ICV Approved Auditors in UAE

ICV Audit Services in UAE

ARC is ADNOC Approved ICV Auditor in UAE offering the best ICV audit services in UAE. All ADNOC suppliers are required to get their ICV audit. ADNOC has initiated an In-country Value program (ICV) with the objective of Localization and to create more employment and job opportunities for Emiratis and to boost the UAE’s economy and the localization of important functionalities in the field of oil and gas.

In November 2017, an In-Country Value (ICV) program was announced for Abu Dhabi National Oil Company (ADNOC) Group Companies with the aim of creating additional employment opportunities for UAE Nationals, procurement of goods and services from UAE to diversify the GDP of the country and localization of critical parts in the oil and gas industry and other important sectors. In 2019 and 2020, various government and semi-government companies i.e. ADDED, Aldar Properties, Abu Dhabi Ports, Mubadala, and ENEC (together known as “Participating Entities”) joined hands to broaden the unified ICV certification process in UAE.

ICV Certificate

• A separate ICV certificate is issued for each license of the company even if the ownership is the same. However, if a company has different branches in the same Emirate with identical activities, names, and ownership listed on the licenses, then one combined ICV certificate will be issued for the Company in that Emirate.
• The validity of the ICV certificate is 14 months from the date of issuance of audited financial statements by Auditors. The supplier also has the option to re-certify the same ICV certificate using the same audited financial statement however the validity of the certificate would remain the same.
• For start-ups and newly established companies who are less than 10 months old, management accounts for a period of up to 9 months can be used for ICV certificates.

ICV Certification Score

ICV score is calculated by evaluating your value-added contribution to the UAE for the goods or services offered by the company. The following areas are taken into consideration for calculating the ICV score:

• Manufacturing Cost (For Manufacturers)
• Third-Party Spent (For Service Providers and Traders)
• Local Investment and its growth
• Employment of UAE nationals
• Expat Contribution
• Export of goods and services

ADNOC ICV Certification

• All suppliers that deal with ADNOC – either directly, or indirectly are expected to provide ICV related documents in their commercial bids when bidding with ADNOC
• ADNOC will evaluate the ICV certificate and ICV improvement plan (if required as per RFT) during the tender evaluation process
• Suppliers without ICV certification can still participate in tenders but will be given a zero score and therefore may be at a disadvantage to those with a higher ICV score.

ADNOC Approved ICV Auditors in UAE

As one of the approved empanelled ICV certifying bodies and being approved ADNOC ICV Auditors in UAE, we can help companies in obtaining a unified ICV certificate. Our professional team is experienced in performing an in-depth analysis of financial statements for advising clients to attain the best possible ICV score in line with ICV guidelines. We are fully committed to completing the certification on time and providing our best resources for the execution of the ICV certification process. ARC will provide the best ICV audit services in UAE.

Get in touch with our team to discuss the certification process. Feel free to reach us via email – icv@arcauditing.ae or call us on +971 55 100 6666 / 045919500