If you are doing business in the UAE, particularly where contracts with the government and major deals are a vital growth factor, I guess you've heard about the In-Country Value Program. Introduced by ADNOC in 2018, The ICV program encourages the investment of goods, services, and talent within the UAE, aiming to build a more sustainable economy. As part of this initiative, ICV auditors play a vital role in ensuring businesses comply with ICV standards, which is crucial for their success in both public and private sectors. This blog explores the importance of ICV auditors for business growth in the UAE and how they contribute to creating opportunities and promoting long-term economic growth.
In-Country Value (ICV) Program is implemented to develop the local economy of the UAE. The Ministry of Industry and Advanced Technology (MoIAT) supervises the ICV program to ensure it aligns with the UAE's long-term economic goals. By helping businesses hire locals and invest in the country, the program reduces import dependency and promotes self-sufficiency. It also supports innovation and the development of advanced technologies within the UAE
ICV certification is all about showing how your business contributes to the UAE's economy. To get certified, an approved ICV auditor checks things like how much you source locally, employ UAE nationals, and invest in local industries. Once certified, you receive an ICV score that’s valid for 14 months. This score plays a big role in helping you secure government and private-sector contracts. It’s a way to align your business with the UAE's goals for sustainable economic growth.
An ICV auditor is a specialist who reviews a company's activities to ensure it meets the requirements of the In-Country Value (ICV) program. Their job is to assess how much a company contributes to the UAE economy by sourcing locally, hiring UAE nationals, and investing in local industries. They help make sure that the company’s reported ICV score is accurate, which plays a key role in securing government contracts
Not all auditors are equal. When you choose an ICV auditor, you need to look for the following:
In short, ICV auditors are important to businesses in the UAE. These auditors help a business remain compliant, build credibility, and open up more opportunities for your business. Working with the right auditors can make sure your business is not only in regulatory compliance but also in strategic positioning in the UAE competitive market. GAAP Associates helps you choose the best and right ICV auditor to guide your business into success.
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In 2018, ADNOC, the Abu Dhabi National Oil Company, initiated the In-Country Value (ICV) certification to promote Emiratisation, GDP diversification, and other strategic goals. By acquiring an ICV certificate in the UAE, suppliers will benefit from additional consideration during the assessment of t
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