Many companies in the UAE want to work with government bodies and major clients like ADNOC. But without a specific certificate, they may never get the chance. This document is known as the ICV Certificate in the UAE. Not having it means missing contracts and limited access to opportunities.
Businesses often struggle with local competition. Understanding and securing the ICV Certificate in Dubai is very important in this regard. It helps companies grow, win tenders, and support the country’s development plans. Here’s what every business needs to know.
You can obtain an ICV certificate and get an ICV score (recent financial statement based) with the help of JCA (Jitendra Chartered Accountants).
What Is the ICV Certificate?
ICV stands for In-Country Value. This certificate is an official document issued by approved bodies in the UAE. It measures how much a business contributes to the local economy. This includes how many goods and services it sources locally, how many Emiratis it employs, and what it invests in the UAE.
It was first introduced by ADNOC and later expanded under the Ministry of Industry and Advanced Technology (MoIAT) in 2021. The goal is to encourage businesses to rely more on local resources and people.
Main Goals of ICV Certification in the UAE
The UAE government created the ICV program with several clear aims:
- Increase the use of local suppliers.
- Create more jobs for UAE nationals.
- Encourage industries to invest in new projects within the UAE.
- Support small and medium-sized companies.
- Reduce dependency on imports and foreign services.
- Push businesses to spend more on research and technology in the country.
All of these actions help the UAE move toward a more stable and varied economy.
Who Should Get an ICV Certificate in the UAE?
Any company that wants to do business with UAE government entities or firms like ADNOC should consider applying. Here are the key eligibility conditions:
- The business must be legally registered in the UAE.
- It must have a physical presence within the country.
- The company must follow specific rules related to its industry, especially around local content and staffing.
- An independent audit must confirm the company’s activities and records.
Only after these checks can a business get the certificate.
Steps to Apply for an ICV Certificate in the UAE
Applying for the ICV Certificate is a multi-step process. Here is how companies can prepare:
- Pick an Approved Certifying Body
Start by requesting quotes from licensed certifying bodies. Choose one and sign an agreement with them.
- Check and Improve Operations
Companies may need to change how they operate. This can include hiring local workers, buying from UAE-based suppliers, or investing more locally
- Submit Audited Financials
Businesses must provide up-to-date, audited financial statements. If the company is new (less than 10 months old), management accounts based on global standards can be used.
- Fill Out the ICV Template
This form collects detailed information about the business, including spending, employment, and other activities that help the UAE economy.
- Undergo Review and Audit
The certifying body checks all the submitted information. They may also visit the business site to confirm the details.
- Get the Certificate
If everything meets the requirements, the company receives its ICV Certificate. This confirms that it meets the local value criteria.
If you feel confused or stuck, seek assistance from a professional ICV auditor in Dubai like JCA.
How to Renew the Certificate
Renewing the ICV Certificate requires:
- Updated financial statements and supporting documents.
- A new evaluation of the company’s local value score.
- Possibly another audit by the certifying body.
An ICV auditor in the UAE can help you renew your certificate.
Why the ICV Certificate Matters for Businesses
Here’s how companies benefit from having the certificate:
- Better Chances at Winning Contracts
Companies with ICV certification often get preference during bidding for government and large private tenders. - Support for Small and Medium Businesses
The ICV program opens up more doors for smaller firms to grow and join local supply chains. - Stronger Business Image
Being ICV certified shows that a business supports the country’s growth. This builds trust with clients and partners. - Possible Financial Help
Some financial programs and support systems are only open to certified businesses. - Support for Local Manufacturing
The program encourages firms to make products within the UAE, which improves their score and helps the economy.
How can Jitendra Chartered Accountants Help?
With the right support, well-defined steps, and increased emphasis on local development, the ICV certificate is not difficult to obtain and maintain.
If your business wishes to be a serious contender in the market, begin today and hire our comprehensive ICV certification services in the UAE. Our experts will provide you with the utmost support, guidance and service.