How to get the ICV Certificate?

Getting the In-Country Value Certificate is an important innovation for individuals and businesses working in Dubai. This certification helps as a piece of evidence to a business’s assurance to indorsing local industry growth and backing to the nation’s economy.

Though, the process of getting the ICV Certificate can seem scary without proper direction. This article goals to deliver a complete guide on how to direct the ICV Certification process effectively. From knowing eligibility standards, and steps to get an ICV certificate, we understand the step-by-step journey of getting the ICV Certificate.

What are the eligibility Standards to get ICV Certificate?

The ICV Certificate is a valued acknowledgment for companies working in Dubai that dynamically contribute to the local economy. Here are some main points that tell the eligibility standards for getting the ICV Certificate;

· Legal Trade License

Companies must own a legal trade license issued by the related government authority in Dubai. This license certifies that the unit is officially listed to involve in commercial activities within the country.

· Compliance with Dubai Laws

Candidates or Suppliers must obey all applicable laws and regulations in Dubai. These laws related to;

Labor
Taxation
Commercial practices

Compliance validates the company’s promise to direct right and lawful business operations.

· Financial Statements

Companies looking for the ICV Certificate must deliver audited financial statements. These financial statements must correctly reflect the company’s financial status and performance. It is typically equipped in line with globally recognized accounting standards such as the IFRS (International Financial Reporting Standards).

· Timeliness

The audited financial statements that succumbed for ICV Certification should not be older than 2 years from the authorization year. For instance, if applying for ICV Certification in 2023, the financial statements must cover a period no prior than 2021. This confirms that the facts provided are the latest and reflects the latest financial standing of the company.

What are the steps to get ICV Certificate?

Getting the ICV Certificate in Dubai needs to follow an organized process. By getting and following the steps, businesses can direct the ICV Certification process successfully and proficiently;

1. Collect Necessary Documentation

Start by gathering the essential documents, such as audited financial statements, valid trade licenses, and other applicable supporting documents. Make sure that the financial statements bring into line with globally recognized accounting standards, such as the IFRS (International Financial Reporting Standards).

2. Register yourself for ICV Certification

Visit the ICV Certification online platform or portal and register your business. Enter correct information about your company such as;

Ownership Details
Trade Licenses
Financial Data

Finish the registration process and get an exclusive identification number or reference number for future communication.

3. Compute the ICV Score

The next step is to Compute your ICV score by assessing different factors carefully. The important factors are;

local spend
technology transfer
Emiratization
Supplier development

Consider engaging with dedicated consultants such as Farahat and Co… or using online ICV calculators to accurately compute your score. This stage is fundamental as it validates your business’s contribution to local frugality. Also, it helps evaluate eligibility for the ICV Certificate.

4. Select an approved Certifying unit

Select an approved certifying body approved by the government of Dubai to evaluate your ICV compliance. These certifying units play an essential role in;

Assessing your ICV score
Verifying supporting documents
Issuing the ICV Certificate

Also, make sure that the selected certifying unit supports your business obligations and has a status for precision and competence.

5. Cooperate with Certifying unit

Involve the selected certifying unit and deliver all essential documentation for assessment. Collaborate fully and address any questions or requests for extra information promptly. Keep transparency and make sure that the certifying unit has a complete understanding of your business’s processes and activities.

6. Assessment and Certification

The certifying unit will analyze your documentation, authenticate compliance with the ICV standards, and assess your ICV score. They will measure your business’s contribution to the indigenous economy and the extent of obedience to Emiratization rules and other related aspects. Upon effective assessment, the certifying unit will issue the ICV Certificate. Also, admit your business’s promise to indorsing local value.

7. Regeneration and Recertification

The ICV Certificate is legal for a precise duration. It is typically valid for 14 months, from the date of issuance. To keep the certificate’s legitimacy, businesses must plan for regeneration and recertification within the specified timeframe. This includes the following to ensure continued compliance with ICV standards that are;

Reassessing The ICV Score
Updating Documentation
Engaging with The Certifying Body

Conclusion

Getting the ICV Certificate is an important triumph for businesses in Dubai. It demonstrates their promise to local financial growth and development. By following the steps outlined in this article, businesses can get the ICV Certification with confidence and effectiveness. For expert assistance and direction throughout the certification process, businesses can trust reliable audit firms such as ICV Certificate, known for their proficiency in effectively helping organizations get the ICV Certificate.