What is an ICV certificate and why does your company need it to manage in Dubai business?

What is an ICV certificate and why does your company need it to manage in Dubai business?
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Earlier this year. Following the success of the program and in line with the economic objectives of the government’s acceleration program the Dubai Economic Development Department joined forces with and launched the concept of an ICV certification process for suppliers in Dubai.

Last year. Alder Properties and Dubai Ports joined the program, and are now referred to as participating entities.

Agreements were also  Investment Companies and Energy Company to participate in the program. It is expected that more entities will join the certification platform soon.

The program aims to unify companies that use the icv certificate so that the supplier can be part of the purchasing process of the participating entities, whether it is a main or secondary supplier.

“The main objective of this certification is to improve private sector engagement, facilitate GDP diversification, and localize critical parts of the supply says. “In simple terms, it calculates the spending of a supplier who stays within Dubai.” “.

In December 2019, the Dubai International Financial Center In-Country Value Program (ICV )

generated into the Dubai economy and employed more than 1,500 Emirati nationals in the private sector. It is noteworthy that more than 3,000 companies in the Emirates are registered in the In-Country Value Certificate Program.

The certificate also helps companies and allows them to obtain the right to refuse in tender processes. While companies that do not have a certificate will be evaluated according to the evaluation of bids and given a score of “zero” and will be at a disadvantage compared to companies that scored higher points.

Accelerate Your Business with our rapid ICV certification services in Dubai

He also says: “We can help you obtain a standardized ICV certificate within a short period and have a team of experts who have a proven track record of issuing ICV certifications across multiple industries. Our mission is to first make customers understand the ICV program identify the factors that influence the ICV result and then propose steps to improve this outcome. Including making recommendations on restructuring organizational processes. Merging legal entities. Investment planning. Supply chain optimization. And workforce rationalization.”

The ICV certification is based entirely on the company’s audited financial statements by International Financial Reporting Standards. Financial statements should not be earlier than two years after the year

of ratification. For companies with multiple entities. Each license within a group is considered an independent legal entity even if the ownership is the same.

However, if a company has different branches in the same emirate, with identical activities and ownership listed in the licenses. A company in this emirate is allowed to obtain one combined certificate from ICV.

Once the icv certificate is reached. It is valid for 14 months.   The validity period of the certificate is 14 months from the date of issuance of the audited financial statements. A supplier can obtain re-certification while the ICV certificate is valid if they so choose. Using the same audited financial statements. But the validity of 14 months from the first issue remains the same.

 

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