Maximizing ICV Score: A Guide for UAE Business
Key Components of ICV Score:
The ICV score is calculated based on the following key components:
- Manufacturing Cost: The value of goods manufactured within the UAE.
- Investment: The amount of capital invested in local operations.
- Emiratization: The percentage of Emirati employees within the company.
- Expat Contribution: The value of goods and services sourced from Emirati-owned companies.
- ICV Bonus: Additional points awarded for certain criteria, such as innovation or sustainability initiatives.
- Advanced Technology & Sustainability Bonus: Additional points awarded for adopting advanced technologies or sustainable practices.
Strategies to Maximize ICV Score
To achieve a high ICV score and enhance competitiveness, businesses can implement the following strategies:
1. Manufacturing:
- Prioritize local manufacturing whenever possible.
- Invest in modern facilities and equipment to support efficient production.
- Explore opportunities for partnerships with local manufacturers.
2. Investment:
- Allocate capital for local investments, such as property, equipment, or research and development.
- Consider joint ventures or partnerships with Emirati businesses.
3. Emiratisation:
- Hire Emirati talent and offer competitive compensation packages.
- Provide comprehensive training and development programs to upskill Emirati employees.
- Foster a supportive and inclusive work environment for Emirati staff.
4. Expat Contribution:
- Source goods and services from Emirati-owned companies whenever possible.
- Build relationships with local suppliers and manufacturers.
5. ICV Bonus:
- Identify opportunities to qualify for additional points, such as through innovation or sustainability initiatives.
- Implement innovative technologies or sustainable practices to enhance your ICV score.
6. Advance Technology & Sustainability Bonus:
- Adopt advanced technologies or sustainable practices that align with UAE's economic priorities.
- Invest in research and development to explore new technologies and innovations.
Additional Tips:
- Stay updated: Keep track of changes in ICV regulations and guidelines.
- Seek professional advice: Consult with experts who can provide guidance and support.
- Leverage technology: Utilize digital tools to streamline ICV reporting and compliance.
- Build relationships: Network with local authorities, industry associations, and other businesses.
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