ICV Certificate Services
Elevate Consultancy’s ICV Certification services underscore the importance of enhancing local economic contribution and aligning with UAE regulatory standards for sustainable business growth.
What Is ICV Certification?
ICV Certificate is issued to suppliers working directly or indirectly with Government, Semi-Government, or ICV-certified companies to evaluate their contribution towards the UAE economy.
Benefits of ICV Certification
- Companies joining the ICV program will benefit from increased demand for local products & services to grow their businesses and win government contracts and tenders.
- Entrepreneurs, as well as small and medium-sized companies, will have more significant opportunities for growth through the localization of value chains.
- Increasing the opportunity for local companies to enter partnerships with international companies looking to collaborate with local ICV-certified companies to bid for tenders jointly.
- The program represents an opportunity to promote local companies and introduce their products and the quality of their services.
- ICV-certified companies can get financing at lower interest rates.
How to get ICV Certificate?
Companies are required to follow below mentioned 4 steps to get ICV certification
Auditing of Financial Statements
Engage a UAE-based Local Auditor to get IFRS-based Audited Financial Statements if you don't have them earlier. A newly established company can get ICV based on management accounts of less than 10 months.
Sharing of Financial Information for ICV Process
Based on Audited financial statements, share further financial documents to ICV team like the detail of purchases through ICV Certified and non-ICV-certified suppliers, WPS/Payroll of all employees, including expats and Emiratis, Investment within UAE, and exports, if any
Verification of Financial Information
The received information is verified as per pre-defined ICV guidelines by ICV team. Templates are filled, and the ICV score is calculated based on available information
Finalization and Issuance
Review of the ICV template and all supporting documents before final issuance, confirmation of ICV score, and issuance of ICV certificate