ICV Certificate is issued to certified suppliers. The National In-Country Value (ICV) Program is a UAE government program initiated by ADNOC to support the Ministry of Industry.
It evaluates their contribution to the local economy. Certified suppliers will gain advantages during the award of tenders and contracts based on their ICV score. It also aims to boost the contribution of local industries to national GDP while enhancing the role of local companies to the country’s socioeconomic development .
How to obtain an ICV Certificate :
1. Issue audited financial statements for the company/supplier, based on IFRS.
2. Fill the certificate application form according to recent guidelines & financial statement.
3. Select authorized certification company to issue the certificate & present its requirements.
4. Use the certificate according to the guidelines of each applicable authority.
There are some guidelines to get ICV Certificate :
• The first thing is that ICV Certification can only be handed out by ICV certifying bodies in UAE.
• When a supplier applies, they shall require a separate ICV Certificate for every business license that they owned. Every business license will be recognized as a separate legal entity.
• ICV Certification Templates must be completed by the applicant.
• All the Figures in the template must be taken from a company’s latest IFRS compliant audited financial statements and it should not be older than 2 years.
• Newly established companies (less than 10 months old) who do not have audited financial statements can take figures from their Management Accounts instead.
• After the Certificate has been received, it will remain valid for 14 months from the date of issuance of audited financial statements. Companies can apply for certification again before this time period ends. They may use the same financial statements as well.
• Once a company appoints an Certifying Body to verification of Certification, it will not be able to switch to a new certifying body for the duration of their certification.
• The submission shall take all costs and revenues of the company during its financial year.
• If a company is not able to present consumption details (listed by invoice and vendor), purchases made by the company during that year can be taken into account instead.
• The Certifying body and supplier will have to share any required information with the representative, whenever it is asked for review.
• Negligence or tampering in a company’s submission will lead to penalties. These penalties can include a ban preventing them from doing business with ADNOC.
Once you are certified, you can begin submitting bids to participating entities. The bidding process will be determined by your ICV score.
FOR MORE INFORMATION, CONTACT US :
Phone : +971 52 1952 532 / +971 4 240 1110
Mail-Id : info@yugaaccounting.com
Website : www.yugaaccounting.com