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    ICV Certification

    The ICV certification is an indicator of a company's contribution to the UAE economy based on the measurement of such factors as local spending, Emirati employment, investment in local infrastructure, and dependence on the local suppliers. A valid ICV certificate enables businesses to enhance their position in tender evaluations with government authorities, as the ICV score indicates their economic contribution to the UAE. The benefit of this scoring system is that it helps such companies to be in sync with national priorities like economic diversification and local procurement; hence, ICV certification is a strategic asset in the procurement process of entities like ADNOC, Aldar, and Mubadala.

    ICV Certification Service in UAE from Vigor Accounting & Taxation LLC

    The importance of this In-Country Value (ICV) certification program, which was launched by the UAE's Ministry of Industry and Advanced Technology (MoIAT), is essential for the companies that want to get government and semi-government contracts in the UAE. Initially started by ADNOC, ICV program's main objectives are to promote local economic growth, to increase Emiratization, and to improve the technological developments in the UAE. Vigor Accounting & Taxation LLC provides ICV certification services to help businesses to master the ICV procedure and increase their eligibility for government tenders.

    Benefits of ICV Certification:

    01
    Competitive Edge in Government Tenders:
    ICV certification empowers a business to get a higher number of government projects, some of which require ICV scores to be the most important aspect of project evaluation. Government and semi-government bodies prefer ICV scores of the companies, thus they support businesses that invest in the local economy, to the best of their ability.
    02
    Alignment with UAE Economic Goals:
    The ICV Program-certified companies become part of the UAE’s strategic priorities whereby they help with Emiratization and the diversification of GDP. This reflects a company’s resolve to handle economic issues and support the national development.
    03
    Increased Local Opportunities:
    The ICV scheme promotes the practice of outsourcing materials and services locally by the businesses which leads to a rise in the number of the UAE-based suppliers and vendors getting rewarded with a ripple effect of economic activity and job creation across various sectors.

    Eligibility for ICV Certification

    To qualify for ICV certification, companies need

    01 For newly established companies, management accounts covering up to nine months may suffice until formal audited statements are available.
    02 Proper documentation and data related to local procurement, Emiratization efforts, and any relevant industry-specific contributions.
    03 Audited financial statements compliant with International Financial Reporting Standards (IFRS), issued by a certified auditor licensed by the UAE Ministry of Economy.

    Once prepared, these documents are submitted to an authorized ICV certifying body, such as Vigor Accounting & Taxation LLC, which facilitates thorough assessment and assigns an ICV score based on standardized guidelines

    ICV Certification Process with Vigor Accounting & Taxation LLC

    Vigor Accounting & Taxation LLC offers a streamlined approach to the ICV certification process, which involves:

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    Document Preparation

    We help you get the necessary sealed documents, including profit and loss statements, procurement data, and people’s information, which are required for a full ICV submission.
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    ICV Score Calculation

    We assess your ICV score according to MoIAT’s prescribed method, which includes local expenditures, participation of Emiratis in the workforce, investments in capital, and technology adoption.
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    Independent Audit and Certification

    Our experienced professionals carry out the independent review, which includes the finalization of the ICV score and issuing an official certificate for the ICV that is valid for 14 months from the date of your audited financial statement. This score gives the businesses a competitive edge to participate easily in government and semi-government tenders.

    Why Choose Vigor Accounting & Taxation LLC?

    Our armed forces provide a strategic approach to help clients raise their IVR through circular advising on operations and financial planning. We keep strict compliance and assist the clients through practical matters such as maintaining the latest updates on their progress and reporting in accordance with MoIAT guidelines. Besides businesses aspiring to achieve maximum local self-sufficiency, our ICV certification services given another chance to these businesses to have both growth and high visibility as the UAE market is highly competitive.

    Forget the no-hassle ICV certification process and practical advisory services, Vigor Accounting & Taxation LLC. is your trusted partner in your journey to full ICV compliance and in turn, local economic value generation. Feel free to contact us for your initial step of ICV certification and new growth in the UAE.

    Transform Your Vision into Reality—Book Your Free Consultation!

    Don’t wait—schedule your free consultation today and take the first step towards transforming your vision into reality!

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