A Short Recap of ICV
The UAE has set up a goal to make its economy a competitive one. The government has drafted the In Country Value Program to this effect. The program will encompass different federal and local departments and the private organizations. The implementation program has two phases and the work has already been progressing well in both of these phases.
Phase 1: In the first phase, critical performance of governmental bodies will be discussed and assessed; this includes compliance with international standards as well as other important factors such as public opinion surveys.
Phase 2: The second phase will include discussions with non-governmental bodies on the same subject i.e. this phase will focus on assessing the performance of non-governmental bodies.
The ICV Program is an integral compliance program for all the private companies in the UAE who want to win government contracts. This program aims to ensure that compliance with rules and regulations governing businesses are conducted across various sectors. It also seeks to increase cooperation between companies, authorities and regulators through a set of standards designed for each sector in order to improve work efficiency.
There are three main benefits of this program:
- It reduces the cost for companies by creating a common platform, which helps to simplify the process of compliance and make it more accessible.
- It boosts the economy and increases productivity through improved cooperation between businesses, authorities and regulators.
- It ensures that all companies are on equal footing when it comes to complying with rules and regulations governing businesses. Also, it helps to promote and strengthen local businesses.
The aim of this program is to enhance institutional capacity building at all levels of government and private sector through strengthening administrative arrangements including policy formulation, establishing legal frameworks and providing technical support.
All the private companies with ICV certification and higher ICV score would have higher chances of getting government contracts compared to those companies who do not have an ICV certificate. While you may not be required to get your ICV certification, it is advisable that you do so. As mentioned above, the government will be working with the private sector to ensure that the ICV is implemented effectively. Private organizations will be required to get their ICV certification for being eligible to work with the government organizations.
Push Digits Chartered Accountants is one of the dealing ICV consultants in the UAE. Not only we help you get your ICV audit completed efficiently, we also help and train you about how to achieve a higher ICV score to be able increase your chances of winning government contracts. Contact us for a free consultation meeting in relation to ICV program.