ADNOC ICV Certification

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ADNOC ICV Certification

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The UAE is well-known for actively working to enhance the region's economic climate. The ICV (In Country Value) Certificate is one of several efforts that promote the country's economic prosperity. The ICV program is a set of requirements that ADNOC registered providers must meet in order to continue working with ADNOC. Suppliers who achieve these requirements can get ICV accreditation, which allows them to access a wide range of commercial prospects. The ICV Certificate has the greatest influence because of its weightage in tender assessments. Suppliers that have received this accreditation will have an advantage throughout the selection process.

The ICV program is divided into two sections: ICV Certification and ICV Implementation. Today, we'll look in depth at the ICV Certificate, its merits, and how to get an ADNOC-compliant ICV Certificate.

What exactly is an ICV Certificate?

This credential is given to ADNOC providers that pass a rigorous examination. It is a component of the Unified ICV Program, which was implemented to promote the local supplier market. The evaluation is carried out by Adnoc ICV certification firms that have been approved by Adnoc. These organizations examine a supplier's financial records to see if they are in accordance with the terms of the contract.

The ADNOC ICV Certificate was created to increase ADNOC's involvement in the growth of local suppliers. The accreditation assesses how suppliers have contributed to increasing In-Country Value. Their contribution is measured as an ICV score. The primary goal of ICV Certificate ADNOC is to encourage suppliers to do the following:

Concentrate on increasing in-country value generation through business practices.
Invest in your company's growth and skill development.

This accreditation serves as a financial incentive for suppliers that actively invest in development and sustainability. The ICV Program's ultimate purpose is to increase human capital development, technology adoption, and GDP growth.

The certificate is valid for 18 months after it is issued to a provider. Throughout the validity period, whenever suppliers participate in ADNOC's group tenders, their bids will be evaluated using their ICV score. Suppliers that are not Certified are also welcome to join. Their ICV score, however, will be counted as zero, putting them at a disadvantage.

This has been applied by entities other than ADNOC. However, each entity has its own set of implementation policies.

How to Obtain an ICV Certificate in the UAE

Since the announcement of the ICV program, many company owners have been Googling "how can I acquire ICV certificate in UAE?" Fortunately, the ICV certification process for the ICV program is rather straightforward.

Companies must prepare IFRS-based financial accounts for their company operations. These statements must be audited by a professional auditor from the Ministry of Economy. The financial statements must be no more than two years old as of the date of the certification request. Companies that are less than 10 months old and have not yet undergone a financial audit can rely on their management accounts. Keep in mind that if the management accounting records are more than 9 months old, the firm will be audited.