So the UAE launched a nation-wide implementation of the in-country value certification program or so-called "The ICV." one might question so ", What's in it for me?".
What does the ICV stand to gain from as a business owner?
If we try to analyze the ICV program from four years back to where it is at today, we can notice that the ICV certification guides into five central pillars:
Supply chain management.
Job creation.
Developing, recruiting and increasing Emirati's in the private sector.
Amplifying investment, and
Growing exports.
Still not persuasive! Still wondering, "What's in it for you?".
As a layman explanation, suppose we looked at the program from a more practical standpoint. As a business owner, for you to do business with the local and federal government entities (inclusive of semi-government institutions), the government demands that as part of its procurement, service providers and suppliers are assessed with regards to their local contribution to the local economy.
The ICV assessment, formally labelled as ICV agreed-upon procedures, examines the private business total spending and the total number of employees bifurcated into ex-pats and Emiratis plus investment.
Once the certificate is issued, vendors and manufacturers are scored
and when a government body floats a tender, the common RFQ or tender process would be conducting a technical and commercial assessment of the qualified potential services or goods provider.
Let's assume that out of five suppliers, three are technically and commercially qualified; how would the tender selection decide on who to award the project or purchase. Inherently, the supplier with a higher ICV score will be awarded the project.
The above figure illustrates the gain from obtaining the ICV as a business owner. If we connect all the dots, we will observe that the ICV program will promote encourage the private sector in the medium and long run to change and adapt to the local economy ICV factors and consider recruiting Emirati's, invest locally and spend more domestically to obtain higher chances of getting awarded government tenders. It's a Win-Win situation for all stakeholders.
Assist Plus is one of the certifying companies specified by the UAE Ministry of Industry and Advance Technology to conduct the ICV and issue the ICV certificate. We have a dedicated team of ICV auditors who possess an in-depth knowledge of the country's economic status, industrial marketplace and the UAE's policies that allow them to quickly evaluate the aspects that entail the possibility of the procurement of ICV certificate.
Get in touch with us today and acquire your in-country value certification by Assist Plus.
Phone: +971 (2) 641 6751
Email: info@assistplus.ae