ICV Certification in the UAE: What It Means for Your Business
Being ahead in the fast-paced, competitive UAE business environment frequently requires supporting government initiatives that encourage long-term success. An example is In-Country Value (ICV) certification.
Read on if you’ve heard about it but don’t know what it implies for your business. Let’s explain why this certification matters, how it works, and how it may help your company grow.
What is ICV Certification?
The government-driven In-Country Value (ICV) program encourages firms to invest domestically to boost the UAE economy. Consider it a method for corporations to demonstrate their support for Emirati development by hiring Emiratis, using local suppliers, or investing in infrastructure and training.
How well your company supports UAE economic goals is measured by ICV certification. Compliance is important, but so is showing your commitment to the greater picture.
Why Does ICV Certification Matter?
An ICV credential is almost required to work with UAE government agencies or significant enterprises. Many government tenders favor enterprises with better ICV scores because they are local economic drivers.
But contracting isn’t everything. Your company’s credibility increases with ICV certification. You demonstrate to stakeholders, partners, and customers your commitment to local growth. You may stand out in a competitive market if you took similar steps.
How is Your ICV Score Calculated?
Several factors determine your ICV score. These include local supplier spending, Emirati staff numbers, training, and facility and technology investments. It demonstrates how much your company helps the UAE economy. ICV is determined using a pre-defined procedure that measures the country’s economic value added.
If your company buys supplies locally instead of importing them, your score will improve. Hiring and training UAE nationals or building infrastructure will increase your reputation.
How Do You Get ICV Certified?
Preparation involves acquiring financial statements and appraising your business’s local contributions. You must choose an appropriate certification organization to review your application when ready. Their appraisal of your documents will determine your ICV score.
Certification isn’t the end. To maintain certification, you must comply with ICV criteria and schedule renewals.
How to Improve ICV score?
Plan and execute to improve your ICV score. Identify ways to improve your local contributions. This might involve recruiting more UAE nationals, buying more from local vendors, or training employees.
You should also keep extensive records of these activities to demonstrate them during reviews. Reviewing your ICV performance regularly will help you identify areas for improvement and stay on track.
Why is ICV important for UAE economy
ICV transforms the UAE economy, not just businesses. Domestic investment boosts supply chains, creates Emirati jobs, and diversifies the economy. . The program promotes national industries and redirects procurement spending into the economy.
Since its debut, the project has improved manufacturing capacity and attracted foreign investment by luring international companies to the country.
Road Ahead
ICV certification is growing essential for UAE firms as the economy grows. Early participants will receive lucrative government contracts and better local market connections. ICV is currently a national effort under the Ministry of Industry and Advanced Technology, expanding beyond ADNOC.
By receiving an ICV accreditation, you demonstrate that your firm supports the UAE’s sustainable growth objective, which is noted.
How Hallerbos Can Help
The ICV certification procedure can be intimidating at first. That’s our role. Hallerbos guides firms through the entire ICV process. We’ll help you prepare documents and offer strategic recommendations on raising your score.
We support you after certification to ensure compliance and optimize the benefits of this powerful program.
Ready to Start?
If you want to take advantage of ICV certification’s benefits, we can assist. Contact Hallerbos immediately for a consultation with our experts. With our help, your firm will exceed expectations and succeed in government tenders and beyond.