In an era where global economies are intertwined and competition is fierce, companies in the United Arab Emirates (UAE) must leverage every opportunity to stand out. One such opportunity is obtaining the In-Country Value (ICV) certification. This certification is not just a formality but a strategic tool that can significantly enhance your company’s market position and contribute to the broader economic goals of the UAE.

What is ICV Certification?

The Government of UAE introduced the ICV program under the supervision of Ministry of Industry and Advanced Technology (MoIAT) to support the economic diversification goals of the country. It aims to stimulate local industries, create job opportunities for UAE nationals, and encourage investments within the country. The ICV certification evaluates a company’s contribution to the local economy in areas such as:

  • Procurement of goods and services within UAE
  • Emiratization (employment of UAE nationals)
  • Investment in local manufacturing
  • Expenditure on local services
  • Capital investments within the UAE

Advantages of ICV Certification

Boost your business in the UAE with ICV certification!

  • Win Big Contracts: Stand out to government & major companies with a high ICV score. Land lucrative deals and build long-term partnerships.
  • Beat the Competition: Get a leg up! ICV certification shows your commitment to the UAE, making you a more attractive choice.
  • Unlock Government Perks: Get grants, subsidies, and special treatment. ICV certification helps you save money and grow faster.
  • Build a Stronger UAE: Be part of the UAE’s success story! Promote local businesses, create jobs, and contribute to a thriving economy.
  • Forge Local Alliances: Partner with reliable local suppliers. Build a strong local network and a resilient supply chain.
  • Sustainable Growth: Focus on local investment and employment for long-term stability. Reduce reliance on international markets and be more crisis-proof.
  • Be a Responsible Company: Gain a positive reputation! ICV certification shows you care about the UAE community, attracting socially conscious customers and investors. 

Steps to Obtain ICV Certification

  1. Complete your audit of financial statements
    To start the ICV certification process you should have financial statements of the entity audited by any auditor certified by Ministry of Economy of UAE
  2. Engage with an Approved Certifying Body
    Choose an approved certifying body to conduct the ICV assessment. These bodies will evaluate your company based on the ICV criteria and provide a score. HLB HAMT is one of the ICV Certifying Bodies Approved by the Ministry of Industry and Advanced Technology (MoIAT)
  3. Obtain Certification
    Once you have submitted the necessary documents and information to the ICV certifying body, for ICV certification. They will review those documents and, if satisfactory, will proceed with the issuance of the certification under the supervision of MoIAT.
  4. Maintain and Enhance ICV Score
    ICV certification is not a one-time process. Continually strive to improve your ICV score by enhancing your contributions to the UAE economy. Based on the assessment, identify areas where your company can improve its ICV score. This may involve increasing local procurement, hiring more UAE nationals, or investing in local infrastructure. This will ensure that your company remains competitive and benefits from the associated advantages.

Conclusion

Obtaining ICV certification is more than just a regulatory requirement; it’s a strategic move that can propel your company to new heights. It offers numerous advantages, from increased business opportunities to enhanced corporate image and sustainability. By aligning with the UAE’s economic vision, your company not only contributes to national development but also secures its own future in a thriving local economy.

In a rapidly evolving market, being ICV certified is a testament to your company’s commitment to excellence, sustainability, and the prosperity of the UAE. Make the smart choice today and invest in ICV certification – the benefits are substantial, and the opportunities are boundless.