ICV Certification

A country’s economy can function properly because of its good spending state. The In-country Value Program (ICV) is mainly a program in the UAE promoting the local market. As a result, it established the local content of all of its elements at the local economy level. Furthermore, the program aims to recondition government operations to accomplish economic goals. In summary, the strategies, plans, and economic vision of laws set these particular goals.

Delivering Premier Services for ICV Certification in Dubai

The ICV certification will significantly promote companies, establishing that they participate in government tenders. As a result, it will particularly increase their financial contributions to the local economy. In fact, it is mainly because of three main factors mentioned below:

1. Emiratization
2. Investment, and
3. Locally produced goods and services.

Therefore, all federal and local government and semi-government entities collaborated to drive ICV.

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What is the aim of ICV certification?

Among the primary and significant aims of ICV certification is to significantly increase the strength of supply chains. Further, to diversify and strengthen the economy of the UAE.

By all means, ICV certified entity can consequently increase Emiratization in the private sector. Therefore, it can significantly transfer the latest technology and data to the local business companies.

What is the purpose of ICV Certification?

The ICV certification includes the evaluation of the value-added contribution of an entity to the UAE in the below areas:

  • Local Manufacturing
  • Local investment
  • Procurement of third-party goods and services
  • Expatriate contribution
  •  Emiratization of labor
  •  Above all, generation of income from outside the United Arab Emirates
• Firstly, we assist you to get an ICV certificate successively.
What are the demands for an ICV certificate?

We assure:

  • Firstly, we assist you in getting an ICV certificate successively.
  • Secondly, we understand deadlines, reporting requirements, and a formal engagement plan. It will answer all the particular queries within 24 hours.
  • Thirdly, A E Y Auditing will significantly audit the client’s financial statement. Further, it will assist you in understanding ICV and its determining factors.
  • Moreover, we deliver suggestions to improve the ICV score. Additionally, we draft your ICV template too based on records of the financial year under Certification.
  • Above all, formulate the ICV improvement plan that is all of the sudden needed to be submitted with the tenders of the ADNOC.
The validity of the ICV certificate is for 14 months from the Audited Financial Statement. It is because of using the same audited financial statements. Therefore, it will not change the authentication of 14 months following the case. During the validity of the ICV certificate, the supplier could get recertification too from the same certifying entity.

What are the requirements for an ICV certificate?

  • Firstly, it is required to submit financial statements compiled and audited by IFRS for the last two years.
  • Secondly, the submitted financial audits cannot be older than two years, starting from the year of the Certification.
  • Thirdly, the management accounts for a less than ten months old company. Now, it can be used for ICV certification if it is newly established (less than ten months old). Hence, there must be audited management accounts if they are more than nine months old.
  • Moreover, for ICV Certification purposes, every firm’s trade license is treated as a separate legal entity. Henceforth, it is done once the ownership structure is identical.
  • Further, a single ICV Certificate may be granted to a Company with several branches in the same Emirate, performing similar activities. Hence, having the same ownership.
ICV certificate successively

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FAQs Of Auditing

The general requirement of a business in the UAE is to maintain its records for not less than (5) years. The Commercial Company Law makes it mandatory for all companies in the mainland.

According to UAE Commercial Company Law, every company needs to have auditors to audit their book of accounts. Under Federal Law no. 2 of 2015, Article 27, a licensed auditor is mandatory. The Ministry of Economy in the UAE must approve it.

Dubai Financial Services Authority registers well-known auditors. It may appoint them to examine and report accounts of regulated DIFC entities.

However, if your company is usually free from an audit, you need an audit if your shareholders ask so. The shareholders must own at least 10% of the shares. Shares can be on an individual or group level. 

If you are an entrepreneur in Dubai, it is essential to get an audit. It’s significant because it assures that your company records are reliable and in order. Auditors in Dubai, while conducting audits, examine internal controls of a company. They also inspect the existing system, coupled with the financial statement.

Yes! IFRS standards are mandatory by the UAE Commercial Company Law No 2 of 2015. Listing rules of NASDAQ Dubai, Dubai Financial Market PJSC, Abu Dhabi Securities Exchange, and Dubai Financial Services also demand it.

(5) years.

You can become an FCCA once you have a continuous membership of 5 years with ACCA. Pay annual subscriptions and meet the CPD requirements every year.

Once you file the return, the IRS usually starts these audits within a year. Within six months, they lead to completion. However, expect a delay if you do not deliver the complete information. We also expected the delay if the auditor finds issues and wants to expand in other years or areas.

The mandatory documents by management are as below:

  • First, accounting reports with trial balance, balance sheet, ledgers, income statement, and relevant schedules
  • Second, copies of vouchers, invoices, receipts, and bills
  • Third, a list of bank accounts used for transactions and forgeries of bank statements
  • Maintained reports of all the payroll functions of a business.
  • Further, copies of legal documents of the business
  • Verifications from clients, suppliers, associated entities, etc.
  • Evaluate related parties and transaction examinations with related parties.
  • First, it helps accomplish business objectives. It will fix company weakness in all ways.
  • Second, auditors in Dubai significantly facilitate identifying loopholes and risks in the financial report of your company.
  • Third, it boosts credit rating and valuation. You open doors for foreign investors and get the best financial position by calling an audit service.
  • Moreover, it reveals the overall picture of your business. You can focus more on your company’s strengths, weaknesses, opportunities, and threats once you have a clear vision.
  • First, we follow our services’ highest professional ethics and quality level.
  • Second, our company has a fast-growing team of qualified & dedicated professionals.
  • Third, you get new opinions to look at your business through Business Analysis, Creative Insight & Industry Benchmarking.
  • We act as a Sounding board for crucial financial decisions and provide dependable strategic leadership through our experience and knowledge.
  • A E Y Auditing LLC is a UAE-registered auditing firm providing cost-effective value-added solutions to meet all your business needs.

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