In Country Value Program (ICV)
The United Arab Emirates is a global financial centre that has a diverse range of industries, both goods and service-based. The government has been investing in certain programs, which help local companies grow and supply networks become more efficient. The ICV or In-Country Value program is one such approach to stimulate the business market.
BUCHPRUFER CONSULTANTS facilitates the essential verification for ICV certification in compliance with ADNOC’s (Abu Dhabi National Oil Company) high standards. Our ICV specialists will notify customers of any critical problems discovered throughout the verification/certification process in order to clarify the procedure and assist them in organizing the supplier’s accounting records throughout to guarantee efficient and accurate ICV certification.
Let’s delve into the tasks that our firm performs for our clientele.
- Creating a client’s requirements list
- Document verification in accordance with ADNOC guidelines
- Preparation of working papers for review by the ICV committee
- Certificate template is checked for completeness.
- Communicate with the client (if required)
The ICV score is an important component of the Participating Entities (PE) bid evaluation, and it will give suppliers and vendors more weight in the award process. The ICV certification scheme also benefits entities that aren’t directly involved with the bids; ICV certified supplier “spend” that stays in the UAE or contributes to the UAE economy is incorporated into the ICV calculation.
Participating Entities actively urge suppliers to participate in an ICV review procedure in order to get an ICV certification. To compete in PE tenders, you do not need to have an ICV certificate. Suppliers who hold an ICV certificate, on the other hand, will have an edge throughout the tendering process. The ICV score reflects the company’s contribution to the UAE economy. The Score is calculated by taking into account the following factors and is expressed as a percentage.
- Goods Manufactured
- Expatriate Contribution
- Third-Party Spend
- Investments in UAE
- Exports Outside UAE
Organizations can engage the assistance of a service provider to secure certification. Such a form of ICV certificate is required to prove that the score they provide for tenders is correct and genuine.