Why Does Your UAE Business Need an ICV Certificate?

Written By Akshaya Ashok, Reviewed By Reyees K P

Published on 03/02/2025

In the United Arab Emirates (UAE), the In-Country Value (ICV) certificate is very important for businesses. The UAE government created the ICV certificate to help the country's economy grow. Companies need an ICV certificate to get government contracts. Having an ICV certificate shows that a business cares about the local economy and wants to be a good partner. It also helps businesses get a good reputation and be more competitive. In this blog post, we will explain what ICV certification is. why is it important? and how can businesses get certified?

What is an ICV Certificate?

The In-Country Value (ICV) Certificate is an official document issued in the UAE that measures a company's contribution to the local economy. Introduced by the Abu Dhabi National Oil Company (ADNOC) and now managed by the Ministry of Industry and Advanced Technology (MOIAT), it evaluates factors such as:

• Local sourcing
• Investments
• Workforce Emiratization
• Regional economic impact

The certificate is crucial for businesses seeking to participate in government tenders and large contracts within the UAE.

What is the ICV Program and what are its objectives?

The ICV Program was established to redirect public spending into the UAE economy by incentivizing businesses to prioritize local suppliers, invest in infrastructure, and hire UAE nationals. Its primary objectives include:

• Boosting Local Economic Growth: Encouraging companies to procure goods and services from UAE-based suppliers.
• Promoting Job Creation: Supporting Emiratization by incentivizing companies to hire and train UAE nationals.
• Attracting Foreign Investment: Demonstrating commitment to the local economy, making certified businesses more attractive to foreign investors.
• Enhancing Sustainable Development: Aligning with the UAE's vision for a diversified and sustainable economy.

 Benefits of ICV Certification for UAE Businesses

• Increased Revenue Streams: Access to government contracts and tenders.
• Improved Market Share and Competitiveness: Differentiation from non-certified entities.
• Enhanced Operational Efficiency and Productivity: Optimization of local procurement and workforce development.
• Access to New Markets and Business Opportunities: Partnerships with other certified entities and access to new supply chains.
• Contribution to UAE's Economic Development and Diversification: Promotion of economic growth, job creation, and innovation.
•  Improved Business Reputation and Credibility: Demonstrating commitment to local content development and Emiratization.
• Compliance with UAE Regulations and Laws: Ensures adherence to government requirements and regulations.
• Access to Exclusive Events and Networking Opportunities: Connections with key decision-makers, industry leaders, and potential partners.

How to Obtain an ICV Certificate?

Step-by-Step Guide to the ICV Certification Process

• Register on the ICV Portal: Create an account on the ICV portal and provide basic company information.
• Fill Out the ICV Application Form: Complete the ICV application form, providing detailed information about your company's local content development and Emiratization efforts.
• Upload Required Documents: Submit the required documents, including audited financial statements, ICV template, and supporting documentation.
• Pay the Application Fee: Pay the ICV certification application fee.
• Wait for ICV Certificate Approval: Wait for the ICV certification application to be reviewed and approved.

What are the Documents Required for ICV Certification?

• Audited Financial Statements: Audited financial statements for the last two financial years.
• ICV Template: Completed ICV template outlining the company's ICV score calculation.
• Supporting Documentation: Records related to accounts payable, local procurement activities, and workforce Emiratization.
• Trade License: Copy of the current trade license.
• Business Registration Certificate: Copy of the business registration certificate.

Tips for a Successful ICV Certification Application

• Ensure Accuracy and Completeness: Ensure all information provided is accurate and complete.
• Provide Detailed Documentation: Provide detailed documentation to support ICV claims.
• Meet ICV Scoring Criteria: Ensure the company meets the ICV scoring criteria.
• Submit Application Well in Advance: Submit the ICV certification application well in advance of the deadline.
• Seek Professional Assistance: Consider seeking professional assistance to ensure a successful ICV certification application.

Conclusion

The ICV certificate is a vital credential for UAE businesses, offering a wide range of benefits, from increased access to government contracts to enhanced competitiveness and reputation. As Reyson Badger, a renowned expert in UAE business regulations, emphasizes, "ICV certification is a game-changer for businesses seeking to establish themselves as credible and compliant players in the UAE market." To reap the benefits of ICV certification, we strongly recommend that UAE businesses prioritize obtaining this credential. By doing so, they can find new opportunities, drive growth, and contribute to the UAE's economic development and diversification. Don't miss out on the advantages of ICV certification apply now and take the first step towards elevating your business to the next level!

FAQs

Who are the ICV certifying bodies?

ICV certifying bodies are independent third-party auditors accredited by ADNOC to conduct ICV audits and issue ICV certificates.

How long is an ICV certificate valid?

An ICV certificate is valid for 14 months from the issuance date of the audited financial statements used for the certification. This aligns with the annual ICV assessment cycle, ensuring the certificate reflects the company's latest performance.

How do I apply for ICV certification?

To apply for ICV certification, companies should contact an accredited ICV certifying body and follow their application process.

Written By

Akshaya Ashok

Akshaya Ashok is a content writer specializing in creating content focused on accounting and auditing. With over two years of experience, she has developed expertise in crafting professional content for the financial sector.