Opening a refinery account: what each document is for

The document list for opening an account with a refinery looks long the first time you see it. None of it is there for its own sake. Each item answers a specific question that the refinery is required to be able to answer about every client, and knowing the question makes the paperwork quicker to assemble.

Trade licence and company documents

Question: is this a real, licensed business, and who owns it?

The trade licence shows that the company exists and is permitted to deal in precious metals. The certificate of registration, memorandum and articles show how it is constituted, and the share certificate shows who owns it. Together they let the refinery draw the ownership chart that every later check hangs off.

Identity documents for owners, directors and signatories

Question: who are the people behind the company, and who is allowed to act for it?

Passport or ID copies are required for every beneficial owner, director, authorised signatory and account operator, with the visa page for UAE residents. These are the people who will be screened, and the signatories are the people whose instructions the refinery will act on. A company that can’t say who its beneficial owners are can’t be onboarded, however clean the metal.

Proof of address

Question: where does the business operate from, and where do its owners live?

A recent utility bill or tenancy contract for the registered address, the operating office and each beneficial owner. This confirms the addresses on the licence and IDs are current, and it is what links a person on paper to a place in the world.

Tax registration

Question: is the business registered for tax where it operates?

For UAE businesses this is the tax registration number. It is a straightforward check that the company is on the books of the authority that expects to see its trades.

Financial standing

Question: is the scale of the business consistent with the volumes it wants to trade?

Audited financial statements, recent bank statements or a letter of good standing. A refinery is not judging whether the business is profitable; it is checking that a company asking to move a given weight of gold has the financial footprint of a company that does that. A mismatch between the two is one of the clearest red flags in supply-chain due diligence.

Supply-chain and AML-CFT forms

Question: where does the metal come from, and has the business assessed its own risk?

The supply-chain form records the origin of the material the client will send, which is what allows the refinery to meet its obligations under the OECD Due Diligence Guidance and the UAE’s responsible-sourcing regulations. The AML-CFT form records the client’s own anti-money-laundering and counter-terrorist-financing controls. These two forms are the ones most often returned incomplete, and incomplete forms are the most common cause of delay.

What happens next

Everything is verified through World-Check and third-party due diligence providers. Documents must be in English or Arabic; copies are enough for initial assessment, and originals or notarised copies may be requested after review. The refinery reserves the right to decline a relationship without giving reasons, which is not a comment on any particular applicant but a standard condition of operating a regulated business.

At Meridas the current forms and checklists are issued by our compliance team on request. The Open an account page has the outline, and one email starts the process.