Terms and Conditions for Registering on the startup Portal

A startup desirous of being granted a label must adhere to the following obligations

1. Must be registered as a limited liability company under companies and Allied Matters Act, and has been in existence for a period not more than 10 years from the date of incorporation

2. Register via the startup portal

3. Fill out the prescribed online application form

4. Upload the CAC certificate of incorporation, memorandum and Article of Association, register of shareholders and verifiable products on the startup portal

5. Innovation and scalability assessment

6. Comply with all extant laws governing businesses in Nigeria

7. Provide information annually on the number of human resources, total assets and the annual turnover achieved from the period the startup label was granted

8. Maintain proper book of accounts in accordance with reporting obligations provided under the extant laws and regulations

9. Provide an annual report on incentives received and advancement made by virtue of the incentives

10. Notify the portal coordinator of any change in the structure, composition or objects within period of one month from the date of such change

Withdrawal of Startup Label

1. Where a labeled startup defaults in any of the obligations, or fails to meet the eligibility criteria, the portal coordinator shall notify the labelled startup of the default and within 30 days of the notification, the startup shall take steps to rectify the default.

2. Where a labeled startup fails to regularize the default after being notified, the secretariat shall withdraw the startup label and notify the relevant MDAs or investors that may have granted incentives to such labeled startup