ADDED), Abu Dhabi National Oil Company (ADNOC) ICV Certification and Aldar Properties
What is an In-Country Value (ICV) Program?
The In-Country Value (ICV) program focuses on the improvement of sustainability and productivity of the industrial sector of the UAE. Businesses with ICV certification get the advantage of bulky local and foreign investments to contribute to the UAE’s economy and grow business. Certified suppliers earn higher profit margins due to business profile credibility. It also benefits the companies when it comes to dealing with government entities.
Regardless of the industry, ICV Program benefits any size of business through procurement, investment, and process restructuring. International or UAE’s regional businesses require strategic frameworks to ensure competitiveness for implementation. Accountax is known as the best ICV score for improving a firm in the UAE to help you achieve business goals by complying with all the ICV certification requirements efficiently. The program takes into account the expenditure on local manufacturing of goods and services in the UAE, hiring and procurement, and development. Other than supporting the national industry, it boosts the business opportunities for the UAE’s industrial landscape that contributes to GDP and the overall success of associated companies.
We are constantly evolving and innovating to ensure that clients receive the best possible quality and value in our services.
Considerations by Accountax for ICV Certification Process
Get to know how we help your business with dedicated ICV certification services.
- The financial information in the ICV certification must align with the latest audit report of your business as per the guidelines of International Financial Reporting Standards (IFRS).
- The validity of ICV certification lasts for 14 months from the date of latest financial auditing.
- After appointing a certifying entity, it is the responsibility of suppliers to maintain the requirements of the Certificate year.
- We ensure updated costs and revenue earned during the financial year for which ICV certificate Dubai is submitted.
- Maintaining documentation that supports financial reports and figures while ensuring transparency.
- We follow an updated and official ICV certification template to ensure complete and accurate information is provided.
Our Commitment to Excellence We are destined to give swings to your business!
Deep Expertise
Our accountants understand the compliance and ICV certification requirements for your business.
Quality Delivery
Take advantage of our advanced skills to obtain ICV certification as per your business needs.
Extensive ICV Experience
Our advisory and auditing services serve businesses with the best of our knowledge.
Transparency and Integrity
Our attention to detail ensures honest and quality delivery of our services.
Top-Notch Consultancy
Consult with our experts to streamline your business requirements.
24/7 Customer Support
Get regular support from our team to strengthen the business processes.
Expertly Navigating Accountancy with Government Agencies
Boost Investment Attractiveness with ICV Program
The National ICV Program has a positive impact on the UAE. Play your part to boost the economy with local products and services backed by a strong investment environment to attract more local and foreign investors in industry.
Industries We Serve
Accountax offers integrity with its clients by delivering custom solutions and a trust relationship that goes beyond the project delivery. Let’s join hands together to strengthen the business practices!
Telecommunication
Companies offering products or business services can utilize our financial services by optimizing cash flow management and comply with VAT regulations.
eCommerce and Services
One of the most lucrative industries, eCommerce can streamline financial operations with our custom services to optimize sales and minimize the audit hassle.
Oil and Gas
Expand business in an effective manner by optimizing the budgeting with Accountax. We help businesses use the funds smartly and comply with regulatory obligations.
Clinic and Hospitals
Offer high quality health services with effective financial models. We help you utilize the best-known practices for your business to ensure due diligence, compliance with healthcare laws and maximizing profits.
Trading Business in Freezone and Mainland
Track and manage your inventory effectively with Accountax financial models. Comply with local and international regulations with our smart tax optimization strategies to grow your business in free zones and the mainland.
Real Estate and Constructions
We evaluate profitability, assess risks, and help you make informed decisions about where you must invest and how your business can ensure compliance with the regulator.
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Frequently Asked Questions (FAQs)
What is the National ICV Program?
The National In-Country Value (ICV) Program is a program aimed at driving the local economy through increased local sourcing, manufacturing and jobs. It incentivizes businesses to do more to support the national economy by favoring local suppliers and labor. Industries, such as oil & gas, manufacturing, and services, are highly adopting this program.
Why is the ICV certification important for businesses?
It gives companies a competitive edge when tendering for government and semi-government contracts. Higher ICV scores improve an organization’s chance of winning contracts as preference is given to organizations with higher scores during the procurement process. It also boosts a company’s image as a powerful player in the national economy.
How can a company obtain an ICV certificate?
To achieve an ICV certificate, the enterprises must conduct an appraisal against an authorized accreditation body. The company is required to file audited financials, local procurement data, employment metrics, and investment records. After it has been assessed it receives an ICV score, which is valid for a period of typically one year.
What are the objectives of the ICV Program?
ICV is an initiative by the government to strengthen localized industries within the country to reduce the reliance on imports, and thus, boost the economy. It also aims at creating new job opportunities for nationals and promoting investments in the country. It also strengthens the local supply chain and enables small to medium-sized enterprises (SMEs).
Who is eligible to participate in the ICV Certificate Program?
Businesses in some sectors including manufacturing, services, and construction are eligible for the program. Most businesses seeking to engage with government or semi-government entities would be required to obtain an ICV certification. Local and international companies with a presence in the country may apply, provided that they can show their contribution to the local economy.
How is the ICV score calculated?
The score assesses local purchasing, local investment, national employee hiring, and overall economic contributions. A higher ICV score is given to companies that invest in local goods, services, and workforce. This score is taken into account by government agencies and large businesses when they issue contracts.
Does the ICV Program apply to all industries?
The ICV Program is implemented mainly in researching industries like oil & gas, manufacturing, and services. However, the requirements and implementation of it can differ and be dependent on the sector and region. ICV certifications help businesses in the sectors that establish local hiring and sourcing as a necessity.
Our National In-Country Value (ICV) Program focuses on your business success by helping you achieve strategic localisation of the supply chain. Diversify your economy and attract foreign investments to contribute to your national GDP. If you are also wondering how to get an ICV certificate in UAE, contact us today!