- March 4, 2024
- Company formation
Understanding the Process: How to Obtain Your ICV Certificate Abu Dhabi
Introduced in 2018 by ADNOC, the In-Country Value (ICV) program aims to boost the UAE’s economy. Managed by the Ministry of Industry and Advanced Technology, the ICV certification encourages local suppliers to contribute to national economic growth.
What is ICV Certificate Abu Dhabi
The ICV (In-Country Value) Certification is a program launched by ADNOC (Abu Dhabi National Oil Company) in the UAE to measure the contribution of goods and services produced by businesses within the UAE, along with local investment and employment, specifically in the oil and gas sector. The ICV Certificate is issued by ADNOC and certifies the level of In-Country Value achieved by a company operating in the UAE. Additionally, the Abu Dhabi Local Content Programme (ADLC), formed by the Abu Dhabi Department of Economic Development (ADDED), aims to promote GDP growth, enhance human capital development by increasing Emiratis’ access to private sector employment, and foster technology adoption to boost industry competitiveness and technological advancement.
How To Get ICV Certificate Abu Dhabi
Only professional firms authorized by the MoIAT can issue the ICV Certificate. We offer ICV certification services in Abu Dhabi and across the UAE, guiding businesses through the verification process to ensure compliance and eligibility for local benefits.
Process of Obtaining ICV Certificate Abu Dhabi
For new businesses that have been around for less than 10 months and want to get an ICV (In-Country Value) certificate in Abu Dhabi, here’s what they need to do. First, they should prepare their financial statements either using international standards or just their own records. Then, they fill out a special form called the ICV Template following the rules. Next, they take all this paperwork to one of the places authorized to check it over. Once they say everything looks good, the business gets their ICV certificate. With that, they can start bidding for jobs from certain companies in Abu Dhabi.
Benefits of ICV Certification in the UAE
The ICV (In-Country Value) program in the UAE looks at different things like investment, jobs for Emiratis, money from expats, and more. Because of this program, new types of businesses are starting in the UAE that need supplies from here. Having an ICV certificate helps companies get more involved, diversify the economy, and use local suppliers for important parts of their business. It’s especially helpful for smaller businesses to grow and expand because they can easily find what they need locally. Plus, having an ICV certificate means companies can get contracts from the government and big companies. For example, ADNOC prefers to buy from local manufacturers, giving them an advantage in tenders over foreign companies. This helps local industries grow and makes the UAE’s economy stronger.
Eligibility Criteria for ICV Certification in the UAE
To obtain an ICV (In-Country Value) certificate in the UAE, businesses must meet specific eligibility criteria such as being registered, physically present, and actively engaged in their industry. Each sector has its own ICV requirements focusing on local content, infrastructure investment, and Emiratization. Companies undergo an independent audit to assess their compliance and receive accreditation based on their ICV score. This certification is essential for participating in government procurement and can enhance competitiveness in tender evaluations, emphasizing the commitment to the UAE’s economic growth and development.
