ICV(IN-COUNTRY VALUE) CERTIFICATE

The ICV Program, overseen by the Ministry of Industry and Advanced Technology, is designed to enhance economic performance and bolster local industries through increasing the amount of public spending directed towards the national economy. The initiative launched by Abu Dhabi National Oil Company (ADNOC) aims to motivate and support local companies to be more involved in the oil and gas sector, thus increasing their impact on the UAE economy.

The ICV program mandates that companies must achieve a certain minimum ICV score, calculated by the proportion of a company's spending in the UAE and on locally sourced goods and services.

In order to receive an ICV certificate, companies must go through an ICV evaluation conducted by a recognized ICV certifying organization. The evaluation includes analyzing the financial statements, procurement records, and other pertinent information of a company to calculate its ICV score. After the evaluation is finished, the certifying organization gives an ICV certificate to the business if it satisfies the ICV program criteria.

Any organization, regardless of its location within or outside of the UAE, can acquire an ICV Certificate. A company that supplies goods or services directly or indirectly to government and semi-government entities such as ADNOC Group, Abu Dhabi Department of Economic Development, and Aldar properties. Trading firms acting as middlemen for Abu Dhabi ports, Environment Agency Abu Dhabi, and other UAE government departments must possess the In-Country Value certificate in Dubai, UAE.

Getting ICV certification is a difficult process that necessitates the help of professionals. Suppliers need to provide the approved financial documents and complete the supplier submission form as specified by the governing body. Cornerstone with a skilled professional can help businesses with auditing and applying for ICV certification in the UAE.