What Is the In-Country Value (ICV) Program?

The In-Country Value (ICV) Program is an initiative designed to enhance the contribution of businesses to the UAE economy by encouraging local spending, supporting national development, and increasing economic value within the United Arab Emirates.

Many government entities and large organizations consider ICV performance when evaluating suppliers, contractors, and service providers.

Who May Need an ICV Certificate?

An ICV Certificate may be beneficial for companies seeking to participate in tenders, procurement processes, or business opportunities with organizations that consider ICV performance as part of their supplier evaluation process.

• Trading companies.
• Service companies.
• Manufacturing companies.
• Construction and engineering businesses.
• Suppliers participating in tenders.
• Companies seeking to improve competitiveness in procurement opportunities.

How Is the ICV Score Determined?

The ICV score is generally based on various financial and operational factors, including local expenditures, employee costs, fixed assets, investments, and other approved indicators within the ICV framework.

Accurate financial information and properly maintained accounting records play an important role in supporting the ICV assessment process.

The Importance of Accounting Records for ICV

ICV certification relies heavily on financial statements and supporting accounting records. Well-organized accounting systems and reliable financial reporting can significantly improve the efficiency of the certification process.

Companies with accurate accounting records are generally better positioned to support the information required during the ICV evaluation process.

Documents Commonly Required for ICV

The required documentation may vary depending on the nature and size of the business. Commonly requested documents may include:

• Financial statements.
• Trade license.
• Employee and payroll information.
• Fixed asset records.
• Local procurement and supplier information.
• Supporting accounting records.
• Additional documents requested by the certification process.

How Can Companies Improve Their ICV Score?

Improving an ICV score may involve reviewing business operations, financial records, and procurement activities to identify opportunities that support local economic contribution.

• Maintaining accurate accounting records.
• Reviewing eligible local expenditures.
• Improving financial reporting quality.
• Reviewing asset management records.
• Ensuring complete supporting documentation.
• Identifying opportunities to strengthen local value contribution.

ICV for Trading Companies

Trading businesses may benefit from reviewing procurement activities, local expenditures, and operational structures to support ICV certification requirements.

ICV for Service Companies

Service providers may focus on workforce development, local operating expenditures, and business activities that contribute to the UAE economy.

ICV for Manufacturing Companies

Manufacturing businesses often have additional opportunities to improve ICV performance through local production activities, investments, assets, and local sourcing initiatives.

Why Prepare Before Applying for an ICV Certificate?

Preparing financial information and supporting records before starting the certification process can help reduce delays, improve data quality, and support a smoother certification experience.

How Can We Help?

We assist businesses in preparing financial information for ICV certification, reviewing accounting records, organizing supporting documentation, identifying opportunities to improve ICV performance, and coordinating the certification process in accordance with applicable requirements in the UAE.

Related Updates and Articles

Taxes type in UAE

The United Arab Emirates applies several types of taxes: Value added tax Value-added tax is a type of sales tax, and this tax is charged to the final consumer, meaning that companies are not responsible for paying thi...

taxes

Important for Emarat Gate

You Can't login in Emarat Tax After 30/09/2024 Only With UAE. So you must link your information with UAE Pass before 30/09/2024. so you must link your file to can access to yours files before that date ...

taxes