The Integrated IC program is one of the best initiatives of ADNOC. The ICV program contributes to ICV (In-Country Value) with trade incentives, stimulating local suppliers to concentrate more on obtaining a certificate of ICV. If you want to know how to get ICV certificate in UAE then no need to worry you can consult with the Taskmaster consultants who will provide you a complete guide on this process and also assist you in getting an ICV certificate on your behalf in a dedicated manner. Here we mentioned a few things that will help you to understand some vital requirements related to the ICV certificate.
The ICV program set targets to encourage economic development in the Emirate and provide assistance to local businesses to conduct business with huge enterprises like ADNOC. The ICV program also permits participating units to localize the activities of the business and encourage economic growth in the United Arab Emirates. Local suppliers have an option to achieve a side whenever they present proposals to ADNOC. The bidding process of ADNOC holds ICV certification as a decisive factor in the choosing procedure. It means that the bidders who hold ICV certificates have a benefit over the bidders who do not.
What is an ICV Certificate in UAE
An ICV certificate is required to be get acquired for every legal unit, that intends to participate in a tender with the ADNOC, Economic Department, Aldar, Abu Dhabi. The ICV certification would be prepared on the basis of the final audited budget statements, which won’t be more used than two years from the year of certification. The ICV certification has validity for 18 months from the date of issue. The supplier will be liable for receiving the updated ICV certificate in two months from the date of issue of the audited financial accounts.
The ICV certificate is the need of all companies wishing to become a supplier for ADNOC. Issuance of a certificate by the certification body. Suppliers who don’t have ICV certificates would be permitted to participate in the tenders of ADNOC. Although, their ICV score in the bid evaluation would be zero.
The Process of Getting an ICV Certificate in UAE
For the issuance of an ICV certificate in Dubai you need to follow a quite few steps mentioned below:
- Data Population
The company would populate the “Supplier Submission Form” offered by ADNOC, Economic Department, Aldar, Abu Dhabi ports based on the final audited financial records.
- Agreed Upon Process
The company would populate the “Supplier Submission Form” provided by ADNOC. The populated data in the last phase as compared to the agreed process. This move can substantially grow the possibilities of a satisfactory ICV certification.
- Report Delivery
Delivery of factual search report depending on the task done throughout the procedure. The search reports provide assistance to identify deficiencies in the industry. This plays a crucial part in providing ICV certification.
- Form Validation
The ICV certificate would be stamped and signed by ADNOC sanctioned bodies with a validity of 1 year from the date of issue. The arduous procedure of ICV certificates ends with verification.
How Does Work an ICV Certificate in UAE
ADNOC providers are needed to show how they are assisting deliver ICV in the country by announcing their ICV certificates and their insured ICV score for the previous financial year. The business partnership with the ADNOC comprises an ICV evaluation as a component of the sympathetic evaluation and grant procedure. The suppliers need to approach the confirmation organization designated ADNOC for ICV confirmation along with the required documents along with interest points. These documents should be provided by the supplier revealing the impulse for the certification.
The ICV certification scores should be finalized on an annual basis by an ADNOC sanctioned ICVF certifying bodies in UAE and submitted to ADNOC for every proposal by the provider. The ICV score calculation includes assessing the economic benefit added within the United Arab Emirates to the services or products provided by the organization.
What Are the Guidelines for Getting an ICV Certificate in UAE
- The first thing you need to note is ICV certificates can be only provided by ICV certifying bodies in UAE.
- When the supplier appeals for a certificate, they would need a single ICV certificate for each trade license they maintain. If a business has many branches conducting through a license, then one joint certificate would be issued for the company.
- The ICV certificate templates should be done by the applicant.
- All figures inserted in the template should be derived from the latest IFRS submissive audited financial records of the company. These financial records must not be more than two years. The companies that are established newly who don’t have audited financial records can instead practice figures from those company’s management accounts. Remember that the management accounts must not be more used than nine months. In case they are, they would require to be inspected by a sanctioned audit firm prior to they can be utilized.
- Once the certificate is received, this would be legitimate for 14 months only from the date of issue. Companies can again apply for this certificate prior to this time period ends. They can also utilize similar financial records. Although, obtaining a refreshed certificate would not deny the validity of the last acquired certificate.
- When a company hires empaneled ICV certifying bodies in UAE to check them for certification, the company would not be capable to shift to a new certification body for the period of their certification.
- The submission process completed by a company must carry all the revenues and costs of the company throughout its financial year.
- All values in the ICV template should be in AED. Reservations can just be created when stipulated.
- If a company isn’t capable to furnish consumption information, the purchases done by the company throughout that year can be carried toward account.
- Any estimation and computation created in the ICV template should comply with instructions offered in the guidelines.
Above we mentioned a little guide on getting an ICV certificate in UAE. We hope these all things will surely help you.