In the United Arab Emirates (UAE), the In-Country Value (ICV) score has gained significant prominence among businesses that are involved in governmental contracts and procurement processes. A higher score ICV not only enriches the competitiveness level but also shows the ZS Chartered Accountants Consultants’ determination to be a partner in the UAE’s economic development. This blog covers the tactics that businesses can use to improve their score for ICV successively.
1. Emiratization and local recruitment.
One of the best practices to enhance the ICV score improvement would be the practice of Emiratization, which is the hiring of Emirati nationals. By hiring more Emirati workers and boosting their training and progression, companies can easily raise their ICV scores. This illustrates that the company is willing to back the national workforce and this in turn contributes to the national development targets of the UAE.
2. Enhanced Local Procurement
Another strategy that can upgrade the ICV score is by increasing the purchase of goods and services from local producers. Through procuring materials and subcontracting locally, businesses boost the local economy and prove their dedication to supporting local businesses. This can be attained by forming partnerships with local suppliers and by putting in place long-term procurement agreements.
3. Investment in Local Infrastructure
Another method is investing in local infrastructure projects and facilities which will help to enhance the ICV score. By building such facilities as manufacturing plants, warehouses, or service centers within the emirates, local companies would generate additional value and growing employment opportunities. Therefore, the contribution of the company not only brings economic prosperity but also strengthens the company’s position and survival in the market.
4. Technology and Innovation
Another vital role in upgrading the score improvement is adopting technology and innovation. Through modern technologies and creative processes, companies will be able to increase productivity, cut down costs, and improve their competitive edge. Additionally, funding for research and development from within the UAE could show the government’s dedication to the pursuit of cutting-edge technology and knowledge dissemination in the country.
5. Community Involvement and CSR
Participating in the local community and running CSR activities can lead to a rise in the ICV score. Companies need to invest in education, healthcare, and environmental sustainability initiatives to show their care for social development and the environment. This not only makes the company more reputable and famous but also makes UAE communities stronger and more resilient.
Conclusion
Increasing the ICV score needs a coordinated and overarching strategy that covers many aspects of business activities ranging from human resources to procurement and innovation. Through the use of Emiratization, local procurement, the betterment of local infrastructure, the adoption of technology and innovations, and the engagement in CSR initiatives companies can easily improve their corporate tax consultant and virtually guarantee their success in the UAE market. Finally, the higher ICV score improvement is the means to the end which is the development of national business and the sustainability of the UAE economy.