How long is the ICV certificate valid?

This article aims to provide a comprehensive guide on acquiring your ICV certificate and understanding its validity. ICV Certificate UAE, a company based in Dubai, offers assistance in obtaining your ICV certificate and understanding your ICV scores effortlessly.

Guide to Obtaining ICV Certification in the United Arab Emirates

The Ministry of Industry and Advanced Technology (MoIAT) in the United Arab Emirates has streamlined the process for obtaining an ICV certificate. Suppliers can seek guidance on the procedure from leading ICV certification service providers in Dubai. Below are the simple steps to obtain the ICV certificate:

• Provide the supplier or company with audited financial statements that comply with IFRS.
• Comply with the most recent rules and financial statement when completing the certificate application form.
• Utilize the certificate with each relevant authority’s recommendations

ICV Certificate UAE is among the organizations that can assist you in obtaining your ICV certificate in the UAE.

Validity of an ICV Certificate in the UAE

The validity duration of an ICV certificate spans 14 months, commencing from the day the audited financial statements used to calculate the ICV score were issued. This implies that the certificate’s validity is not calculated from its issuance date. Here are some key points to consider:

• All types of businesses are eligible for these 14 months of validity, regardless of size or industry.
• The age of the financial statements used to calculate ICV can be at most two years from the year of certification. For example, your audited financial statements must be from 2022, not 2020, if you request accreditation in 2024.
• You can use the same audited financial statements to recertify your ICV certificate even before it expires. However, the initial 14-month validity from the date of issuance has not changed.

Although the core validity period is simple, there are more profound implications:

• Dynamic business environment: To appropriately reflect their ICV contribution, companies with quickly evolving business models or structures may require more frequent recertifications.
• Government services: The ICV program is regularly reviewed and updated by the UAE government, which may affect the validity of certificates in the future. It’s important to keep informed.

Important Requirements for UAE obtaining the ICV Certificate in the UAE

Before applying for ICV certification in the UAE, suppliers must be aware of the essential conditions that must be fulfilled. Suppliers can receive assistance in obtaining the ICV certificate from Dubai-based providers of ICV certification services. The basic requirements are as follows:

1. Should the suppliers require certification for more than one legal entity, they should acquire the ICV certificate for everyone. Even though the company’s owner is the same, the government views each license as a distinct legal entity.
2. The MoIAT will issue a combined ICV certificate for a company if it has multiple branches in the same emirate that carry out comparable activities and ownership.
3. The supplier should ensure that all the figures entered in the ICV certificate match the supplier’s audited financial statements. Additionally, confirm that the International Financial Reporting Standards (IFRS) were followed in preparing the audited financial accounts.
4. 4. The period between the audited financial statements and the certification year should be at most two years. This means that audited financial statements older than 2018 should not be submitted by suppliers wishing to obtain ICV certification for 2020.
5. Less than a year old, businesses might have yet to have their financial statements audited. These businesses can submit their management accounts for up to nine months when they can be utilized to compute ICV. Audits are necessary, though, for management accounts older than nine months.
6. The 14-month validity of the ICV certificate will begin when the audited financial statements are released. Suppliers can recertify their ICV certifications during the validity term using the same audited financial statements. However, the 14-month validity from the date of issuance remains the same in this case.
7. Suppliers that wish to issue the ICV certificate in the United Arab Emirates should designate an empaneled certifying authority. Nevertheless, providers must be permitted to switch certifying organizations for any given year without providing adequate justification.
8. Suppliers will be classified as Goods Manufacturers under the ICV certification project if they produce a finished good and deliver it to a client. These businesses must possess an industrial license to be regarded as goods manufacturers in the UAE.
9. Under the ICV Certification program, suppliers that are neither manufacturers of goods nor holders of an “industrial license” will be regarded as service providers.

Consult ICV Certificate UAE 

In light of the aforementioned factors, it is recommended that you seek guidance from the professionals at ICV Certificate UAE to acquire your ICV certificate and grasp its legitimacy. An ICV certificate can serve as a means to ascertain the validity of your business’s ICV certification in the UAE. ICV Certificate UAE, headquartered in Dubai, specializes in assisting businesses in obtaining their ICV certificates. They offer support in preparing audited financial statements and guiding your company towards achieving a superior ICV score. Reach out to us today to secure a valid ICV certificate for your business operations in the UAE.