ICV Reports in UAE | Eagle Business Consultants
At Eagle Business Consultants, we provide ICV (In-Country Value) Reports that help businesses comply with UAE’s regulations and demonstrate their commitment to the country’s economic development. Whether you’re a local business or a foreign investor operating in the UAE, our expert team ensures that you receive accurate and comprehensive ICV reports to meet the requirements of ICV certification for government contracts, procurement, and tenders.
As a trusted accounting, audit, and consulting firm in the UAE, Eagle Business Consultants specializes in delivering tailored ICV reports that reflect the true value your company brings to the local economy. Our ICV reporting services are essential for businesses looking to enhance their market position and demonstrate their contribution to the UAE Vision 2021 for sustainable economic growth.
What is an ICV Report?
An In-Country Value (ICV) Report is a government-mandated certification that measures the level of economic contribution a company makes within the UAE. The ICV score reflects a company’s commitment to promoting local business development, employing UAE nationals, sourcing locally, and investing in the country’s infrastructure and economy.
For businesses looking to bid on government contracts or participate in public tenders, an ICV report is a requirement to ensure that you meet the criteria established by the UAE government and national oil companies (NOCs).
At Eagle Business Consultants, we help you prepare and submit accurate ICV reports that reflect your company’s economic activities and adherence to UAE regulations.
Why Do You Need an ICV Report in the UAE?
- Government Contracts & Tenders: Most UAE government contracts, especially in sectors like energy, construction, and defense, require businesses to submit an ICV report to demonstrate their contribution to the local economy.
- Comply with UAE Regulations: The UAE government is committed to increasing the level of local economic integration and reducing reliance on imports. An ICV report helps ensure that your business is compliant with these regulations.
- Increase Competitiveness: Businesses with high ICV scores are more likely to be awarded public contracts and government tenders, which can significantly boost your company’s visibility and reputation.
- Support UAE Vision 2021: The UAE aims to strengthen its national economy by increasing the local value created by businesses. By submitting an ICV report, your business actively supports the government’s vision for sustainable growth and development.
Key Elements of an ICV Report
The ICV report evaluates your company’s contribution to the UAE economy based on several key components:
- Procurement of Local Goods and Services: The value of goods and services purchased from UAE-based vendors and suppliers.
- Employment of UAE Nationals: The number of Emiratis employed within your organization, along with their roles and levels of responsibility.
- In-country Investments: Investments made in the UAE, including facilities, equipment, and infrastructure that contribute to local development.
- Research and Development: Investment in R&D activities within the UAE that foster innovation and promote economic diversification.
- Business Expenditure: The company’s total spending within the UAE, including salaries, operating costs, and capital expenditures.
Sustainability Initiatives:
Any efforts your company has undertaken to improve environmental sustainability, energy efficiency, and social responsibility within the UAE.
ICV Report Services We Offer at Eagle Business Consultants
At Eagle Business Consultants, we offer comprehensive ICV reporting services tailored to your business needs, ensuring that you meet all UAE regulatory requirements and maximize your ICV score.
1.ICV Report Preparation and Submission
We provide end-to-end ICV reporting services, from gathering necessary financial data to preparing and submitting your ICV report. Our team ensures that all components are thoroughly assessed and compliant with the UAE government’s guidelines.
- Data Collection & Documentation: We assist in collecting and documenting the relevant data, including financials, supplier information, and employment records.
- ICV Calculation: We calculate your ICV score based on the key factors such as local spending, employment of Emiratis, and investments in the country.
- Report Compilation & Submission: We compile all the necessary information into a structured and professional ICV report and submit it to the relevant government bodies or authorities.
Key Benefits:
- Accurate and compliant ICV reports.
- Timely submission to meet government deadlines.
- Enhanced chances of winning public sector contracts.
2.ICV Score Improvement Consultation
If your ICV score does not meet the required threshold, our team provides consulting services to help you improve it. We analyze your business operations and suggest ways to boost your ICV score, such as increasing local procurement, hiring more UAE nationals, or expanding local investments.
- Local Procurement Optimization: We guide you in increasing the percentage of locally sourced goods and services to improve your ICV score.
- Workforce Enhancement: We provide recommendations on employing more Emiratis in key positions within your company.
- Investment Strategies: We help identify areas for additional investments in the UAE to improve your in-country contributions.
Key Benefits:
- Boost your ICV score to enhance your eligibility for public contracts.
- Tailored recommendations to improve local value.
- Increase your company’s contribution to the UAE economy.
3.ICV Report Audit and Review
We offer an independent audit and review of your existing ICV report to ensure that all information is accurate and in compliance with the latest UAE regulations. This service is ideal for businesses seeking a second opinion or wanting to verify their ICV score before submission.
- ICV Report Review: We conduct a thorough review of your previous ICV reports to ensure accuracy and compliance.
- Recommendations for Adjustment: We suggest changes or improvements if your ICV score needs to be adjusted.
Key Benefits:
- Ensure compliance with the latest ICV regulations.
- Gain confidence that your ICV report is accurate and audit-ready.
- Identify areas for ICV score optimization.
Questions & Answers
1. What is an ICV report, and why is it required?
An ICV report measures the contribution your business makes to the local economy through activities like local procurement, employment of UAE nationals, and investments in the country. It is required for government tenders and public contracts in the UAE.
2. How can I improve my ICV score?
Our team provides expert consulting to help you enhance your ICV score by increasing local procurement, hiring more Emiratis, and making further investments in the UAE.
Contact Us
If your business is looking to participate in government tenders, secure public contracts, or simply improve its ICV score, Eagle Business Consultants is here to assist you. We provide ICV report preparation, ICV score optimization, and audit services to ensure that your business complies with all UAE regulations and is in the best position to succeed.
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Sharjah, UAE.