Frequently Asked Questions about the ICV Program

The In-Country Value (ICV) program is a strategic plan of the United Arab Emirates which is meant to encourage economic diversity, support the growth of local industries, and boost value creation in the country. As this program is evolving, businesses need to gain a deeper insight in order to participate and benefit from their investments in the UAE. This article aims to address some of the most frequently asked questions regarding the ICV program.

Question 1: What is the ICV program?

In 2018, Abu Dhabi National Oil Company (ADNOC) launched the ICV program, which encourages companies operating in the UAE to source goods and services locally, the growth of Emirati workforce, and diversification of the oil and gas sector in an effort to increase ADNOC’s ICV contribution. By the end of 2019, the program had grown and been embraced by several government and non-government organizations, who had standardized their certification procedures. The Ministry of Technology and Advanced Technology (MoIAT) stated in September 2021 that the program will be expanded to the federal level in the United Arab Emirates. As a result, MoIAT would oversee the ICV certification process.

Question 2: Who will be benefiting from the program?

Several UAE economic stakeholders benefit from the ICV program:

1.     UAE Nationals: As participating businesses work to raise their ICV ratings, more private sector jobs become available to UAE nationals under the initiative. This encourages nationals to work in non-public sector jobs.

2. Local Businesses: Companies with high ICV Certificate ratings are given additional procurement chances by government organizations, which benefits local suppliers in the UAE and GCC. As a result, companies are able to expand and get new customers.

3.     Participating Government Entities: Entities can increase the value of their expenditures inside the UAE market by forming partnerships with businesses that have a high ICV. Economic resilience is enhanced by this.

4. UAE Economy: The ICV initiative aids the United Arab Emirates to shift its reliance on oil sector by promoting the private sector and diversifying the economy. It facilitates inclusive and sustainable economic expansion.

In conclusion, the initiative generates extensive advantages for organizations, Emiratis, and the entire nation through the development of local skills and supply chains.

Question 3: How can I obtain my ICV certificate?

These are the vital steps to get your ICV certificate in the UAE:

• Audit financial statements: Get a certified public accountant from the Ministry of Economy to audit your financial accounts and make sure they follow IFRS (International Financial Reporting Standards).
• Complete the Certification Template: After that fill out the Certification Submission Template.
• Approach a Certifying Body: Get in touch with an approved certifying body that has been designated by the Ministry of Industry and Advanced Technology (MOIAT) to review your ICV certificate template.
• Evaluation and Approval Process: After reviewing your application, the certifying organization will provide the ICV certificate.

By following these steps, you can obtain your ICV certificate and position your business for enhanced opportunities in the UAE market.

Table: List of some empaneled certifying bodies for ICV certification

Question 4: How often are suppliers requested to renew their certificate?

After the audited financial statements are issued (the date of signing the financial statements) or a new set of financial statements is issued, whichever comes first, each ICV certificate is valid for 14 months.

Question 5: What is the difference between the Unified Certification Process and the implementation programs?

There are two main parts to the ICV program:

• ICV Certification: All participants use the same ICV certificate since the certification procedure is standardized and coordinated. This means that suppliers may get by with just one ICV certificate per legal entity—a certificate that can be used by any of the participating businesses.
• ICV Implementation: Each participating entity’s ICV implementation procedure is unique, reflecting how they will use the certificate in their company. Therefore, each participating institution will analyze the ICV certificate according to its own policy, but the certification procedure is uniform. This method provides fairness and flexibility in the ICV program.

Question 7: Based on the launch of the unified certification process, as a supplier, will I receive one certificate only?

Yes. Each trade license will only need one ICV certificate from a provider; this certificate can be used for transactions with any participating entity in accordance with their own implementation policy.

Question 8: Who can I contact for more details?

If you have any questions or need more information about obtaining an ICV certificate in the UAE, you can contact our team at https://icvcertificate.com/ for expert advice and guidance.

Here are some ways to get in touch with our team at Farahat & Co.:

• Simply send an email to sales@farahatco.com describing your situation, and we will respond quickly.
• Call +971 4 2500251 during business hours (9 AM to 7 PM GMT+4, Monday to Friday) to talk with a representative.
• Contact our team via WhatsApp by clicking the symbol on our website or adding +971 52 6922588 to your contacts and sending a message.
• Alternatively, fill out the contact form on our website with your name, email address, phone number, and message. After that, a representative will be in touch with you to talk about your question in more detail.

If you own a business, no matter how big or little, Farahat & Co. can assist you with getting your ICV certification and making sure you fulfill all the standards. We guarantee the best services and support due to our considerable experience and knowledge.