The ICV Certificate or the ADNOC ICV is one of the various enterprises taken by the Dubai government that has ominously increased the economic growth in the country. Dubai is known for making energetic efforts to frequently develop the region’s business environment.
The user guidelines of ICV provide important instructions and information for entities and units concerned with attaining an ICV Certification. By following the guidelines defined in this article, users can get an all-inclusive understanding of the certification process, evaluation criteria, eligibility requirements, and the collection of benefits and inducements related to attaining ICV Certification.
How to get an ICV Certificate in Dubai?
Getting an ICV certificate in Dubai is informal. Here are some important guidelines you have to follow properly. Note that only an ICV-permitted auditor or an approved audit firm has the right to give the certificate.
· Get the Financial statements of the Audit
Get the financial statements organized based on IFRS (International Financial Reporting Standards) from an approved auditor in Dubai. If the business is freshly established, then the management accounts must be used.
· Pursue the help of an ICV Certifying unit
ICV verifying body is a unit approved by the MOIAT to evaluate the ICV certificate appeal by suppliers. It ensures that provided required conditions are all met.
· ICV Prototype
Fill out and then submit the ICV Prototype to the certifying unit. This prototype must be accomplished according to the rules issued by MOIAT.
· Assessment
The next phase includes assessing the request in which the ICV prototype is confirmed with secondary documents according to the rules and agreed-upon ways issued by MOIAT.
· Authorization from ICV Committee
The ICV committee will accept the request after finishing the assessment process. The ICV committee runs under MOIAT. This committee analyses the certification process and will approve the agreed-upon ways followed by the Certifying unit.
· Supplier approval on ICV
After that, the supplier reviews and approve the unsigned ICV Certificate referred to the Certifying unit.
· Issuance of ICV Certificate
The certifying unit then issues the ICV Certificate. This process gets to end with the last phase of issuance ICV certificate.
What are the Main obligations to get an ICV certificate in Dubai?
The main obligations to get an ICV certificate are;
1) Multiple entities need to certify
If the suppliers have several permissible entities that need to be certified, they must get the ICV certificate for each of them. The government of Dubai ponders each license of the company as a distinct permissible entity even if the holder is the same.
2) Mutual ICV certificate
If a company has several branches in the identical emirate that conduct parallel activities and ownership, then the MOIAT (Ministry of Industry and Advanced Technology) will issue a mutual ICV certificate for the Company in that Emirate.
3) Alliance with Audited Financial Statements
Suppliers must validate that each figure that comes into the ICV certificate counts with the supplier’s audited financial statements. Also, make certain that the audited financial statements are finished according to the IFRS (International Financial Reporting Standards).
4) Timeliness
The audited financial statements should not be older than 2 years from the authorization year. It means suppliers looking for ICV certification for 2023 should not submit audited financial statements older than 2021.
5) Consideration of freshly established companies
Newly recognized companies (less than 10 months) usually have not audited financial statements. Such companies must submit the Management Accounts for a period of up to Nine months. Also, it can be used for ICV calculations. Though, management accounts for more than Nine months should be audited.
6) The validity period of the ICV certificate
The ICV certificate will be legal for 14 months. It must start from the date the audited financial statements. Suppliers can apply for recertification within the validity period using the same audited financial statements. Though, the 14 months’ validity from the first issuance will last to be the same.
7) Employment of Empaneled Certifying unit
Suppliers should hire an empaneled certifying unit that will issue the ICV certificate in Dubai. But, suppliers are not permitted to change certifying units for any specified year without proper explanations.
8) Organization as Goods Manufacturers
Suppliers who make and supply a complete product to a client will be measured as Goods Manufacturers under the ICV certification enterprise. Such businesses must keep an industrial License in Dubai to be considered Goods Manufacturers.
9) Service Providers under the ICV Certification Program
Suppliers who are not manufacturing Goods and suppliers who don’t keep an Industrial License will be measured as Service Providers under the ICV Certification program.
Conclusion
Following the user guidelines for In-Country Value (ICV) Certification is essential for entities and units seeking to improve their financial growth and local industry growth. By ensuring these guidelines, users can direct the certification process efficiently. Also, they ensure obedience to requirements. For specialized support and guidance, a trustworthy ICV certificate firm in Dubai, gets ready to help users attain their ICV certification and give back to the growth of local industries.