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After a notice to Ghanaians to avoid investing their money in Chy Mall, an international online shopping site, was provided by the Securities and Exchange Commission (SEC), many have responded differently to it.
Though investors in this business offer many reasons for debunking the legitimacy of the SEC’s alert and encouraging others to try it, other Ghanaians say it could be another Confidence trick in the making.
Many in close touch with the managers of Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited, which is headquartered in East Legon, Accra, Ghana, have said that it is not an investment business, but an online retail store.
According to these people, the SEC does not supervise e-commerce firms, so the alert is dead in the water. Another point made by some of these individuals is that permits have been given to the organization by the relevant authorities and they collect their funds as scheduled; that’s what they are concerned about.
Well, Mynewsghana.net has delved deeper into the business of Chy Mall and found some government records and licenses given to the company that may also explain all the questions regarding their dealings and their validity.
1, Chy Mall’s got TIN (Tax Identification Number).
The TIN is a special number given by the Ghana Revenue Authority to a person(s) and company to confirm that they are taxed.
This TIN is a requirement for the opening of bank accounts and for other government or state transactions to be facilitated. It was released on 19 May 2020, at Chy Mall.
2, Chy Mall has a Certificate from the Registrar of Companies to Commence Business
This document provides the legal permission of Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited to operate their company in Ghana. It was released on May 19, 2020 to them.
The Certification To Undertake Business is given to companies by the Registrar of Companies at the Department of Registrar Generals to certify that they have met all conditions necessary for them to operate. This license means that all the procedures to get their business licensed have been passed through Chy Mall.
3, the Department of Registrar General has a Certificate Of Incorporation from ChyMall.
The Registrar of Companies at the Department of Registrar-Generals released this statutory declaration to Chy Century Heng Yue Community Limited on 19 May 2020.
This certificate is granted to companies to certify that their establishment is recognised by the government and has given them the go-ahead to operate in a particular jurisdiction. It also indicates that a business has been legally founded and operates officially.
Chy Mall has been recognised by the state and issued the certificates to operate in this case.
4. Chy MALL holds a GRA Certificate of Registration
A certificate of registration has been issued by the Ghana Revenue Authority to Chy Century Heng Yue Group Limited/Sairui E-Commerce Ghana Limited to validate that they are a business that swiftly pays taxes, specifically Value Added Tax (VAT) and other taxes.
This certificate is only given to companies to show that they are accepted as a tax compliant organization by the GRA. The certificate given to Chy Mall on 5 August 2020 indicates that the GRA is pleased with its activities in terms of paying taxes.
5, Chy Mall is a GIPC-registered company
A certificate of registration was given to Chy Century Heng Yue Group Limited by the Ghana Investment Promotion Centre (GIPC) which has authority over e-commerce businesses as stated to be controlled by CHY Mall.
This also means that the green light has been given to Cjhy Mall to work in such an industry. It was released on 13 August 2020 and needs to be renewed within two years.
Now that these legal documents clearly show that Chy Mall can, after all, run a legitimate company that Ghana’s government recognizes and has given all the necessary documents and licenses, how can Ghanaians welcome the new directive?
As the SEC warned Ghanaians to stay away from Chy Mall, however, does it mean that they might have smelled rat or is it just a deliberate attempt to prevent Ghanaians from enjoying mouthwatering advantages? To decide is yours.
Note, only issuers may certify all these documents.
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