What You Need to Know About Getting an ICV Certificate in Dubai?

Surviving in today’s competitive business landscape is a challenge. In order to be distinctive and encourage growth, businesses are required to showcase their commitment to the local economy. Securing an ICV certificate Dubai is one way to do this. It not only builds their credibility and competitiveness but also helps them gain access to new prospects in the United Arab Emirates. 

The ICV certification is a core feature of the National In-Country Value (ICV) Program that is designed to promote local industries and products to drive national GDP growth. It demonstrates the contribution of a company to the local economy through its operations and investments. This article will discuss what is ICV certificate, what purpose it serves, and how businesses in Dubai can obtain it. 

What Is ICV Certificate? 

Implemented by the Ministry of Industry and Advanced Technology (MoIAT), the ICV (In-Country Value) Certification measures the contribution of a company to the UAE economy through its operations. It includes factors like:- 

• Local spending on manufacturing and services 
• Use of locally produced goods 
• Investments within the country 
• Hiring Emirati employees 

Key Objectives of ICV Certificate Dubai:- 

• Promote strategic localization and strengthen the local supply chain. 
• Boost economic development by encouraging the growth of new industries and services. 
• Enhance business opportunities through foreign investments. 
• Reduce dependence on specific sectors and diversify the economy. 
• Support Emirati workforce expansion by generating employment opportunities in the private sector. 
• Increase local economic participation and drive national GDP growth. 
• Foster innovation by boosting investment in research, development (R&D), and advanced technology. 
• Increase the contribution of the private sector and enhance its role in the economy. 

Benefits of ICV Certification in Dubai 

There are several benefits of obtaining an ICV Certificate in Dubai:- 

• Stronger Market Presence: Can be used as a marketing tool to attract clients who support local enterprises. 
• Higher Chances of Winning Contracts: A competitive advantage in evaluating tenders and securing contracts. 
• Alignment with National Economic Goals: Demonstrates the company’s commitment to the long-term economic vision of the UAE. 
• Access to Financial Support: Beneficial for accessing financial incentives and assistance from different organizations. 
• Empower SMEs: Offers simplified access for small and mid-sized businesses to localised supply chains and development opportunities. 
• Encourages Local Manufacturing: Supports local manufacturers taking up government tenders, which helps improve their ICV score and enables significant contribution to economic sustainability. 
• Enhanced Business Opportunities: Prioritized in tendering procedures for UAE government and semi-government contracts, thus bringing in more lucrative opportunities for the certified businesses. 
• Competitive Advantage: Demonstrates the company’s contribution to the local economy and its commitment to quality and ethical practices. 
• Risk Management and Compliance: Affirms industrial and financial institutions that their systems and practices meet the established regulations, thereby alleviating potential risks and vulnerabilities in critical operations. 
• Performance Benchmarking: Provides a benchmark for assessing and improving the efficacy of internal systems for companies to identify gaps and implement corrective measures. 
• Elevating market standing: Helps raise the market status of a business to prestigious levels and serves as proof of its dedication to the overall expansion of the UAE economy. 
• Building stakeholder trust: A symbol of honesty, civility, and commitment to sincerity, moral behavior, and local empowerment, which helps in building trust with customers, partners, and regulatory bodies. 

Types of ICV Certificate in Dubai 

There are specialized ICV certifications tailored to specific needs and companies across various industries:- 

Industrial Control Validation (ICV) Certificates 

• For companies in manufacturing, energy, and transportation. 
• Certifies Industrial Control Systems (ICS) and confirms its compliance with rigorous standards for performance, safety, and cyber security. 
• Ensure robust, reliable systems that adhere to industry regulations and keep the organization safe from cyber threats. 

Integrity Compliance Verification (ICV) Certificates 

• For finance and accounting firms. 
• Verifies if the internal processes of the company adhere to ethical standards and best practices. 
• Valuable for businesses aiming to establish credibility with clients, partners, and stakeholders through their commitment to sustainable operations. 

Who Can Obtain an ICV Certificate Dubai? 

