ICV Consultant
In Country Value (ICV) CERTIFICATION IN UAE
What is ICV Certificate?
What is ICV Certification process and how is it executed?
WHO NEEDS A UNIFIED ICV CERTIFICATE?
• ADNOC Group Companies
• Abu Dhabi Ports
• All other Govt Departments of Abu Dhabi
• Aldar Properties
• Companies submitting tenders through Musanada (Abu Dhabi General Services Company)
• Environment Agency Abu Dhabi
• Abu Dhabi Department of EconomicDevelopment
How is ICV measured?
The In-Country Value of an entity (referred to as the ‘Supplier’) is measured based on the annual value of procurement made by the supplier from other entities (‘Vendors’) based in the UAE. It also takes into account the total value of fixed assets in the UAE, corresponding depreciation and the annual manpower costs expended on Emiratis and Expats. Additionally, a supplier may also be eligible for a bonus score based on the revenue generated from outside UAE, Emirati headcount and annual growth in investments.
WHAT IS THE VALIDITY AND PREREQUISITE OF ICV AUDIT?
• An ICV certificate is valid for a period of 14 months from the date of issue of the audited financial statements.
• For getting ICV certificate the financial statements of the entity must be audited, in accordance with IFRS, by an auditor licensed by the Ministry of Economy.
AREAS CONSIDERED FOR UNIFIED ICV CALCULATIONS
(a) Goods Manufactured (only for Suppliers holding Industrial License)
(b) Third-Party Spend (only for Suppliers holding non-Industrial License)
(c) Investment
(d) Emiratization
(e) Expatriate Contribution
(f) Bonus – i) Revenue from outside UAE. ii) Emirati Headcount
As Trusted ICV Consultants RBS Auditing will help you
• The client’s financial statement will be audited and signed.
• Our Team will help you understand about the ICV and the determining factors that affect the ICV score.
• We will suggest on how to improve ICV score and include the incremental effect of each step in our impact analysis report. This includes mainly, among other steps, the recommendation of restructuring in organizational processes to increase ICV score.
• Draft the ICV template, based upon the records of financial year under certification that can be presented to ICV certifying body to ensure the achievement of ICV score as per drafted template.
• Draft the ICV improvement plans that is required to be submitted with the tenders of the ADNOC.
RBS Auditing has exclusive tie up with ABACUSINTERNATIONAL, one of the certifying bodies for ICV
For more information, please feel free to contact with us.