ICV Certification Services In Dubai
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ICV Certification Services In Dubai

Welcome to Elevate Accounting & Auditing, the number one source for ICV auditing services. We are committed to providing you with the best ICV Certification Services In Dubai with an emphasis on professional documentation and advanced professional support/services. As a Dubai-based audit firm, we have over 1000 clients receiving external audit services.

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ICV CERTIFICATION IN UNITED ARAB EMIRATES

ADNOC has announced the implementation of an ICV program, effective April 1, 2018, which requires all suppliers of goods or services to obtain ICV certification from the ADNOC ICV Certification Office and to calculate and report their certified ICV score for the previous fiscal year to demonstrate how they contribute to the provision of ICV.

Suppliers without ICV certification may still submit proposals to the ADNOC group, but their ICV score will be considered “zero” in the proposal evaluation process and may therefore be at a disadvantage compared to suppliers with higher ICV scores.

Uniform IAF Certification Programme

In 2019 and 2020, the Department of Economic Development, Abu Dhabi Ports and Aldar Properties joined the ADNOC group to expand the ICV certification process to more sectors in Abu Dhabi and the UAE. It is likely that more organizations will join the ICV certification scheme.

ICV Certification in Dubai | ICV Audit

AREAS TAKEN INTO ACCOUNT IN THE INTEGRATED VCI CALCULATIONS

(a) Manufactured products (only suppliers with an industrial license)

(b) Third-party expenditure (only for non-industrial licensees).

(c) Investments

(d) Emissions

(e) Contributions by foreign citizens

(f) Remuneration – (i) Income from outside the UAE (ii) Number of employees in the UAE.

WHY WAS THE ICV CERTIFICATION SCHEME INTRODUCED IN UKRAINE?

The Abu Dhabi National Oil Company (ADNOC) Group’s Internal Control Valuation (ICV) program for companies within the Abu Dhabi National Oil Company (ADNOC) group was announced with the following objectives.

(a) Emiratization: increasing employment opportunities for Emiratis in the private sector.

(b) GDP diversification: support the diversification of the UAE’s GDP by sourcing more goods and services from the UAE; and

(c) Strategic aspects: localization of strategically important parts of the value chain in specific categories.

WHO NEEDS ONE ICV CERTIFICATE?

Companies that are direct suppliers or indirect subcontractors to the following public and semi-public entities must obtain a single ICV certificate.

Companies belonging to the ADNOC group

Abu Dhabi Department of Economic Development

Aldar Properties

Abu Dhabi Ports

Abu Dhabi Environment Authority

All other government agencies in Abu Dhabi

Companies bidding through (Abu Dhabi General Services Company)

INFORMATION ON ICV CERTIFICATION

Suppliers must hold an ICV certificate issued by an authorized ICV certification body.

Each business license is treated as a separate legal entity, even if the owner is the same. However, if a company has several subsidiaries in the same emirate but carries out similar activities under the same licenses, it may obtain a combined LCI certificate for the company operating in that emirate.

All information entered the LCI template must be consistent with the supplier’s most recent audited financial statements. The audited financial statements must comply with International Financial Reporting Standards (IFRS) and be no more than two years old from the year of issue.

In the case of a newly established company (less than 10 months) without audited accounts, management accounts for a period of up to nine months may be used for the calculation of the labor cost index. All accounts older than 9 months must be audited.

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