ICV Certification has been announced in numerous countries including the UAE. Since its success, the state economic growth has grasped a noteworthy level for small and large businesses. Local businesses have expanded infinite opportunities to expand their services and goods within and outside of the UAE. The ingenuity of the ICV certificate is engaged by Abu Dhabi National Oil Company, also known as ADNOC. In this article, we will discuss ICV Certification UAE explicitly for Startups.
Why Should Startups Care About ICV Certification?
There are several reasons why Startups should Care About ICV Certification such as;
- ICV certification offers startups a good chance to compete for government and big private sector contracts.
- ICV Certificate presents that the startup encounters industry standards, enhancing trust with customers and partners.
- ICV certificate lines up the startup with resident and national development goals. Also, it fosters long-term development.
- ICV certificate shows an assurance to signing local talent, sourcing from resident suppliers, and capitalizing on local infrastructure.
- Several government agencies and companies necessitate ICV certification. It offers certified startups access to valued contracts.
- By obtaining ICV certification early, startups set themselves up for maintainable growth and development opportunities.
- ICV-certified startups are expected to be righthand by local stakeholders, clients, and investors.
What are the Eligibility Criteria for ICV Certification for Startups?
Some of the key Eligibility Criteria of ICV Certification for Startups are;
- The primary standard is that a startup must be authoritatively registered as a legal entity.
- The startup has to validate a noteworthy level of local possession or management. It typically aligns with local obligations for local business operations.
- A key standard is the ratio of local employees. Startups are anticipated to hire onboarding and keep an explicit percentage of their staff from the resident people.
- Startups have to show an assurance of acquiring goods and services from local suppliers. This comprises resources, services, or equipment sourced from domestic companies.
- Companies are assessed on their level of investment in local infrastructure or assets, such as establishing offices, manufacturing facilities, or other physical operations within the country.
- The startup has to back to the local economy through its actions, with paying local duties and other financial requirements.
- Startups that capitalize on local research and development (R&D) activities or novelty are considered more auspiciously during the ICV certification program.
What are the Steps to Obtain ICV Certification for Startups?
The Steps to Obtain ICV Certification for Startups are;
Provide Financial Statements
The very first step to obtaining an ICV Certification is to provide audited financial statements for authentication. For startups, it is imperative to follow the International Financial Reporting Standards (IFRS) to submit financial statements. Startups have to follow the template to maximize the likelihood of application approval.
Complete the Form
A certifying body issues a standard form for businesses to fill up all the mandatory information. The template essential data is based on numerous business operations, financials, investments, etc. to know the company better.
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Evaluation
After filling in all the required information in the form, submit the form for approval from a certified entity. In the evaluation phase, all the provided information will be tested and assessed against the determined criteria. The staff has tools and data to validate the startup profile and check it throughout the provided documents.
Receive your ICV Certificate
If the startup profile passes the evaluation phase successfully, the certified entity will issue the startup an ICV Certificate once all the required obligations are fulfilled as well as documentation fulfills their requirements.
Conclusion
If you are a startup and unsure about the ICV certification process or need help in navigating the issues of getting an ICV Certificate, it is suggested to look for guidance from top consultants in UAE such as Farahat & Co. It is normal that new companies or startups may face several issues in several sectors. Good and detailed guidance is a key strategy for enhancing market positioning, improving local relationships, and accomplishing long-standing business triumphs.
