ICV Certificate Validity
The ADNOC implemented the In-Country Value addition program to help local vendors and suppliers in the UAE. Due to its positive impact on the nation’s economy, several ADNOC ICV certification agencies have sprung up all over the UAE. These agencies help suppliers and vendors obtain a valid ICV certificate. Such an ICV certification acts as an assurance that the ICV score on their certificate is authentic and genuine. Let us now take a look at the ICV certificate validity and the need for such a system.
What is ICV certificate?
An ICV certificate issued by an ADNOC ICV certification agency acts as assurance regarding the supplier’s ICV score. Moreover, a brief look at an ICV certificate sample will help you understand the details needed to obtain such certificate. To calculate such a score, the agency will need full access to the supplier’s financial history, and understand what value they add to the economy.
In case the company is young, they can submit their management accounts from the past 9 months to calculate their ICV score. If not, the ICV certification depends on the company’s audited financial statements, which are not older than two years. However, the ICV certificate validity lasts for 14 months from the date of issue of the company’s Audited Financial Statements.
Who all require a ICV certificate from ICV Certification bodies in UAE?
Any company or entity that works directly or indirectly with the following departments as suppliers or sub-suppliers must get a valid ICV certificate.
- ADNOC Companies
- Department of Economic Development (Abu Dhabi)
- Aldar Properties
- Abu Dhabi Ports
- Environment Agency (Abu Dhabi)
- Govt Departments of Abu Dhabi
- Musanada (Abu Dhabi General Services Company)
Hence, as you can see the suppliers to such establishments must get an ICV certificate to take part in group tenders. Such a certificate will not help businesses, but will also aid the nation in improving its economic infrastructure.
Learn more about ICV Certificate
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