The National In-Country Value Certification
Designed to achieve optimal worth.
At Assist Plus, we take pride in being your dedicated ICV auditor as we are one of the ICV Certifying bodies, extending ICV in country value certification services in Abu Dhabi to bolster local economic growth. Certified suppliers gain access to projects with commendable ICV scores, solidifying their contribution to the community. We are honored to be empanelled as a Certifying Body by the UAE Ministry of Industry and Advanced Technology (MOIAT), affirming our integral role in your pursuit of National In-Country Value (ICV).
The In-Country Value Certification (ICV), introduced by the Abu Dhabi National Oil Company (ADNOC) in January 2018 and effective from April 1, 2018, helps both individual suppliers and businesses. It also plays a key role in strengthening the country's economy. It measures how much businesses in the UAE contribute to the local economy, including the goods and services they produce, local investments, and jobs in the oil and gas sector.
The program encourages local suppliers to focus on getting an In-Country Value (ICV) certificate. The ICV certificate program, managed by the Ministry of Industry and Advanced Technology (MoIAT), aims to maximize the value of the UAE's oil and gas resources. An ICV Certificate is issued by ADNOC to show the level of In-Country Value a company has achieved in the UAE.
In Abu Dhabi, the ICV Certification and the Abu Dhabi Local Content Programme (ADLC), established by the Department of Economic Development (ADDED), aim to achieve three main goals. These include boosting GDP growth by encouraging businesses to source more local products and services, attracting foreign investment, and increasing the contributions of private companies and small businesses to the economy. Additionally, the program focuses on developing human capital by creating more job opportunities for Emiratis in the private sector and enhancing the skills of the local workforce. Finally, it seeks to promote the adoption of technology by increasing investment in research and development (R&D), making local industries more competitive, and accelerating technological advancements.
Empowering Economic Growth through ICV Certification
The ICV certificate Abu Dhabi, recognized and sanctioned by the UAE's federal governing bodies, semi-governing authorities, ADNOC, its affiliates, and the UAE's GDP diversification body, is a testament to a company's legal standing and commitment to fortifying the nation's GDP. This is achieved through the sourcing of local goods and services, fostering Emiratization, and active involvement in the private sector.
Exemplary Services for ICV Certification in Abu Dhabi
Our distinguished team of auditors, financial advisors, and analysts possess a profound understanding of the UAE's economic landscape, industrial marketplace, and pertinent policies. This expertise allows us to swiftly evaluate the prerequisites for securing the ICV certification. Acquiring this certification is a strategic move that elevates your company's financial standing, adding substantial value to your operations.
How to obtain ICV Certification in UAE?
We are dedicated to ensuring a seamless, compliant, and hassle-free experience for our valued clients. Our team goes above and beyond to promptly address any challenges, offering tailored solutions to expedite your ICV certification process.
To obtain ICV Certification in the UAE, companies must comply with the ICV Financial criteria established by ADNOC and submit their ICV score for evaluation. Compliance may require adjustments such as increasing local investments, sourcing more from local suppliers, and hiring more UAE nationals.
Here’s a concise overview of the ICV Certification process:
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Release Audited Financial Statements
The first step is to disclose audited financial statements. New companies (less than 10 months old) must prepare financial reports using management accounts or in line with International Financial Reporting Standards (IFRS).
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Fill ICV Certification Template
The ICV score is calculated using a standard template that captures data on local sourcing, community investment, and Emirati employment. Companies must accurately complete this template according to ICV program guidelines.
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Evaluation of Form
The completed template must be submitted to an authorized certifying body for assessment. This body will review the information and may conduct an on-site audit to verify the details.
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Obtain ICV Certificate
Once the certifying body confirms compliance, the ICV certificate is issued, demonstrating the company’s commitment to supporting the UAE’s local economy.
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Validity
The ICV certification is valid for 14 months from the date of submission of audited financials or until new financial statements are issued, whichever is earlier. To maintain benefits, businesses must renew their certification annually by submitting updated financials and an ICV template.
ADNOC Approved ICV Auditors in UAE
Assist Plus is a trusted auditing and advisory firm based in the UAE, offering a wide range of financial and compliance services to businesses across various industries. As an approved ICV auditor with ADNOC, we provide complete ICV Certification Services to companies operating in the UAE.
Our team of ICV auditors works closely with clients to ensure that their compliance with ICV criteria is thoroughly assessed and accurately reflected in their ICV score. By partnering with Assist Plus, clients can trust that our rigorous and reliable ICV audit process will meet all the requirements set by ADNOC, helping them maximize their In-Country Value.
For more information, don't hesitate to reach out to us via our hotline or drop us a message. Our representatives are committed to providing you with prompt assistance.
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