ICV(In-Country Value) Certificate
The ICV Program is established under the supervision of Ministry of Industry and Advanced Technology aims to boost economic performance and support local industries by redirecting higher portions of public spending into the national economy. The program introduced by Abu Dhabi National Oil Company (ADNOC) to encourage and incentivize local companies to participate in the oil and gas industry by boosting their contributions to the UAE’s economy.
The ICV program requires companies to meet a minimum ICV score, which is based on the percentage of a company’s expenditure that is spent in the UAE and on goods and services that are sourced from local suppliers.
To obtain an ICV certificate, companies must undergo an ICV assessment by an approved ICV certifying body. The assessment involves evaluating a company’s financial statements, procurement records, and other relevant data to determine the company’s ICV score. Once the assessment is complete, the certifying body issues an ICV certificate to the company if it meets the ICV program requirements.
An organization, whether it is located within the UAE or outside can obtain an ICV Certificate. A business that are working as a supplier directly or indirectly to the government and semi-government like ADNOC Group committees, Abu Dhabi Department of Economic Development, and Aldar properties. Trading companies working as intermediate suppliers for the Abu Dhabi ports, Environment Agency Abu Dhabi, and all other government departments of the United Arab Emirates are required to have the In-Country Value certificate in Dubai, UAE.
Obtaining ICV certification is a complex procedure that requires expert assistance. Suppliers must present the audited financial statements and filling out the supplier submission template prescribed by the authority.3A global with the qualified professional can assist the companies on auditing and application submission of ICV certification in UAE.