Valuing Personal Possessions: Appraisal Techniques For Uae Home Insurance Claims – The UAE government is taking decisive steps to ensure economic growth and development, making it one of the most profitable countries in the world for domestic and international investment. One such initiative is the In-Country Value (ICV Certification) program first introduced by Abu Dhabi National Oil Company (ADNOC) in 2018. In collaboration with Ghadan 21 and the Abu Dhabi Department of Economic Development (ADDED), the ICV certification system has been further expanded to become a comprehensive system for all suppliers registered in the UAE.
If you are an entrepreneur looking for business opportunities here, you may be wondering if your company needs ICV certification. This article discusses some common questions about ICV certification and its effects on businesses in the UAE. Let’s get started!
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ICV Certification stands for “In-Country Value” Certification, a program initiated by the Abu Dhabi National Oil Company (ADNOC) to promote and encourage local companies to participate in the oil and gas industry by increasing their contribution to the UAE economy.
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ICV certification is a framework designed to assess and measure the economic value that local companies bring to the UAE through their activities and operations. The certification program evaluates a company’s performance against a variety of criteria, including local spending, local employment and local investment. It aims to increase the number of local companies involved in the oil and gas industry and support their growth by giving them preference when bidding for contracts.
To obtain ICV certification, companies must undergo an evaluation process that measures their compliance with the program’s criteria. Certification is valid for two years and is renewable after successful re-evaluation.
The certificate is valid for 14 months and can be renewed thereafter. During this period, the certification body periodically assesses the business’s commitment to the country’s value.
A business in the UAE is assigned an ICV score, which reflects the percentage of local content in its goods and services. This value is determined by criteria such as production value, national labor force employed, R&D expenditure and contribution to regional economic development.
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The ICV score is calculated based on several criteria, which play a major role in driving economic growth and development in the UAE. These are:
Possession of ICV certification is not mandatory, although it is highly recommended for those aiming to bid in government tenders. This is because most public sector contracts and tenders assess a business’s ICV score as part of their evaluation process.
Companies with high scores have a better chance of securing government contracts, while companies without the certificate may be at a disadvantage compared to other bidders.
Government tenders are contracts for large-scale projects carried out by government departments or organizations, such as infrastructure development and services and supplies.
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To ensure that they submit the correct bid, government agencies usually invite bids from companies that meet their project requirements, including the company’s ICV score.
Public sector contracts offer businesses a wealth of benefits, from competitive rates and long-term stability to access to resources and funding.
The government may also provide additional support such as financial assistance or preferential treatment to those who secure them.
The ICV program brings many benefits to the UAE economy. To understand why government agencies in the region are pursuing the ICV certificate, here are some of its key benefits:
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The ICV program encourages businesses to up their game in terms of locally-sourced goods and services with the aim of jumpstarting the domestic economy. To increase their ICV score, companies should make every effort to prioritize local suppliers for all goods and services.
Due to this inflow, foreign investments are attracted to the country, which helps to further develop the country’s economy.
The ICV program creates employment opportunities for UAE nationals where firms need to hire local talent to boost their rating.
A company’s ICV score takes into account both the number of UAE nationals and expatriates – a combination of the two is allowed as long as the criteria set out in the program are met.
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The ICV program motivates businesses to increase local content, thereby helping to increase the UAE’s national GDP. By procuring and producing more goods and services domestically, companies are actively contributing to economic growth in the country.
The ICV program encourages businesses to engage in research and development, driving innovation and enabling them to become more competitive on the global stage.
The ICV program encourages private sector involvement in the UAE economy, promoting a more diversified and sustainable economic landscape that is not dependent on oil revenues. It also contributes to job creation and better incomes for local residents.
Businesses registered in the UAE have the option of applying for an ICV certificate, giving them a competitive advantage when bidding on government contracts.
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Although not mandatory, it is highly recommended – especially for manufacturing companies and suppliers who can use their ICV score to bid for public tenders.
MOIAT has streamlined the ICV verification process into four easy steps. To get your ICV certificate, follow these instructions:
Prepare audited financial statements in accordance with International Financial Reporting Standards (IFRS) not older than two years from the year of certification.
Companies with multiple establishments or business licenses, such as manufacturing and trading, must each apply for ICV certification; The certification body issues an ICV certificate for each license.
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For an ICV certificate, contact one of the certification bodies authorized by MOIAT. They will review your financial statement and ICV template before issuing the certificate, if all the requirements are satisfied.
After the assessment is completed, an ICV certificate is issued by the certification body. It is presented to government agencies, employers and other relevant parties as proof of your contribution to the UAE economy.
The ICV verification process can seem daunting with its extensive data requirements. Although it is not mandatory, getting certified has its advantages; For one, it helps you stand out among suppliers when bidding for government tenders and other contracts.
It also shows potential customers that you are serious about making a meaningful contribution to the UAE economy.
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If you are considering getting ICV certification, you must pass a thorough assessment conducted by the relevant governing bodies. It may require you to submit documents such as financial statements and other business-related records to verify your local content.
At Virtuzone, we can assist with the entire business setup process in the UAE. From collecting all the required documents to providing guidance and advice on how to maximize your score for the assessment process, we have you covered.
We also assist you in securing other necessary certificates, important documents and visas. Contact us today for a consultation!In real estate, property valuations are used by builders and buyers. Do you know the intention behind this? Let’s find out about it.
The purpose of a valuation for buyers is to inform them of market trends and current property values. A thorough home inspection will inform potential buyers of the benefits, costs and features of the property they are considering purchasing.
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A property buyer risks getting a bad bargain if he is not informed on market rates, real estate trends and cost-benefit analysis. A property appraisal protects against dishonest business practices, a trick used to force buyers to pay more for real estate than it is worth.
When you think about buying or selling a property, property value plays a major role. A property appraisal helps an individual or business sell a property based on its true market value. The price may vary depending on the area of the property and this information helps the seller in determining the selling and buying price.
The value of the property must be determined to determine the tax. Municipal taxes, wealth, property and other taxes depending on the value of the property.
Valuation is necessary to determine the property rent. Generally, rent is set at 6% to 10% of the valuation, a predetermined percentage of the total valuation.
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A bank demands mortgaged property in order to make a loan to a person or business that must hold the loan property as mortgage. When taking loans using property as collateral it is necessary to determine its value.
When a property is legally expropriated, the owner receives compensation, which must be valued to determine the amount of compensation.
A property appraisal offers many benefits to buyers, especially inexperienced first-time buyers. Here are some benefits of property appraisal or home appraisal.
An accurate property valuation keeps the buyer away from the pitfalls of fraud, wrongdoing and costly schemes. Property valuation determines the accurate market value of a property, helps and leads to better property-related decisions.
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Apartment developers often overprice their apartments and sell them for higher sums compared to the prices of properties in the area.
Examining the final valuation report allows the buyer to assess the advantages and disadvantages of the property. The final report often includes details such as the property’s final market value, structural feasibility, location, amenities and date-stamped photos. Based on this information, the buyer can immediately decide whether to complete the transaction.
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