ICV or In-country Value is the initiative taken by the national oil company of Abu Dhabi abbreviated as ADNOC. This company starts the initiative to empower the local owner of the business especially related to the field of oil and gas. This different kind of program is now in its implementing stage where the ADNOC is trying to implement the rules and all the other things throughout their suppliers. For being the supplier of this program people need to get the ICV certification and then enjoy the following benefits:
This value certification will provide the opportunity for the national residents to grow and develop especially in the private sector. They will help them in different regards to make ensure about the individual development of the suppliers. This is important because once the individuals are getting development alternately the whole country will start developing and progressing. Another reason is that they will help in diversifying the local goods so that people will get more benefit from them. They will encourage them to spend on the local goods and local services and try to give them a touch of uniqueness so that people will get attracted and buy them. There are also some requirements to get this certificate which are as follows:
When a company wants to be a part of ADNOC then it should get the ICV certificate. It is necessary requirement to be a part of this amazing initiative. If a business has more than one entity by the same owner or business then the certificate from all of them is not required only one of them can get the certificate on behalf of all of them.
When a company gets the certificate then it does not mean that it will be for lifetime. They have to renew the certificate after every eighteen months. This renewal of certificate is necessary to remain the supplier of the program and the part of ADNOC’s initiative. This renewal period will be counted form the date of the issuance of the certificate or in other case if the financial statements were issued earlier than the certificate issuance then the time start form the issuance of the financial statements. Once the certificate is expired the supplier should renew it within two months of expiring or after financial statements audit.