7 Benefits of Getting ICV Certification In The UAE

As a business in the UAE getting an In-Country Value Certification or ICV certification can provide tremendous benefits. The ICV came from the Ministry of Industry and Advanced Technology (MoIAT) a couple of years ago. The purpose of the ICV program is to assess a company’s contribution to the UAE’s economy.

Here are just some of the benefits this certification offers.

Surge In Business Opportunities

When a business gets an ICV certification it begins receiving preferential treatment by the government. Government prioritizes businesses with ICV certification when there’s bidding for government contracts. There’s also an ICV score. Businesses both in the public and private sector who have a higher ICV get a huge competitive advantage in their industry.

Competitive Edge

Holding ICV certification demonstrates a company’s commitment to supporting the UAE’s economic objectives. This dedication not only differentiates certified companies from their competitors but also enhances their reputation among stakeholders, including customers, investors, and partners.

Access to Government Support

Only businesses who have an ICV certification are eligible for government incentives. These incentives include grants, subsidies, and exemptions. Now, obviously for a business these incentives drastically lower the expenses of a business leading quicker growth.

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Contribution to National Growth

Companies with an ICV certification contribute hugely to the UAE’s economic diversification efforts. They participate in these efforts by promoting local industries. Along with this they create employment opportunities for UAE nationals.

Strengthened Local Partnerships

The government’s ICV program has become a link between local suppliers and service providers. This link not only creates better networks but also strengthens the whole supply chain. Apart from this it also benefits UAE’s economy, stabilizing the whole structure of a businesses operations.

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MHR services includes Audit & Assurance, Financial Accounting, Financial & Business Advisory, Taxation including VAT, Corporate Tax & Excise Tax, Company Setup, regulatory & compliance and Management Consultancy

Long-Term Sustainability

With an ICV certification organizations get the opportunity to establish more resilient business models. They are also able to drastically reduce their dependence on international markets. Because of lower dependence they are able to withstand global economic fluctuations.

Improved Corporate Image

Customers, stakeholders, investors see a business with an ICV certification as someone that is positively contributing to the UAE’s economy. Now, this creates a perception of trust around a business. Those businesses generate more brand loyalty along with having a strong corporate image.

FAQs

What is ICV certification, and how does it benefit my business?

ICV certification is a program designed to grow the UAE’s economy by encouraging companies to invest locally. Achieving this certification can lead to benefits like government contracts.

How does ICV certification enhance my company's competitiveness?

Holding an ICV certificate demonstrates your commitment to the UAE’s economic development. This makes your company more trustworthy to government entities and major corporations seeking suppliers with strong local engagement.

Can ICV certification lead to financial incentives for my business?

Yes, ICV-certified companies may benefit from financial incentives such as tax credits and grants, which reduce operational costs

How does ICV certification contribute to the UAE's economic growth?

By investing in local resources and talent, ICV-certified companies help stimulate the UAE’s economy. This leads to job creation and overall economic development.

Does ICV certification improve my company's brand reputation?

Yes, obtaining ICV certification can enhance your brand’s reputation by showcasing your commitment to sustainable development and support for the local economy.

How does ICV certification affect my eligibility for government contracts?

Many government entities and major corporations in the UAE prefer or require suppliers to have ICV certification, giving your company a competitive edge in securing contracts.

What is the process for obtaining ICV certification, and how long does it take?

The process involves assessing your company’s contributions to the UAE economy, including local spending and employment. The duration can vary, but working with experienced consultants can streamline the process.

Conclusion

ICV goes beyond just a regular government certification. With this ICV certification a business gets tremendous benefits. They not only get more business opportunities but also contribute to the government’s broader economic vision.