(In-Country Value) ICV certification is a strategic initiative in Abu Dhabi, assessing and certifying companies on their commitment to fostering economic development. It evaluates various criteria, such as local investment, job creation, Emiratization efforts, and procurement of goods and services from local sources. The goal is to incentivize businesses to contribute significantly to the local economy, thereby promoting sustainable growth and diversification. This certification not only benefits the certified companies by enhancing their market position but also aligns with the broader economic objectives of the region.
- Socially Responsible Investment
- Comprehensive Investment Plans
- Financial Planning for Business
- Tax Mitigation Strategies
The strategic impact of implementing the ICV Program will be as follows
Localization & Development: Strategic localization of supply chains and the development of new local industries and services.
Private sector: Increase the private sector’s contribution to national GDP
Research & Development: Enhance spending on R&D and advanced technology
National GDP Growth: Contributing to the growth of national GDP
Job Opportunities: Creating valuable job opportunities in the private sector
Foreign Investments: Stimulating and attracting foreign investments and diversifying the economy
How to Get UAE ICV Certification in Abu Dhabi
Understand ICV Requirements:
Familiarize yourself with the specific requirements outlined by the relevant authorities, usually related to local spending, Emiratization, and other economic contributions.
Business Registration:
Ensure your business is registered and compliant with UAE laws and regulations. This may involve having a valid trade license.
Financial Documentation:
Prepare financial documents, such as audited financial statements, to demonstrate your company’s financial position.
Employee Data:
Gather information on the number of employees, including details about Emirati employees, as part of the Emiratization component.
Procurement Data:
Compile data on your company’s procurement, showcasing the portion spent on goods and services from local suppliers.
Submit Application:
Submit the ICV certification application through the designated portal or government entity. Ensure all required documents are attached.
Who Can Apply for ICV Certification?
ICV (In-Country Value) certification in the UAE is open to companies of various sizes and ownership structures operating in diverse industry sectors. Whether local or international, businesses seeking to demonstrate their commitment to contributing to the local economy can apply for ICV certification. The program evaluates factors such as local spending, Emiratization efforts, and procurement from local suppliers. Importantly, ICV certification is often a prerequisite for participating in government tenders and contracts, making it particularly relevant for companies engaged in public projects. Eligible businesses should carefully review the specific guidelines provided by the relevant authorities to ensure compliance and a smooth application process.
Simplified ICV Certification with AL Tawakkal
Getting an ICV (In-Country Value) certification in the UAE is something any type of business, big or small, can do, and AL Tawakkal Group can help. This certification shows that a company is helping the local community and economy. AL Tawakkal Group is good at making this process easier. They work with businesses to make sure they follow the rules and get the certification. It’s especially useful if a company wants to work on projects with the government. So, if you’re a company, big or small, and you want to help the local community, AL Tawakkal Group can help you get this special certification.