The UAE government has launched the 'In-Country Value' Program, which is also called (ICV). This program is a part of "Projects of the 50", which will be implemented under the supervision of the MoIAT - Ministry of Industry & Advanced Technology.
So, obtaining an ICV Certificate in the UAE will help to boost the nation's economy.
What is the In-Country Value Program?
In-country Value Program helps boost the nation's economy by supporting local industries. Redirects a large number of the public to drive the national economy.
The Ministry of Industry and Advanced Technology (MOIAT) will issue the certificate for this program, but it will be published only after evaluating their contribution to the country's economy.
The Certification Process for the ICV in UAE
As part of the ICV certification process;
The suppliers must provide relevant information in a data form prescribed by the MoIAT to certifying bodies.
The ICV Certificate template must be filled in per the latest financial audit statements and supported by documents and evidence.
The audited financial statements follow the International Financial Reporting Standards (IFRS).
They shall not be older than two years from the certification year, i.e., for ICV certification in 2023, the audited financial statements to be considered shall not be older than 2021.
In-Country Value Program Consultation
In-Country Value Program Consultation refers to engaging with independent consultants or experts to assist companies in understanding, implementing, and complying with the requirements of an ICV program. These consultants provide guidance and support in designing strategies and initiatives that align with the objectives of the ICV program.
The Role of ICV Program Consultants
Below listed are the ICV consultation programs;
Reviewing Current Practices
The job of an ICV consultant is to review the company's supply chain, operations, and asset procurement practice. The review will result in the improvement of the company. ICV consultant will prepare a report which says all about the areas of improvement.
Measurement and Reporting
A company should meet the ICV program requirements. These ICV consultants help the companies meet the metrics and track their performance to meet the ICV's needs.
ICV Program Consultants mediate between relevant stakeholders, including government agencies, local communities, suppliers, and industry bodies.
The Significance of In-Country Value Program Consultation
Read the list given below to learn more about the significance of ICV program consultation;
Compliance and Market Access
Local Economic Development
Collaboration and Partnerships.
End Note - Connect with Us Regarding the ICV Certificate in Dubai
For more information, contact JAXA Chartered Accountants. We will assist you through the process.