The Nigeria Startup Bill is now The Nigeria Startup Act: 5 things you must know
The Nigeria Startup Act was recently passed by the National Assembly and is assented to by the President of the Federal Republic of Nigeria today, 19 October 2022. As a legal mechanism for supporting the Nigerian tech industry, the Act contains some laudable provisions that could change the way Nigerian startups do business and interact with regulators. Here are 5 notable things that every startup founder should know about the Nigeria Startup Act 1. STARTUP LABELLING The Startup Act provides incentives and benefits for 'labelled' startups and certain service providers. To enjoy the benefits under the Act, a company must apply —to the startup portal— to be labelled as a startup. Only companies (and other business entities) that meet the following requirements will be granted the startup label: a registered company (or a partnership/sole proprietorship) that has not existed for more than 10 years; a company that carries out an endeavour that has to do with a digital technology pr