In-Country Value
National Program, UAE
Emiratisation remains to be a hot topic in the UAE, which aims at promoting foreign investment into the UAE and encouraging foreign business ownership.
The program takes into account investments, recruiting and training of Emiratis, local manufacturing, local goods and services, and local expenditures. It aims to assist domestic industry and re-direct spending on purchasing goods and services to the nation’s economy.
Any nation’s economy can run smoothly only if consumer spending is strong. As a result, a key factor promoting both social productivity and economic progress gives UAE realistic opportunities. The In-country Value Program (ICV), which operates in the United Arab Emirates, encourages the regional market to generate new content in all of its forms at the level of the national economy. The program also seeks to transform how the government acquires products and services in order to accomplish the economic goals described in the laws’ economic visions, strategies, and plans.
ICV Certification Premier Services in Dubai Sharjah, Abu Dhabi, UAE
By focusing on three main areas
Emiratization Investment.
Locally Produced Goods and Services.
Businesses that Participate in Government Tenders [the ICV project]
Through these main strategies the ICV project will encourage companies and manufacturers that take part in government procurement processes to increase their monetary contributions to the regional economy. ICV is a coordinated program that is being led by all federal, local, and semi-governmental authorities.
What prerequisites are needed to receive the ICV certificate?
A corporation must produce financial accounts for the previous two fiscal years that were prepared and audited using IFRS. These must be signed by a partner in a properly registered audit firm with the Ministry of Economics.
The submitted audited financials must be more than two years old, measured from the certification year. If a business is recently founded and less than ten months old, the management accounts may be used for ICV certification. If a management account is more than nine months old, an audit of the entire account is required.
Every company’s trade license is considered a separate legal entity for the purposes of ICV Certification.
The ICV Certificate's expiration date
When the Audited Financial Statements are released, the ICV certificate becomes valid for a period of 14 months. The supplier may be recertified by the identical audited financial accounts, issued by the same Certifying Body at any time during the ICV certificate’s validity; however, the ICV certificate’s original validity period of 14 months will not be changed.
