The UAE National In-Country Value (ICV) Program is a national strategy meant to enhance the local economy. It’s all about quantifying a company’s value contribution towards the economic development of the UAE, empowering local industries, and providing employment opportunities to Emiratis. For companies doing business in or seeking to win tenders from the larger government and semi-government organizations in the Emirates, getting the ICV Certificate is fast becoming from an advantage to a competitive imperative. Particularly in a cosmopolitan hub such as Dubai, where the government’s procurement fuels high-value business.
What is the ICV Certificate?
The ICV Certificate is one of the most important documents that measures a firm’s In-Country Value score. The score is determined using different factors stated by the Ministry of Industry and Advanced Technology (MoIAT) and contributing parties. Basically, it measures how much a company’s financial operations contribute to the national economy.
- Local Expenditure: Expenditure on goods and services procured from the UAE.
- Investments: Investments in capital made locally.
- Emiratisation: Recruitment and development of UAE Nationals.
- Expatriate Contribution: The contribution to value generated by the expat workforce.
An increased ICV score greatly increases a supplier’s prospects for securing high-value government tenders and contracts. It’s a concrete method for companies to show their commitment to the UAE’s long-term economic vision.
Why You Need an ICV Consultant Dubai
Although the goals of the ICV program are evident, certification can prove to be a convoluted and time-consuming process, especially for businesses running day-to-day affairs. This is where a professional ICV consultant Dubai proves to be a valuable asset. They provide the technical know-how to go through the particular rules, guidelines, and documentation needs of the national ICV program.
A professional consultant will not merely handle paperwork; they will perform a detailed gap analysis to determine where your business can strategically improve its ICV score. They help re-engineer operations and procurement processes, which are essential for optimizing your local value contribution. A seasoned ICV consultant Dubai will ensure that the information presented in your ICV template maps seamlessly onto your audited financial statements, a necessary prerequisite for certification.
The ICV Consultant’s Role
The certification process has a few key steps, all of which are enhanced by professional expertise. Your ICV consultant Dubai has an important role to play throughout:
- Financial Statement Review: They will make sure your audited financial reports (which need to be compliant with IFRS and are not more than two years old) are properly prepared to capture ICV-related metrics.
- Template Preparation and Calculation: They carefully complete the MoIAT-approved ICV template, computing your score according to the new formula and backed up by documentation proven.
- Liaison with Certifying Body: Consultants coordinate all interactions and submissions with the MoIAT-approved ICV Certifying Bodies, making the verification seamless.
- Score Improvement Strategy: After certification, they can create a strategic ICV Improvement Plan to enable your business to continually improve its score for future tenders.
Conclusion
In a competitive market like the UAE, having a high ICV score provides a substantial competitive edge. Partnering with a skilled ICV consultant Dubai is a smart business decision that not only ensures compliance but also maximizes your potential to secure major business opportunities and contribute meaningfully to the UAE’s economy. This strategic approach is crucial for long-term growth and market relevance in the region.
If your company is interested in capitalizing on the possibilities offered by the National ICV Program, professional advice is most important. For true certification, adherence, and a strategic blueprint to boost you’re In-Country Value, work with an experienced team. Contact the experts at Ace Tax UAE now and start your ICV journey.