How to Get an ICAO (International Civil Aviation Organization) Certificate in the United Arab Emirates The ADNOC's Unified ICV Program is a commendable initiative that ought to be supported. Economic incentives are related to contributing to in-country value (ICV), which motivates local suppliers to put getting an ICV certificate ahead of other business objectives in order to maximise their earnings. According to the program's website, the program's overall goal is to encourage small firms in doing business with large organisations like ADNOC while simultaneously fostering economic growth in the United Arab Emirates. The project also gives "participating enterprises" the opportunity to localise their business operations and support the construction of the UAE's economic infrastructure by establishing local subsidiaries.
Local vendors could gain a competitive advantage over their rivals by submitting bids to ADNOC. ICV Certification is a crucial aspect of the hiring process if you're using the ADNOC bidding technique. This reasoning claims that bidders who possess ICV Certification will therefore have a competitive advantage over those who do not.
Getting an ICV Certificate is more crucial as more political parties join the ICV programme. If you're interested in finding out more about how to receive one of these certifications, consider using the following procedure.
Push Digits Chartered Accountants, with a specific emphasis on ICV certification consulting services and other associated services, has developed from its modest beginnings to become one of the most reputable audit organisations in Dubai. Our aim is to provide you a complete and in-depth understanding of the crucial elements you can use to raise your ICV score. When our professionals work closely with your team from the beginning to the end of the certification procedure, it becomes much simpler to complete.
Below are instructions on how to get an ICV certification.
The application process will be simple for individuals who desire to apply. But before you begin the procedure, there are a few things you need to be aware of.
Guidelines
One of the first things to realise is that only ICV certifying organisations that have been approved by the UAE government may grant ICV Certification in the United Arab Emirates.
For each business licence the supplier currently holds, an ICV Certificate is required when the supplier submits an application for certification. Each business licence will be treated legally as if it were a distinct legal entity from the others. An organisation will be given one consolidated certificate that covers all of the organization's activities whenever it has numerous branches that all work under the same licence.
It is the candidate's duty to completely fill out the online-accessible ICV Certification Templates.
The figures in the template, unless otherwise specified, shall be derived from the most recent audited financial statements in accordance with International Financial Reporting Standards (IFRS). These financial accounts should, at the time of compilation, not be older than two years. Companies that are less than ten months old and whose financial statements have not yet been audited may instead rely on information from their Management Accounts to fulfil their financial reporting requirements in order to continue operating. It is very important to keep in mind that management accounts should not be older than nine months. However, they must first undergo an audit by a licenced auditing firm in order to be put into operation.
The Certificate shall, unless otherwise specified, be valid for a period of fourteen (14) months from the date of issuance (from the date of issuance of audited financial statements). An updated certification application must be submitted by businesses by the end of the month. It is also possible to employ the same financial statements that were previously used. On the other hand, receiving a revised certificate does not revoke the validity of the initial certificate.
It is prohibited for a business to switch certifying bodies once it has contracted with an Empaneled Certifying Body to confirm the certification of its products or services for the term of the certification (unless they have an adequate reason).
Every expense and revenue a company records throughout a fiscal year must be disclosed in the company's federal filings.
Regardless of the currency chosen, the ICV Template mandates that all statistics be presented in UAE dirhams (AED). Only when they are specifically mentioned in the law that permits them may exceptions be made.
It might be possible to use purchases made throughout the year in place of consumption information if a corporation is unable to provide consumption figures (specified by invoice and vendor).
The ICV Template's computations and underlying presumptions must adhere to all relevant laws and standards.
Each and every figure provided by the source must be accompanied by supporting documentation in order for the data to be properly analysed. Any ICV Certificate Template that is currently being evaluated by the Certifying Body may be subject to a quality review upon request from an authorised representative of one of the participating organisations throughout the verification process. Any time during the procedure is appropriate for doing this. The certifying authority and supplier will, upon request, furnish the representative with whatever information they deem essential.
Fines will be imposed if it is determined that a corporation's submission was tampered with or that the company was negligent. One effect of this choice could be a restriction on doing business with ADNOC.
You will be permitted to start submitting proposals to the organisations taking part in the competition after you have received certification. Depending on how much of a competitive advantage you have over the other bidders, your ICV score will have a greater or lesser impact on the bidding process.