ICV Certification is highly recommended for specific sectors and situations. 

• Mandatory for all suppliers and contractors working with the Abu Dhabi National Oil Company (ADNOC) and its divisions. 
• Highly recommended for companies aiming to partake in government contracts, especially in oil & gas, construction, transportation, and healthcare sectors. 
• For companies looking to support the local economy and create jobs in the UAE, thus establishing a positive image. 

Businesses seeking ICV certification are required to meet specific eligibility criteria set by the UAE government: 

• Valid Business Registration: Registered and licensed with a government agency. 
• Operating in the UAE: A physical presence in the UAE and actively engaged in delivering products or services. 
• Industry-Specific Requirements: Compliance with sector-specific criteria for ICV certification, including local content, workforce employment, and infrastructure usage. 
• Adherence to ICV Program Guidelines: Adherence to ICV program standards, determining eligibility based on several factors such as local production, service contribution, and economic impact. 
• ICV Audit Assessment: An independent audit by an accredited ICV certification body that assesses its performance and gives a score. 
• Commitment to Local Economic Growth: Active contribution of the company in expanding and improving the UAE economy. 

Step-By-Step Process to Obtain an ICV Certificate Dubai 

The authorities have set a well-defined process for securing an ICV certification in the UAE to ensure compliance with local regulations and industry-specific standards. 

1. Choose a Certifying Body 

Start with contacting the relevant certifying bodies to obtain quotations. After selecting the quotes, select a certifying body and sign an engagement letter. 

2. Evaluate and Adjust Operations (If Needed) 

The ICV criteria may require you to adjust your operations, such as increasing local investments, hiring more UAE nationals, and sourcing more goods from local suppliers. 

3. Release Audited Financial Statements 

To obtain an ICV Certificate Dubai, companies under 10 months old must submit audited financial records that adhere to International Financial Reporting Standards (IFRS), ensuring transparency and reliability in financial reporting. 

4. Complete the ICV Template 

The ICV template is a standardised form that evaluates different aspects of the business, including data on local sourcing, Emirati employment, investment in community infrastructure, and other factors. The company must complete the template in accordance with the ICV program guidelines. 

5. Assessment of ICV Template 

Submit the completed ICV template to the authorized certifying bodies. These independent bodies hold the expertise and resources to evaluate the company’s compliance. They will review the template and conduct an on-site audit to verify the submitted information. 

6. Receive the ICV Certificate 

After successful evaluation, the certifying body will issue the ICV certificate, confirming the business's compliance with all the requirements of the ICV program and its eligibility for certification. 

Key ICV Certification Bodies in the UAE 

Listed below are significant bodies that grant ICV certifications in Dubai: 

Department of Economic Development (DED): A government organization actively engaged in fostering and executing economic growth and programs. 

Dubai Energy and Water Authority (DEWA): A significant participant in the water and energy sectors. 

Abu Dhabi National Oil Company (ADNOC) Group: The primary competitor of the UAE in the energy sector. 

Dubai Multi Commodities Centre (DMCC): Fosters the development of local businesses and industries. 

Dubai Petroleum Establishment (DPE): Responsible for hydrocarbon exploration and production in Dubai. 

Renewal Procedure of ICV Certificate Dubai 

After the expiration of the certificate, businesses are required to renew it by following a series of steps:- 

• Submit updated financial statements, procurement records, and other essential documents to recalculate the ICV score. 
• The certifying body will re-evaluate the ICV score of the company using the submitted documents. 
• The authority will verify the accuracy of the documents and confirm the precision of the recalculated ICV score. 
• If the company meets the specified requirements, the authority will renew the ICV certificate. 

Get Expert Help for Your ICV Certification 

Seeking guidance from a qualified tax advisor can ensure a smooth experience with your ICV Certification. We have a group of knowledgeable and qualified tax advisors who can help you understand the ICV program and its guidelines, gather the necessary documentation, and complete the process successfully. 

Contact us today and learn more about ICV certificate Dubai.