In-Country Value Certification UAE
As of my last knowledge update in January 2022, In-Country Value (ICV) is a policy initiative in certain countries, including the United Arab Emirates (UAE), aimed at promoting the participation of local businesses and enhancing the contribution of the private sector to the national economy. The ICV certification process assesses the extent to which businesses operating in the country contribute to the local economy through various parameters, including employment of local workforce, local sourcing, and other economic factors.
Please note that specific details and procedures for ICV certification may vary by country and industry. As of my last update, the following general steps are typically involved in obtaining an ICV certificate:
Understanding ICV Requirements
Review Guidelines
Understand the ICV guidelines provided by the relevant authorities in the country where the certification is required. In the UAE, for example, it is often associated with the oil and gas industry.
Preparing Documentation
Business Information
Gather information about your business, including its structure, ownership, and key activities.
Financial Statements
Prepare financial statements that demonstrate your company's economic contribution in the country.
Workforce Information
Provide details about your company's workforce, including the number of local employees and their roles.
Supply Chain Information
Document your company's local procurement and sourcing activities, showcasing the utilization of local goods and services.
ICV Assessment
Submission of Data
Submit the required data and documentation to the designated ICV assessment authority or agency.
Assessment Process
The assessment agency evaluates the submitted information against the ICV criteria, which may include employment, investment, and local content components.
ICV Certification
Issuance of Certificate
If your company meets the ICV criteria, an ICV certificate is issued by the relevant authority.
Validity Period
ICV certificates are typically valid for a specific period, and companies may need to renew the certification periodically.
ICV Reporting
Periodic Reporting
Some ICV programs require companies to periodically report their performance and update their ICV certification.