in country value (ICV) certificate
Darji Accounting can help you get the ICV Certificate from one of the appointed certifying bodies to implement the In-Country Value (ICV) program for ADNOC Group Companies with the objectives of creating additional employment opportunities for Emiratis in the private sector, supporting UAE GDP diversification through sourcing more goods and services within the UAE and strategically localising critical parts of the value chain for selected categories.
As part of the ADNOC ICV Program, ADNOC’s suppliers are required to declare their ICV achievement (“ICV Certificate”) with respect to the previous fiscal year. The ICV assessment now forms an integral part of ADNOC’s tender evaluation and award process.
ADNOC requires a third-party verification of the numbers in the ICV Certificate to be conducted by one of its Certifying Bodies on an annual basis.
Request a Call Back Now!
what is the ICV certificate?
- ADNOC suppliers shall possess ICV Certificate issued by an ADNOC empaneled Certifying Body. Suppliers who do not possess the ICV Certificate shall be allowed to participate in ADNOC Group tenders; however, their ICV Score will be considered as “Zero (0)” in the financial evaluation.
- An ICV certificate needs to be obtained for each legal entity, which intends to participate in tender with ADNOC or any of its group entities.
- The ICV Certificate shall be prepared based on last audited financial statements, which shall not be older than 2 years from the certification year.
- The ICV certificate shall be valid for a period of 14 months from the date of financial statements are issued.
- Supplier shall be responsible to have the revised ICV certificate within 2 months of the issuance of new audited financial statements.
frequently asked questions on ICV certification
It’s a document issued by one of the certifying bodies which gives a score to measure the company’s contribution towards economy of the The United Arab Emirates.
ICV Score alloted to the Company in the ICV Certificate is a measure of Company’s contribution towards the economy of UAE. Higher the score the better. It helps companies in winning the tenders issued by the government companies specifically ADNOC, Aldar etc.
These are two different programs in terms of implementation in tenders, but all programs, including the Abu Dhabi Local Content Program which applies to government and semi-government tenders, will require one certificate which is the ICV 3.0.
ICV Certificate can be taken by any company including Maniland, Free Zone, Branch of Foreign Company. No, the ICV certificate is not limited to company size either. Even a new company can apply for getting ICV Certificate but the score will definitely be very low for obvious reasons.
Only handful of reputed companies are designated to issue a ICV Certificate. Here’s the list of Certifying bodies.
Darji Accounting can help you get a ICV Certificate from one of the Certifying bodies in a reasonable cost and time and will also help you get a better score by right consultation.
The mathematical formula used to calculate the ICV score is issued by ADNOC and the same is used by all certfying bodies. The numbers used by the certifying bodies in that formula are also driven from Audited Financial Statements hence its almost certain that ICV score calculated by one certifying body will be same as calculated by another certifying body.
Approved and audited financial statements, along with other requirements requested by the certifying bodies.
The ICV certificate typically takes 3 – 15 business days if the audited financial statements and other requirements are ready, depending on the size of the data that need to be processed.
The prices for the ICV certificates are not fixed and may vary from one certifying body to another.
Darji Accounting can help you get an ICV certificate from one of the most reputed certifying bodies at competitive prices.
The validity of the certificate is 14 months from the date of issuance of the company’s financial statements.
For example, if the Company’s Audited Financial Statements are prepared as on 31st December 2020, then the ICV Certificate issued based on such financial statements will be valid till 28th February 2022.
All government and semi-government entities in Abu Dhabi mandates submission of an ICV certificates by suppliers for their procurements.
Applying for an ICV certificate is optional for entities wishing to enter procurements in Abu Dhabi, however during the financial evaluation, their ICV score will be counted as zero (0) in case an ICV certificate is not submitted.
ICV 3.0 is the standard certification which will be requested by all participating government entities for their purchases/procurements. ICV 2.0 is the older version of the ICV certificate which was used by ADNOC for their purchases.
Branches can be combined if they exist in one Emirate, and if their activities are identical.
As for branches in different Emirates, a certificate must be issued for each license.
Looking For a Consultant For VAT Registration ?
Corporate Address:
UAE
Office No. 1835, Level 18, The Burjuman Business Tower, Al Mankhool, Dubai, United Arab Emirates.
+971 56 948 1011 / +971 58 536 0434England
347, Green Street, E13 9AR, London, England.