How to Apply for ICV Certificate in UAE: A Step-by-Step Guide

The Industrial Cooperation Agreement (ICA) and In-Country Value (ICV) certification are now essential for all firms in the United Arab Emirates, UAE. This certification is in alignment with the country’s thrust to enhance local production, bolster the national economy and ensure job creation opportunities in the UAE. It is essential to have ICV certificate for companies willing to capitalize on government contracts. 

This article will help you understand the ICV certificate application process in the UAE as well as the certification requirements, and how your business can smoothly cross the ICV certification process with Zsconsultant.

What is an ICV Certificate?

What is ICV certificate in UAE? The ICV program is a government initiative that reflects the UAE government’s objective to diversify the economy and reduce dependence on oil revenue. The ICV Certificate is a testament that the operating procedures of a company are in line with the UAE national economic objectives of generating sustainable in-country value.

Why Do You Need an ICV Certificate?

The ICV certificate is essential for any companies wishing to attend tenders and contracts with the government. Businesses who hold the certificate show that they promote the national economy through local procurement, employment and other such activities. Non-ICV certified companies may be restricted from bidding for government projects.

Furthermore, the possession of an ICV certificate could promote the goodwill of your company and give you an advantage when going for a variety of tenders or partnerships with UAE based local or foreign entities.

ICV Certification Requirements

Here Is Everything You Need To Know About ICV Certificate in Abu Dhabi: Requirements Before Application. The certification allows companies to quantify their value-addition to the UAE in accordance with the extent of the company’s in-country value contribution.

The main ICV certification requirements are as follows:

• Local Involvement: The company should show its investments in the local community, for instance, by sourcing goods and services from suppliers within the UAE. This guarantees that the firm assists the local supply chain and minimizes dependence on foreign suppliers.
• Nationalization: A certain percentage of the workforce to be UAE nationals. One of the highest arguments for e-commerce is the reduction in rental expenses.
• Local Production: Corporates that produce goods in UAE or utilize UAE locally sourced raw materials may gain a higher ICV score owing to direct contribution to local economy.
• Financial Reporting: A company is required to prepare and present accurate financial reports for the evaluation process. Nevertheless, transparency in financial reporting is useful in assessing the company’s overall contribution to the economy.
• Auditors: Business must prepare and file their financial reports through a certified auditor. The auditor is responsible for evaluating and verifying the company’s finances, contributions to the local community, and compliance with the ICV program.

How to Get ICV in UAE: The Application Process

Having discussed the prerequisites, let us glance through the procedures for applying an ICV certificate in UAE.

Step 1: Determine Eligibility

Before beginning with the ICV certificate UAE application process, it is important to check if your business satisfies the eligibility standards. The ICV UAE eligibility criteria is as follows:

• Minimum annual revenue: Certain businesses may qualify for ICV certification if they have a minimum revenue threshold.
• Business operations: Your business needs to be based in the UAE, while its activities should also provide value to the local economy through sourcing materials, employing locals, or producing goods on the ground.

Step 2: Select an Approved Auditor

The following step towards ICV certification is to appoint a registered auditor within the UAE. The auditor’s task is to independently confirm your entity’s financials and other records needed for the certification procedure. Such audit can only be held by those that are approved by the UAE government.

We at Zsconsultant have a specialized team of qualified auditors providing ICV certification services. We walk you through the reading of Financial documents, while ensuring that your reports are ready and meeting the ICV requirements.

Step 3: Get Your Financial Document in Order

Usually the financial documents required for ICV certificate application are:

• Balance Sheet
• Profit and Loss Statements
• Statement of Cash Flows
• Local Procurement Details
• Staff Information (local and foreign workforce data)

At Zsconsultant, our specialised experts can assist you in preparing these financial statements while ensuring that they comply with ICV requirements and local laws.

Step 4: Submit the Application for an ICV

After preparing all the documentation required, the final step is to submit the ICV application. Typically, the application is made online at the official UAE ICV website. You will need the following documents for this submission:

• A fully completed ICV application form
• Auditor-confirmed financials (from acceptable auditor)
• Information on local sourcing and hiring
• Supporting documents if local manufacturing process

The Zsconsultant team will assist and guide you through this portal to ensure your application is both correctly and timeously submitted.

Step 5: ICV Assessment

Once the application is submitted, the authorities will review the documents submitted. The government will assess your company’s local contributions and validate the financial data during the evaluation process.

Using your local procurement, employee data, and manufacturing efforts, the authorities will also assign an ICV score to your company. Based on the score, you will be eligible to receive the ICV certificate.

Step 6: Get Your ICV Certificate

Once you have successfully met the requirements your ICV certificate will be issued. The certificate is generally for one year and your company has to apply for renewal.

How ZsConsultant Can Assist You in Get the ICV Certificate in UAE

At Zsconsultant, we provide a specialized ICV services to help businesses get through this process quickly. This includes going through the process of applying for ICV which can be an overwhelming and complicated procedure.

How can Zsconsultant help you:

• Auditing Services: Our qualified auditors will endorse your financials and prepare your financials in compliance with ICV certification requirements.
• Documentation Assistance: We will guide you through all the documentation needed and file it with accuracy for you.
• Expert ICV Consulting: We guide you on the most effective approach to optimize your ICV score, including recommendations to improve your contributions to local procurement and workforce.
• ICV Certification Renewal: When it’s time for re-certification, our professionals will help you renew your ICV certificate.

We have simplified the process and made this hassle-free so that you can concentrate on scaling up your business while remaining in line with the UAE’s goals for economic development.

Conclusion

For any company aiming to bid on UAE government tenders and contracts, it is essential to apply for the ICV certificate. Success lies in understanding ICV certification requirements and the appropriate use of certification application process. Working closely with Zsconsultant will help you to correct any misconceptions, take steps to ensure your declaration is filed correctly, on time, and in line with Dubai’s goals for a growing economy.

Zsconsultant can assist you whether you are at the beginning of the process, preparing documentation, or require support with auditing or consultation. We are here to help you in leading you towards the pathway of holding your ICV certificate and entering into the new line of UAE Businesses. For further details on applying for your ICV certificate in the UAE, get in contact with us today!