🌟 Have you heard about the National In-Country Value (ICV) Certification in the UAE? The ICV program aims to increase the contribution of local industries and support local companies. Here are some key points you need to know:
1. **Boosting Local Contribution**: The ICV program is designed to enhance the involvement and backing of local industries and companies in the UAE's economy.
2. **Certification Requirement**: Suppliers must obtain an ICV certificate for each legal entity seeking certification.
3. **Factors in Calculation**: The ICV score is determined by factors such as manufacturing costs, third-party spends, investments, Emiratization efforts, and revenues.
4. **Specified Formulas and Weights**: Different formulas and weights are assigned to each ICV factor, tailored for goods manufacturers and service providers.
5. **Financial Statement Dependency**: Suppliers must use data from their most recent audited financial statements, not exceeding a 2-year age limit, for filling out the ICV template.
6. **Detailed Instructions**: Clear guidelines are provided on cost calculation and classification, including delineating "Within UAE" versus "Outside UAE" costs, with specific considerations for free zone companies.
7. **Certification Process**: The completed ICV template requires supplier signature and verification by an approved certifying body to become a valid certificate.
8. **Validity Period**: Certificates remain valid for 14 months from the date of audited financial statements, allowing suppliers to seek recertification within this timeframe.
9. **Documentation and Calculation Guidelines**: Detailed guidelines outline necessary documentation and calculation procedures for each ICV section, covering aspects like Good Manufacturing, Third-Party Spends, Investment, and Emiratization.
10. **Quality Assurance**: Suppliers are encouraged to conduct thorough checks before final submission to ensure alignment with their financial statements.
Stay ahead in the UAE market by familiarizing yourself with the ICV certification process and its significance for local businesses! 💼✨ #UAE #ICVCertification #LocalEconomy #BusinessGrowth
Business assistant at DUBADU
2mo🎉 Congratulations to CRC Abu Dhabi on an incredible first year! The progress made is truly inspiring, and the future looks even brighter. Well done to Tessa and the entire team for their dedication and hard work. Here's to continued success and growth ahead! 🚀👏