In an attempt to boost economic diversification and sustainable growth, the UAE has introduced several initiatives aimed at businesses in different sectors to create local value. One of these initiatives is the In-Country Value (ICV) Certificate, which is a program designed to encourage companies in the UAE to contribute to the local economy by outsourcing goods and services from within the country. This is the answer to the question “what is ICV certificate in UAE?” if you’re a business owner or manager in the UAE looking to stay competitive in the market while complying with government regulations.

What Is ICV Certificate In UAE?

In a nutshell, the In-Country Value (ICV) Certificate is a document issued by certifying bodies to showcase your business’ contributions to the UAE’s economy. This program was part of bigger efforts to enhance the development of the local economy, reduce the ongoing reliance on imported goods, and support Emirati efforts. The certificate evaluates your company’s spending on local goods and services, investments in local talent development, and your overall economic impact within the country.

What is ICV Certificate in UAE & how does it benefit your business?

The ICV Certificate is for companies working side by side with government entities, as it is proof that your company contributes to the local economy and is committed to the UAE’s economic goals. After your certificate is issued, the ICV score you receive reflects the percentage of your company’s spending that remains within UAE’s borders. The higher your ICV score is, the more attractive your business becomes to government and private sector partners.

How To Apply ICV Certificate In UAE?

To get your ICV Certificate in the UAE, you need to go through a multi-faceted process to ensure your score is as accurate as possible. Here’s an outline of the process of how to apply ICV Certificate in UAE:

Step 1: Understand the ICV Requirements

It’s essential to know the criteria used to calculate your ICV score. Here are the three main components contributing to the score:

• Local Spending: How much does your business spend on supplies and services within UAE borders?
• Emiratization: How much of your workforce is Emirati and how much your business invest in their training and development?
• Investments in Fixed Assets: How much your business invests in UAE-based assets such as machinery, equipment and property.

Step 2: Gather Required Documents

You need the following documents at the ready to apply for an ICV Certificate:

• Audited financial statements for the previous year
• A detailed list of suppliers and subcontractors, including their locations and the value of contracts awarded to them
• Payroll records and Emiratization reports
• Proof of investments in fixed assets within the UAE

Step 3: Choose an Approved Certifying Body

There are several certifying bodies authorized by the UAE government to issue ICV Certificates. Your business needs to reach out to a firm you can trust in order to conduct the ICV audit and calculate your ICV score.

Step 4: Submit Your Application

After choosing the audit firm that will issue your ICV Certificate, you’ll need to submit your application along with the required documents. Your certifying body of choice will review your documents, fact-check your local spending and assess your Emiratization efforts. This process usually takes a few weeks depending on the nature and size of your business operations in the UAE.

Step 5: Receive Your ICV Certificate

When the audit is done, the certifying body will issue your ICV Certificate and in it you can find your ICV score. Keep in mind that this certificate is only valid for one year and must be renewed annually to comply with government requirements.

ICV Certificate Cost In UAE: An Investment Into Local Recognition

There are many factors that determine how much obtaining your business’s ICV Certificate will cost. It depends on the size of your business, the complexity of your financial records and the certifying body you choose to conduct the ICV audit. It’s important to keep in mind that regardless of its cost, an ICV Certificate is an investment with benefits outweighing the cost, especially if your business relies on government contracts.

Here’s a breakdown of the factors that influence the ICV Certificate cost in UAE:

1. Audit Fees: The cost of an ICV Certificate lies mostly in the audit fee charged by the certifying body. The fees you pay depend on the complexity of your financial records and the size of your business operations.
2. Document Preparation: If you need assistance preparing the required documents, Alsun offers additional services to get your documents in order.
3. Renewal Fees: The ICV Certificate needs annual renewal so it’s important to consider this when budgeting.

FAQs

---

The ICV Certificate is more than just a tool to comply with the UAE government regulations, it is a golden chance to immerse your business in the local business scene. By getting a metric of your company’s contribution to the UAE’s economic growth, you can position your business for success and attract Emirati investors.