Internal Country Value Certificates in Dubai, Abu Dhabi, and the UAE
In 2017, Abu Dhabi National Oil Company (“ADNOC”) launched the Internal Country Value (ICV) scheme to boost the country’s economy by supporting local businesses. The program aims to promote economic diversification and employment opportunities for UAE residents. Subsequently, in 2019 and 2020, several governmental and semi-governmental companies are participating entities (individually “PEs” and collectively “PEs”), namely.
Abu Dhabi National Oil Company (“ADNOC”), Abu Dhabi Economic Development Authority (“DED”); Aldar Properties PJSC (“Aldar”), and Abu Dhabi Ports Company PJSC (“ADPC”), for suppliers from all industries in Abu Dhabi and UAE, collaborated to expand the ICV Certification Services In Dubai, resulting in the renaming of the ICV scheme to the Unified Internal Value (“ICV”) scheme, where all PEs will use ICV scores in accordance with their respective procurement processing guidelines.
The objectives of this scheme are as follows
Emirati federalization: to increase employment in the Emirati private sector.
GDP Diversification: to help diversify the GDP of the UAE by purchasing more goods and services in the UAE.
To locate key parts of the value chain that are strategically important to the selected category.
PE strongly encourages suppliers to undergo the LCI assessment process in order to obtain LCI certification; it is not necessary to have an LCI certificate in order to participate in PE bidding. However, suppliers with an ICV certificate will have an advantage in bidding (suppliers without a certificate are considered suppliers with a 0% ICV score) BESTAXCA UAE is proud to be listed as one of the certification bodies.
All EPs provide suppliers with a uniform supplier submission template. This template is the data associated with the supplier’s audited financial statements, which must be updated by the supplier, and BESTAXCA UAE, as the certifying body, performs the prescribed procedures on the data in the presentation template and issues a fact-finding report, as required by the ICV Committee. This ICV certificate is valid for a period of 14 months from the date of the audited financial statements or two months from the date of signing the audit report for the following year, whichever is earlier.
The ICV team at BESTAXCA UAE, led by the Director/Partner, will guide you through the ICV certification process. At the end of the assignment, BESTAXCA UAE will explain the key issues raised and clarify the process to streamline the accounting and help you obtain ICV certification efficiently and accurately.
The ICV scheme is a progressive initiative that supports the UAE’s efforts to grow, develop, and diversify, and BESTAXCA UAE is pleased and committed to working with the ICV Committee established by PE to implement the ICV scheme and assist suppliers in applying for ICV certification.” BESTAXCA UAE ICV Please visit the team at Bestaxca to learn more about the scheme and how we can help.