Qatar’s In Country Value (ICV) program is designed to encourage companies operating in the country to increase their local content and contribute to the development of the nation’s economy. To participate in the ICV program, companies must obtain an ICV certificate. However, obtaining this certificate requires a thorough understanding of the program’s requirements and the development of a detailed ICV plan. In this article, we’ll explore the key considerations that companies must keep in mind when seeking to obtain an ICV certificate in Qatar.
- Familiarize Yourself with the ICV Program’s Requirements
To obtain an ICV certificate, companies must demonstrate their commitment to developing the local economy by increasing their local content. The local content refers to goods, services, and workforce sourced from within Qatar. The ICV program has a scoring system that measures a company’s progress towards achieving the local content targets. Therefore, it is essential to understand the requirements of the ICV program and ensure that your company’s activities align with its objectives.
- Evaluate Your Company’s ICV Score
Before applying for an ICV certificate, it’s important to assess your company’s ICV score. The ICV score is calculated based on various factors, including the percentage of local goods and services used, the percentage of local labor employed, and the amount of investment made in the country. Your company needs to have an ICV score of at least 30% to be eligible for an ICV certificate. If your company’s score is below 30%, you’ll need to take steps to increase your local content to meet the ICV program’s requirements.
- Identify Opportunities for Local Content Development
To improve your ICV score, you must identify opportunities for local content development. This may include sourcing raw materials, goods, and services from local suppliers, employing local workers, and investing in the local economy. By identifying opportunities for local content development, you can create a plan to increase your ICV score and demonstrate your commitment to the ICV program’s objectives.
- Develop an ICV Plan
Developing an ICV plan is a critical step towards obtaining an ICV certificate. The plan outlines the steps your company will take to increase its local content and achieve its ICV score targets. The ICV plan should include specific goals, timelines, and action items, as well as a system for monitoring and measuring progress towards achieving the goals.
- Implement and Monitor Your ICV Plan
Once your ICV plan is developed, you must implement it and monitor your progress towards achieving your ICV score targets. Regular monitoring of the ICV plan will help you identify any areas where you need to adjust your strategy and take corrective action.
In conclusion, obtaining an ICV certificate in Qatar requires companies to demonstrate their commitment to developing the local economy by increasing their local content. To achieve this, companies must understand the ICV program’s requirements, evaluate their ICV score, identify opportunities for local content development, develop an ICV plan, and implement and monitor the plan. By following these key considerations, companies can successfully obtain an ICV certificate and contribute to the development of the Qatar economy.
