The In-Country Value Certification Program
The ICV committee appoints Assist Plus as one of the certifying body as part of its In-country value program.
We have been designated as one of ADNOC’s certifying bodies to perform the In-Country Value (ICV) program for ADNOC and its group companies to support UAE GDP diversification, sourcing more goods and services within the UAE, contribute the placement of the Emirati workforce in the private sector.
What is the In-Country Value (ICV) Certification program and the newly introduced unified ICV Program?
The ICV program was initially launched by Abu Dhabi National Oil Company (ADNOC) in 2018 with the following objectives in line with UAE vision 2030:
Improvement of the country’s GDP by enhancing local supplies of goods and services.
Encouragement of investors to build up manufacturing facilities in the country.
Emiratisation in the private sector.
State spending is one of the essential pillars of any economy. It is a primary catalyst for stimulating economic growth and social productivity and providing employment opportunities within Abu Dhabi's Emirate. The In-country value program (ICV) aims to direct government spending towards developing local content in all its components at the local economy level for Abu Dhabi's Emirate. The program also seeks to improve the government procurement procedures to achieve development goals defined by economic visions, strategies, and plans according to the regulations in force.
The program will encourage companies and factories participating in government tenders to increase their financial contribution in Abu Dhabi through three main components: Emiratization, investment and locally procured goods and services.
Later, various Government and Semi-Government Entities (Participating Entities) collaborated with ADNOC to launch a unified ICV program to enhance the ICV Certification process in 2019 and 2020.
Under the unified ICV program, all the ADNOC and Participating Entities vendors must obtain an ICV Certificate that shows the ICV score achieved by a vendor for a financial year. ICV score demonstrates how vendors are helping to achieve the ICV as mentioned earlier objectives. If a vendor does not have an ICV Certificate, their ICV score will be considered (Zero) in the tender evaluation process. So that vendor will be under competitive disadvantage when its bid is compared to its competitors.
Who Needs a Unified ICV Certificate?
Companies supplying directly or indirectly as sub-suppliers to ADNOC and the following Participating Entities are required to submit the unified ICV Certificate with their tenders.
Abu Dhabi Department of Economic Development
Abu Dhabi Ports
During the supplier registration phase with the Department of Government Support - Abu Dhabi you
will be asked to provide an ICV certificate of your company to complete the registration.
SOME OF OUR ICV CLIENTS
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Pre-requisites for ICV Certificate
A company must provide IFRS complied audited financial statements for the last two financial years signed by a partner in an Audit firm registered with the Ministry of Economic. The audited financials should not be older than two years from the certification year. For companies newly established (less than ten months old), the management accounts for up to 9 months from the establishment date can be used for ICV Certification. Any management accounts greater than nine months needs to be audited.
Each trade license of a Company is considered an independent legal entity for ICV Certification purposes; even the ownership structure is the same. However, a company with different branches in the same Emirate with identical activities and ownership can obtain one unified ICV Certificate for submission with tender by any branch of that Company.
The ICV evaluation process:
The evaluation will examine your value-added contribution to the UAE in areas including:
1) Local manufacturing
2) Procurement of third-party goods and services
3) Local investment and it is growth
4) Emiratization of workforce
5) Expatriate contribution
6) Generation of income from outside the UAE.
ICV services are based on the International Standard on Related Services no. 4400. We will not provide an opinion or any other assurance under audit or assurance standards on the financial information. The services will not include procedures to detect fraud or illegal acts or to test compliance with the laws or regulations in any jurisdiction.
The procedures which we will perform will be restricted to those procedures as agreed with the unified ICV committee and the precise terms of the engagement as listed in the Engagement Letter.
Our methodology is based on our experience in conducting such assignments and as accepted by the ICV Committee. Our overall approach and execution methodology are divided into three steps to address the assignment objectives.
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Our assurance to you:
Being one of the empaneled firms for the ICV Program, we have assigned an experienced and robust credentialed ICV team to manage this service line. We understand deadline, reporting requirements and formalized engagement plan to meet our client’s needs. Our rightly placed multi-disciplinary team visits the client, whenever necessary, to promptly address any issue that arises during the engagement.
Before finalizing the ICV Certificate, we share the draft of deliverables with our clients to agree on the grounds on which deliverables are to be completed.
We have consistently exceeded expectations by tailoring our services to client needs and providing the highest level of personalized service. Our professionals keep abreast of the latest developments in their respective fields of expertise and use them to help our clients achieve their financial goals.
Our firm blends a leading regional firm's expertise with a local provider's convenience, familiarity, and passion. We distinguish ourselves on the various services we deliver and the way we provide them.
To ensure the quality and timely submission of our deliverables, we proactively deal with issues that arise and propose solutions to help our clients to meet their objectives.
The validity of the ICV Certificate
The validity of the ICV certificate is 14 months from the date the Audited Financial Statements are issued. The supplier can get recertified from the same Certifying Body during the ICV certificate's validity, using the same audited financial statements; however, the validity of 14 months from the first issue will remain the same.
We are appointed as one of the ICV Certifying Bodies approved by the ICV Committee, and therefore we can support companies to certify their ICV score. To discuss how Assist Plus can assist you to obtain ICV Certificate, please contact us at email@example.com