Call for Registration: Nigeria Startup Portal (Startup.gov.ng)

The Nigeria Startup Portal is currently accepting applications. It is offering a platform created by the Federal Government to bring together, empower, and assist startups in Nigeria. It aligns with the recently enacted startup legislation. This is an opportunity for you to take your startup to the next level by applying now! Read the article to find out what the requirements are to get your startup registered immediately.

Also, the portal is a platform for Venture Capital firms, hubs, and innovation centres, as mentioned by the Minister.

This progress follows a year after the enactment of the Startup Act by the former President, Muhammadu Buhari.

About the Nigeria Startup

The Startup Support and Engagement Portal is part of efforts to collate and classify startups in Nigeria.

Specifically, the portal will facilitate the labelling of Nigerian startups, venture capital companies, hubs and innovation centres in Nigeria.

This is pursuant to the requirements of Section 10 of the Nigerian Startup Act, 2022.

The Portal (Nigeria Startup Portal)

The Minister announced the Nigeria Startup Portal via a post on his X handle, saying that: 

• “We are pleased to announce the launch of the Startup Support and Engagement Portal, startup.gov.ng, a key requirement for implementing the Nigeria Startup Act. The startup portal will drive the identification and aggregation of Nigerian startups, venture capital companies, hubs, and innovation centers in order to facilitate engagement and support for ecosystem players. 
• “The launch of the portal will allow us to initiate the process of setting up the startup consultative forums to select representatives to the National Council for Digital Innovation and Entrepreneurship, in order to facilitate discourse and consensus among Nigerian ecosystem players. 
• “We invite all Nigerian startups venture capital companies, hubs, and innovation centers to register at the portal startup.gov.ng and look forward to working with all industry stakeholders to ensure that we fully implement the Startup Act for the benefit of our innovation ecosystem.”

Eligibility for the Nigeria Startup Portal

For your startup to be eligible for the Nigeria Startup Portal, you must:

1. Own a limited liability company registered under the Companies and Allied Matters Act (CAMA).
2. Be a company existing for less than 10 years from the date of incorporation.
3. Focus on innovation, development, production, improvement, and commercialization of a digital technology innovative product or process.
4. Hold a product or process of digital technology or be the owner or author of a registered software.
5. Have at least one-third of local shareholding held by one or more Nigerians as founder or co-founder of the startup.
6. Satisfy the conditions set out in the Act, in the case of a sole proprietorship or partnership.
7. Use existing tools, platforms, libraries, and frameworks to make a company or a solution more efficient or effective.

How the Nigerian Startup Portal was Born

Former President Buhari signed the Nigeria Startup Bill 2022 into law on October 19 2022. He did so to put an end to the legal uncertainties that had trailed the startup industry in the past.

Contents of the Act

It provides for what qualifies a company to register and obtain startup status. The Act stipulates that:  

• Before a company can be labelled a startup, it must obtain a certificate known as the startup label. This means that only companies with the startup label will be recognised as startups. 
• It mandates that a Startup Support and Engagement Portal should be established to facilitate the issuance of the startup label. And, also, it bridges the gap between regulators and startups. It also spells out the requirements for a company to obtain a startup label. Companies issued with a startup label have obligations under the bill. Failure to comply with these obligations can revoke their startup label. 
• For a company to be named a startup, it must be a registered as a limited liability company. It must existence for not more than ten years from the date of incorporation. 
• Startups of the Nigeria Startup Portal, can access a special seed fund created under the Act. The Act establishes a Startup Investment Seed Fund, which is designated for startups alone. It will provide finance and tech relief for startups. This means increased access to funding that will grow the startup ecosystem. It will be easier for startups to fund their operations. They will leverage on the grants and loans that will be available to them. 
• Companies labelled as startups will benefit from some tax reliefs and incentives under the Act. These labelled startups are eligible for pioneer status incentives and other tax reliefs. Labelled startups will have access to percentage-based tax relief. However, they must have at least ten employees. 60% of the employees who have no prior work experience in any vocational program.

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