ICV Certificate is the obligation of every business willing to become a supplier for ADNOC (Abu Dhabi National Oil Company). The United ICV Program is a prodigious initiative by ADNOC. The Program ties contributing to ICV (In-Country Value) with business inducements. It also encourages local suppliers to emphasize more on getting an ICV certificate. The program’s goals are to excite economic growth in the Emirates and support local businesses doing business with large initiatives such as ADNOC. Here we will discuss the important factors of getting an ICV certificate that stimulates economic development in the UAE.
Who are eligible for the ICV Certification?
Any foreign or local company can get an ICV certificate by following ICV guidelines that are;
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Level 1 suppliers
The Suppliers that straightly provide goods or services to the Program’s Partners are obligated to declare their ICV score as part of the National ICV Program and as an award process part of their tender evaluation.
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Level 2 and inferior suppliers
These suppliers are also mandatory to provide their ICV certificates to contend with Level 1 suppliers in tenders.
How ICV Certificate issued in Dubai?
ICV Certification issues based on the previous audited financial statements. But, the mandatory thing is it should not be older than 2 years from the certification year. ICV certification is legal or ineffective for 18 months until a new set of financial statements is issued or the date of the issue. The supplier firm is responsible for gaining the reviewed ICV certificate within 2 months. This time is of the issuance of audited financial statements.
What is the type of ICV Certification?
The ICV Certificates have 4 main types that are following;
- Industry-Explicit Certificationsare intended for entities looking for proficiency in a specific industry or sector.
- Expert Certificationsprovide to entities in explicit professions, such as project management, accounting, or human resources.
- Academic Certificationsidentify educational accomplishments in explicit fields of study. They are often bestowed by educational institutions or recognized groups.
- Skill-Based Certificationsauthenticate concrete skills developed through professional training programs or internships.
What are the intensive areas of the ICV program?
The ADNOC is considering some approaches as the ICV strategy continues to develop.
- Ordering training programs for UAE residents to escalate the abilities and proficiency of the local workforce.
- Indorsing OPEX and CAPEX growth plans to fascinate foreign investment in Dubai.
- Evolving long-term bonds with suppliers.
What type of businesses in Dubai want to get an In-Country Value certificate?
Not all types of businesses need to get an ICV certificate in Dubai. The ICV certificate is generally meant to help suppliers of the;
- Abu Dhabi government
- Abu Dhabi Ports
- ADNOC
- Aldar Properties
The meaning of this is that businesses, irrespective of their scope and functioning in Abu Dhabi in the zone of governmental or semi-governmental findings with above-stated entities, are worthy to experience the certification of ICV process.
What is the process for Getting an ICV Certificate in Dubai?
Businesses can get an ICV certification by the following process;
1. Data Population
The data population of the SSF (Supplier Submission Form) is based on the prior financial statements of audit. It needs some particulars that are available in the financial statements that are audited before. This is the first and most important stage in complete procedure of certification of ICV.
2. Agreed-upon measures
The data occupied in the prior stage is associated with Agreed-upon measures. This step can extensively raise the probabilities of an acceptable ICV certification.
3. Report Delivery
The transfer of a Correct Result Report exists on the effort done throughout the process is also important. This report supports classifying gaps inside the enterprise. It plays an essential role in the giving of ICV certification.
4. Form Authentication
Certification of ICV will be accepted and stamped by Abu Dhabi National Oil Company authorized figures that will have a legitimacy of 1 year from start date. This tiresome procedure of In-Country Value certification finish with form authentication.
What are the Objectives of ICV Certification in Dubai?
The major goals of an ICV certification in Dubai are;
- Employment Generation:
ICV Certification aims to produce extra job chances for residents of Dubai in the local sector.
- GDP divergence:
ICV Certification aims to support UAE GDP divergence by manufacturing more goods and services within Dubai. It allows the Dubai government to attain some of its macroeconomic objectives such as;
- Namely Sustainable Economic Development
- Acceptable Balance of Payments Situation
- Employment
- Tactical considerations:
ICV Certification aims to create tactically perilous links in the value chain for selected categories. It makes a modest benefit by performing tactically dynamic activities more economically or better than its international competitors.
Conclusion
Getting an ICV Certificate can be a vital step in proceeding with one’s career and expanding opportunities in the professional world. For those businesses who are looking for help in obtaining an it call ICV Certificate top leading firm in Dubai, offers proficient guidance and support. With their all-embracing experience and knowledge, they can direct the application process, ensure obedience to obligations, and help entities achieve their ICV certification goals.