UAE: New incentive announced for SMEs; certification fee slashed to $136

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UAE authorities on Tuesday announced a new, reduced fee for small and medium enterprises (SMEs) that wish to obtain a National In-Country Value (ICV) certificate.

This applies to companies registered in the the National Programme for SMEs, according to the advisory issued the Ministry of Industry and Advanced Technology (MoIAT) in cooperation with the Ministry of Economy (MoE).

The new incentive aims to encourage SMEs to join the ICV programme in line with the objective to promote the growth and sustainable development of the national economy.

Now, registered companies will be able to get the ICV certification for only Dh500.

By joining the programme, SMEs can enhance their competitiveness in tenders with government and major companies, helping to boost their growth.

The move supports the MoIAT’s efforts to create an attractive business environment for local and international investors, as well as support the growth and competitiveness of national industries.

The National ICV Programme has contributed significantly to the UAE’s economy since it was launched in 2021. Last year, it redirected Dh53 billion into the economy, a 25 percent increase on 2021.

The MoIAT welcomed several new entities to the National ICV Programme in 2022, bringing the total number of members to 26 federal and local government entities and corporations. Apart from enhancing business growth, it has also created quality job opportunities for citizens.

Omar Al Suwaidi, Undersecretary of the MoIAT, said: “Under the national industrial strategy, MoIAT is adopting an integrated approach to empowering the industrial sector and enhancing its contribution to GDP. We are implementing various measures and incentives to support the business ecosystem, promote the Make it in the Emirates initiative, create an attractive environment for entrepreneurs, and open new global markets for local products."

The National ICV Programme is one of the UAE's Projects of the 50, he added, and "it is designed to support supply chain localisation, develop new industries, help diversify the national economy, and create quality job opportunities in the private sector".

Abdullah Al Saleh, Undersecretary of the MoE, said: “The ministry has launched innovative initiatives to support Emirati entrepreneurs, enabling them to grow their businesses. Small and medium-sized businesses are critical to building a knowledge-based economy in the UAE in line with Principles of the 50 and UAE Centennial 2071 Plan targets.”