Dubai’s In-Country Value Certification (ICV) program redirects significant public spending to the UAE economy through a government-mandated method. It improves economic performance and benefits local industry. Although ICV accreditation is not required, many businesses apply for it since it gives them an advantage when conducting tender assessments.
Obtaining an ICV certificate necessitates prompt adherence to all requirements. The ICV-certifying organization is solely responsible for providing the certificate. In this article, we will explore the disadvantages of not having an ICV certificate.
Is an ICV certificate mandatory in the UAE?
No. ICV certificates are not required in the UAE, however they are advised for organizations that want to compete on legal contracts. Introduced to improve the performance and sustainability of the industrial sector, it is highly desired by businesses seeking to apply for government and semi-government procurements.
What are the disadvantages of not holding an ICV Certificate?
Unable to eventually be part of the developing economy.
The UAE economy has developed and is expanding rapidly. Several projects were created as part of Project 50, including In Country Value Certification. The accreditation recognizes firms who not only do business in the UAE but also boost the economy in a variety of ways by focusing on local markets. Since the UAE government intends to outsource about half of its activities in the local market, an ICV Certification will become increasingly important in the future.
Loss of year-over-year credentials
Companies who have already participated in the bidding process with ICV scores and certifications will have significantly more experience than those that have delayed becoming ICV certified. firms can join the participating firms’ database as possible suppliers with ICV certification after winning bids based on their ICV score. As a result, the sooner organizations bid with ICV certification, the more likely they are to win further bids in the future.
Cannot benefit from the 40% weightage leverage in the ICV evaluation.
Commercial evaluations for firms without ICV certification remain zero. Companies having the ICV Certificate can receive up to 40% leveraged weightage in the ICV Score computation, while those without the ICV Certificate can participate in the tender bidding process. However, the odds are reduced owing to organizations engaging with ICV Certification.
Ineligible for future benefits offered by the government
ICV Certificate is one of the benefits that the government offers to firms who invest locally. Several more perks are in the works as the country prepares to launch the $300 billion project in the UAE by establishing possible business centers for firms and investors. The goal is to grow the number of ICV-certified firms and outsource any potential government functions to these enterprises.
You can lose possible offers.
ICV Certification provides an advantage in the bidding process for tenders issued by participating organizations. We cannot predict a greater weightage for firms who are ICV-certified. It is a loss since firms may take advantage of this opportunity simply by applying for the ICV certificate. If you are unsure or have concerns about the ICV certification, you can get in touch with certified ICV consultants in UAE. They can provide you additional information about the ICV certification perks and how to apply for the certificate.
Should you get an ICV certificate?
Complicated data requirements create worries about obtaining an ICV certificate. Earning this certification is not required, but it offers substantial benefits, particularly for firms that focus on engaging in security contracts and government bids.
Obtaining an ICV certificate allows you to raise your company’s profile and get an advantage in the procurement process.
It shows your commitment to economic diversification and local content enhancement by informing prospective clients of your duty to make the greatest contribution to the UAE’s economic environment.
For firms that meet the ICV program’s standards, ICV accreditation is the optimum strategic step. It not only increases your chances of landing public-sector projects, but it also aligns your business practices with the UAE’s objective of ensuring long-term economic development.
If your firm is prepared to meet the certification standards, obtaining an ICV certificate in the UAE is a step toward exploring new opportunities and defining your involvement in the country’s future.
Tu Sum Up
It is best to obtain expert advice for ICV certificate registration in the UAE. Consult ICV consultants for ICV certification help, they will aid you in overcoming any potential complexities.
