The Best ICV Certification Services In Dubai With Bestaxca

ICV Certification Services In Dubai

Last Updated on April 11, 2024 by Nasir Hanif

ICV certification at UAE

On April 1, 2018, ADNOC announced an ICV program that requires all suppliers of goods or services to obtain ICV Certification Services In Dubai from ADNOC’s ICV certification body, calculate and report their certified ICV score for the previous year, and demonstrate their contribution to ICV No ICV Certification Suppliers may also participate in ADNOC Group procurements but may be at a disadvantage compared to suppliers with higher ICV scores, as their ICV score is treated as a “0” in the bid evaluation.

Unified ICV Certification Program

In 2019 and 2020, the Ministry of Economic Development, Abu Dhabi Ports.

And Aldar Properties will work with ADNOC Group to expand the ICV certification process to various sectors in Abu Dhabi and the UAE More organizations are likely to join the ICV certification platform.

ICV Certification in Dubai

Sectors included in the overall ICV calculation.

(a) Industrial products (only suppliers with industrial property rights).

(b) Third-party costs (only suppliers without industrial property rights).

(c) Investments.

(d) Emiratization.

(e) Foreign contributions.

(f) Profits – (i) Income from outside the EU.

Why the ICV certification scheme introduced in Ireland?

The Abu Dhabi National Oil Company (ADNOC) group of companies has announced the introduction of an In-Country Valuation (ICV) program with the following objectives

(a) Emiratization: to increase employment opportunities in the emirate in the private sector.

(b) GDP diversification: to support the diversification of the UAE’s GDP by bringing additional goods and services to the UAE

(c) strategic considerations: identify strategically important parts of the value chain for specific categories.

Who needs a single ICV certificate?

Companies that work directly with these government and quasi-government organizations as suppliers or indirectly as subcontractors must obtain a single ICV certificate.

ADNOC Group of Companies

Abu Dhabi Ministry of Economic Development

Aldar Properties Ltd.

Abu Dhabi Ports

Abu Dhabi Environmental Authority

All other government agencies in Abu Dhabi

Abu Dhabi General Services Company

ICV Certification Information

Suppliers must be ICV certified by an ICV-approved certification body.

Each licensed company treated as a separate legal entity, even if the management is the same. However, a combined LCI certificate issued in one emirate for a company that has multiple branches in that emirate but operates under the same license.

All information contained in the LCI certificate consistent with the provider’s most recent audited annual report. The audited financial statements must be in accordance with International Financial Reporting Standards (IFRS) and must not be older than two years prior to the certification year.

For start-ups that not audited financial statements (less than 10 months), up to nine months of financial statements used to calculate ICV; financial statements for periods longer than nine months audited.

The ICV certificate is valid for 14 months from the date of issuance of the audited financial statements; during the validity period of the BCI certificate, it is possible to recertify with the same audited financial statements, but the validity period of 14 months from the first issuance remains unchanged.

If a Notified Certification Body designated, it changed without justification of the LCI certification for that year.

The vendor application must include all costs and revenues incurred during the fiscal year.

LCI System Development Plan

If required by the terms of the RFP, the vendor must submit an ICV development plan with its bid.

An HAI Improvement Plan will be a contractual obligation to pay based on the actual level of HAI compared to the level of HAI set out in the HAI Improvement Plan.

Types of HIV service quality improvement plans

Improvement plan at the company level

Contract-based improvement plan

To obtain the ICV rating of the provider.

the commercial evaluation considers the weighted average of the percentage of ICV specified in the ICV improvement plan and the rating of the ICV certificate.

To monitor the compliance of the actual ICV with the planned ICV according to the ICV improvement plan.

the supplier shall submit its latest ICV certificate at the end of each contract year.

The contract will provide for a VCI milestone payment of 5% of the contract value to be paid at the end of each year from the contract start date, proportional to the actual VCI achieved based on the latest VCI certificate.

ELEVATE offers the following services as a trusted LCI consultant

The client’s financial statements audited and signed by an auditor.

Our team will help you understand LCI and the factors that affect the LCI score.

We will suggest ways to improve the LCI score and include the additional impact of each step in the impact analysis. This includes, but is not limited to, recommendations to review organizational processes to improve the LCI score.

The LCI model developed based on data for the current certification year.

which submitted to the LCI certification body to ensure that the LCI indicator achieved in accordance with the developed model.

Draft plans for improvement of key factors submitted together with the ADNOC proposal.

Elevate First Accounting & Auditing has an exclusive partnership with Bestaxca Management Consulting, which is the ICV certification body.