In today’s interconnected global market, companies in the UAE must capitalize on every opportunity to stand out. One such key opportunity is obtaining the In-Country Value (ICV) certification, a strategic tool that goes beyond formality. It enhances a company’s market position and supports the broader economic goals of the UAE.
What is ICV Certification?
The UAE government launched the ICV program under the Ministry of Industry and Advanced Technology (MoIAT) to promote economic diversification, support local industries, create employment opportunities for UAE nationals, and encourage investments within the country. The ICV certification evaluates a company’s contributions in key areas such as:
- Local Procurement: Prioritizing goods and services from within the UAE.
- Emiratization: Employing UAE nationals in various roles.
- Investment in Manufacturing: Directly supporting local manufacturing sectors.
- Expenditure on Local Services: Engaging local businesses for services.
- Capital Investment: Direct financial investments within the UAE economy.
Advantages of ICV Certification
- Increased Business Opportunities: ICV certification opens doors to government and corporate contracts, as many public and private sector projects prioritize vendors with high ICV scores. It’s a key factor in the bidding process, leading to lucrative contracts and long-term business relationships.
- Competitive Edge: In an increasingly competitive market, having ICV certification demonstrates your company’s commitment to UAE’s economic goals, giving you an advantage over non-certified companies.
- Access to Government Initiatives: ICV-certified companies often qualify for government support, including grants, subsidies, and preferential procurement treatment.
- Support National Development: Your company will be directly contributing to the UAE’s long-term development goals, promoting local industry, creating jobs for UAE nationals, and boosting sustainable economic growth. This not only builds your company’s reputation but strengthens the local economy.
- Strengthened Local Partnerships: Certification encourages collaboration with local suppliers and service providers, which leads to stronger business networks and a more resilient supply chain.
- Long-term Sustainability: By focusing on local procurement and employment, your company can build a more sustainable and resilient business model that is less dependent on international markets, better protecting you from global economic fluctuations.
- Enhanced Corporate Image: Companies that contribute to the local economy are viewed favorably by customers, stakeholders, and investors. This boosts your corporate image, strengthens brand loyalty, and attracts socially responsible investors.
Steps to Obtain ICV Certification
- Financial Statement Audit: Ensure your company’s financial statements are audited by a Ministry of Economy-certified auditor.
- Engage an Approved Certifying Body: Choose an authorized body, such as Hallmark international auditors , to conduct your ICV assessment. They will evaluate your company based on the ICV criteria and provide a score.
- Obtain Certification: Submit the required documents for review. If all criteria are met, the certifying body will issue the ICV certification under the supervision of MoIAT.
- Improve and Maintain ICV Score: ICV certification is an ongoing process. Regularly assess and improve your contributions to the UAE economy by increasing local procurement, hiring more UAE nationals, or investing in local infrastructure. This will keep your company competitive and ensure continued benefits.
Conclusion
ICV certification is more than just a regulatory requirement; it’s a powerful strategy to elevate your company’s market position and secure its future in the UAE’s thriving economy. It offers numerous benefits, from enhanced business opportunities to contributing to the UAE’s national development goals. Aligning with the country’s economic vision through ICV certification is a testament to your company’s commitment to excellence, sustainability, and growth.
Unlock your company’s potential with ICV certification from Hallmark international auditors . As an authorized certifying body, Hallmark international auditors not only helps you obtain certification but also works closely with you to assess your unique business needs, calculate your ICV score, and recommend improvements for growth.
Take the first step towards growth and sustainability. Contact Hallmark international auditors today to start your ICV certification journey!