Gold Trading Licence Dubai: Setup & AML Checklist

Choose the precise gold business model

Jewellery retail, wholesale bullion dealing, refining, recycling, storage and logistics should not be treated as one interchangeable activity. Establish what the company will buy, sell or process, where customers are located and whether goods move across borders. This determines the trade-licensing assessment and other operational obligations.

Compare the permitted activities, premises and trade workflow of mainland and relevant free-zone options. Incorporation in a commodities-focused jurisdiction does not remove customs, product or anti-money-laundering obligations. Confirm the exact activity with the issuing authority.

Trade licensing and AML supervision are different

The Ministry of Economy and Tourism identifies dealers in precious metals and stones as a designated non-financial business and profession category subject to its AML supervision. Assess whether the actual business falls within that category and the resulting duties. A trade licence alone does not demonstrate compliance with AML requirements.

Risk assessment, customer and beneficial-owner due diligence, monitoring, records and reporting need to fit the business. Confirm goAML and reporting requirements from the current official guidance. An appointed professional or outsourced service does not automatically remove the company’s responsibility.

Build a sourcing and transaction checklist

Plan traceability from the supplier to the customer and identify who is responsible for verifying documents. Responsible-sourcing requirements for gold refineries should be assessed separately from a trading company’s general AML obligations. Do not present a trading licence as a refinery approval or a certification of every supplier.

• Supplier identity, ownership and source of gold.
• Customer identity and beneficial owners.
• Country, delivery route and transaction risk.
• Payment arrangements and supporting records.
• Escalation and reporting procedure for suspicious activity.
• Refining or recycling scope and any additional sourcing obligations.

Compare setup costs without confusing working capital

Separate licence and incorporation costs from premises, security, insurance, compliance, customs arrangements and ongoing renewal. Inventory and working capital are not licence fees. A bullion business and a jewellery retailer can need very different budgets even when both are described as gold trading.

Banking is a separate due-diligence process. Prepare the ownership, supply chain, source of funds and expected transactions. Neither incorporation nor goAML registration guarantees bank acceptance or a specific opening time.

Tax and next steps

Under the standard UAE Corporate Tax regime, taxable income above AED 375,000 is subject to 9% tax. VAT, customs and any special transaction treatment need a separate assessment of the goods and transaction parties; do not assume every gold transaction has identical treatment.

Two Pillars Advisory is an independent consultancy, not a regulator. Prepare an activity-specific setup brief and confirm authority requirements, AML responsibilities and tax treatment with qualified professionals before beginning transactions.

Official references