Menu
- Dubai
- info@abs.com
- +971555992142
ICV CERTIFICATION SERVICES
Aura Vision Advisors takes pride in offering comprehensive services for In-country Value (ICV) certification in Dubai, UAE. Our commitment aligns with the Unified ICV program initiated by the Abu Dhabi National Oil Company (ADNOC), encouraging local suppliers to prioritize obtaining the ICV certificate.
ICV Program Goals:
The ICV program, a strategic initiative by ADNOC, aims to foster economic development in the Emirates and support local businesses in engaging with major enterprises like ADNOC. It encourages localization of business activities and plays a pivotal role in promoting overall economic growth.
ICV Certification Process:
When local suppliers submit bids to ADNOC, possessing an ICV certificate provides a significant advantage. The certification is a key determinant in the bid selection process. Here is an overview of the ICV certification procedure:
- Data Collection: Companies complete the “Supplier Application Form” provided by ADNOC, based on the latest audited financial norms.
- Validation Processes: The provided information is cross-checked against the pre-agreed details.
- Reporting: A factual findings statement, reflecting the business operations during the session, helps identify any imperfections in the company.
- Validation of Forms: The ICV certificate in the UAE is signed and stamped in the emirate by ADNOC-sanctioned bodies, remaining valid for 14 months from the issuance date.
ICV Improvement Plan:
The ICV reform scheme in the UAE involves a contractual commitment, linking payment to the achievement of actual ICV. There are two types of improvement schemes based on annual ICV certification and project-based agreements, ensuring ongoing monitoring for adherence.
ICV Certifying Bodies:
Certifying bodies in the UAE, selected by ADNOC, play a crucial role in ICV certification. They review supplier details, assess the processes used to determine ICV scores, issue ICV certifications, and renew supplier certifications.
Working of an ICV Certificate in UAE:
ADNOC providers must showcase their contributions to ICV in the nation through ICV certificates and their assured ICV scores for the previous financial year. The business partnership with ADNOC includes an ICV evaluation, integral to the comprehensive assessment and progression.
ICV scores are calculated based on the overall value of procurements made by the supplier from certified UAE suppliers throughout the year. The computation involves assessing the economic benefits added within the UAE through the services provided by the organization.
Key Aspects of an ICV Certificate in UAE:
- ADNOC recommends suppliers obtain ICV certificates from sanctioned bodies. Non-certificate suppliers may be considered for group contracts with a zero ICV score.
- ICV certificates are based on audit statements from the previous fiscal year, not older than two years.
- The validation of the ICV certificate is around 18 months from the issuance date or the date of new financial reports.
- Suppliers must obtain their updated ICV certificate within two months of receiving new audited financial reports.
- ICV certificate UAE is essential for companies participating in contracts with ADNOC or its affiliated companies.
Guidelines for Obtaining an ICV Certificate in Dubai, UAE:
- ICV certification is only granted by empanelled ICV certifying bodies in the UAE.
- Separate ICV certificates are required for each business license held by a supplier.
- Templates for the ICV certificate should be prepared by the applicant.
- Data recorded in the template must be extracted from the latest IFRS-compliant audited financial statements, not exceeding two years.
- The submission encompasses all company costs and revenues during the financial year.
How Aura Vision Advisors Can Help:
Aura Vision Advisors possesses in-depth knowledge of ADNOC, Aldar, Economic Department, Abu Dhabi ports ICV certification processes and factors influencing ICV scores. Our team assists clients in improving ICV scores, offering incremental impact analysis and restructuring recommendations to enhance ICV. We streamline the ICV certificate application process, providing guidance and support throughout.
For those seeking ICV certification in Dubai and the UAE, Aura Vision Advisors makes the process seamless, ensuring compliance with ADNOC requirements. We strive to facilitate your journey toward obtaining an ICV certificate, making it a hassle-free experience.
As Dubai-based business consultants, we aid global investors in establishing their envisioned business ventures in Dubai and across the United Arab Emirates.