The In-Country Value (ICV) certification is an initiative program first issued by the UAE government to promote economic growth and localization in the country by encouraging the development of local industries. Our Dubai accounting firm offers professional services to help you obtain the ICV and assess your company’s operations and performance. Obtaining the Dubai ICV certificate has many advantages for Dubai companies to expand their business opportunities, improve their reputation, and support the country’s economic objectives.
| Quick Facts | |
|---|---|
| ICV stands for | In-Country Value (ICV) |
|
What is the purpose of ICV in Dubai? |
A program meant to boost the economy of UAE by measuring the contribution of services and goods produced in this country |
|
Implementation |
By the Ministry of Industry and Advanced Technology in the UAE |
| ICV is available for | Mainland and free zones companies in Dubai |
| Is it mandatory to have an ICV certificate for a business in Dubai? |
No, but it is recommended. |
| Who can apply for ICV in Dubai? |
– business owners, – contractors, – suppliers, – logistics providers, etc. |
| Conditions to get the ICV certificate |
Authorities consider: – the amount of investments, – employment-related matters, – an audit report, – company performances. |
| Main requirements to get an ICV certificate |
To increase local investments |
| Agent recommended |
When applying for an ICV certificate to comply with all the requirements imposed. |
| Documents | Standard form for application. An ICV template is available in this case. |
| Assessments |
With the help of our audit firm in Dubai at the time an ICV certificate is solicited. |
| Evaluation made by |
Authorized bodies/agencies in the UAE |
| Accessing government contracts |
With the help of an ICV certificate issued in Dubai |
| Can newly formed companies in Dubai obtain an ICV certificate? (YES/NO) |
YES |
| Working with our Dubai accountants |
We assist business owners in getting the ICV certificate by managing the paperwork and related formalities. Contact our Dubai accounting firm and make an appointment. |
Table of Contents
What are the objectives of the ICV program in Dubai, UAE?
The Ministry of Industry and Advanced Technology has implemented the ICV program and also monitors compliance with the conditions and rules. We will review some of the objectives of this important program:
- Stimulating foreign investment and creating valuable jobs in Dubai’s private sector.
- Diversifying the economy and supporting national GDP growth.
- Growing the private business sector in order to support GDP expansion.
- Improving research in advanced technology and R&D sectors in Dubai.
- Developing new businesses and local industries, etc.
We advise you to collaborate with our team of accountants in Dubai and learn more about the ICV program, its objectives, and how to obtain a certificate. We are at your disposal with detailed information on this subject.
How can I get an ICV certificate in Dubai?
Procuring the ICV certificate is a complex procedure that requires external support from an audit company in Dubai. Our experts simplify the ICV certification process, which reduces the risk of errors or omissions and increases the chances of a successful outcome. You will need to choose an authorized audit firm specializing in ICV certification. Talking with our trained and experienced accountants and auditors will help you collect and prepare all necessary documentation and information. Here are some steps and procedures to follow in order to obtain an ICV certificate in Dubai:
- Data collection and information about the company applying for an ICV certificate are prepared for submission.
- Review and assessment of company documents by the relevant bodies/institutions can be done by certified audit companies.
- Agreed-upon procedures (AUP) paper after reviewing the requested documents is issued.
- A draft approval is prepared and if there is no need for other documents, the ICV certificate can be issued.
The ICV certificate must be renewed annually to remain valid. The renewal process can be done by other auditing firms in Dubai or with the same audit firm that granted the certificate.
Remember that there are specific requirements for free zone companies, firms established in mainland Dubai, and also for industrial companies. Complete information and specialized consultancy can be provided by our Dubai accountants, so do not hesitate to contact us when applying for an ICV certificate.
Is the ICV certificate mandatory in the UAE?
The ICV certificate is not mandatory in the UAE, but it is highly encouraged by the Dubai government. Both government and private sector companies in Dubai prefer to work with businesses that hold an ICV certificate in Dubai. The certificate demonstrates a commitment to supporting the local economy and has a competitive advantage. ICV certificates grant companies new business opportunities, such as winning government contracts, increasing brand visibility, and supporting UAE economic growth. Before applying for the ICV certificate in Dubai, you must verify if your company meets the eligibility criteria. These requirements are found on the official portal of the Industrial Development Bureau.
Working with our team of expert accountants in Dubai ensures that the company’s financial and operational systems and processes are in compliance with the ICV criteria.
ADNOC ICV Certificate
The Abu Dhabi National Oil Company (ADNOC) In-Country Value (ICV) program is an initiative aimed at promoting local businesses and increasing the level of local content in the oil and gas sector in the UAE. It was established in 2018 and in late 2019, the program expanded to cover different governmental and semi-governmental entities. In September 2021, the program was again extended to the federal level in the UAE by the Ministry of Technology and Advanced Technology (MoIAT). The ICV certification process is now governed by MoIAT.
The ADNOC ICV program is similar to the normal ICV program but with a few differences. The ADNOC ICV program is specifically designed for companies bidding for contracts with ADNOC, while the normal ICV program is aimed at promoting local businesses.
The process of obtaining the ADNOC ICV certificate also requires professional support. We offer accounting services in Dubai and audits to demonstrate your company’s commitment to local content. Our audit company in Dubai will analyze the specific criteria and requirements for the ADNOC program.
FAQ about ICV certificates in Dubai
The Dubai ICV certificate is a program that measures the level of local content in a company’s operations and rewards companies for using local suppliers, services, and labor. Companies that hold an ICV certificate are required to use local services, including local Dubai payroll services, whenever possible.
Obtaining the certificate requires external support from an authorized Dubai audit firm that will conduct an assessment of your company’s performance to determine its compliance with the ICV.
The Dubai ICV certificate is valid for one year and must be renewed annually. The renewal process is similar and can be conducted by the same audit company or you can choose to work with different audit firms in Dubai.
The ICV certificate is a recognized quality symbol and opens new business contract opportunities.
No, the ICV certificate in Dubai is not mandatory but is encouraged by the government to help increase the level of local content in their operations.
The ADNOC ICV certificate is similar to the standard ICV certificate but aims to promote local businesses in the oil and gas sector. Our Dubai audit firm offers services and consultancy for obtaining both ICV certificates.
UAE’s economy in a few lines
The Dubai ICV certificate is encouraged for businesses, especially considering the economic aspects and statistics of the UAE. Here are a few figures:
- The latest statistics indicate that the real GDP of the UAE grew by approximately 3.8% in the first 9 months of 2024.
- The total real GDP value in Dubai, UAE was approximately AED 1.322 trillion in 2024.
- The non-oil GDP growth in the UAE during the same period was around 4.5%, totaling around AER 987 billion.
- The UAE authorities aim to achieve a total GDP value of AED 3 trillion in the next decade.
Why call on our specialists to get an ICV certificate
Our experienced team of accountants in Dubai can handle the procedures involved in getting an ICV certificate. Both foreign and local entrepreneurs doing business in Dubai can benefit from an important ally in this endeavor and can collaborate with our experts at any time. Please explore the services provided by our accounting firm in Dubai and request a consultation when wanting to obtain an ICV certificate. Contact us today!