Section 16 Nigeria Startup Act
Section 16 Nigeria Startup Act 2022 is about Obligations of labelled startup. It is under Part IV (Startup Labelling Process) of the Act.
(1) A labelled startup under this Act shall —
(a) comply with all the extant laws governing businesses in Nigeria ;
(b) provide information annually on the number of human resources, total assets and the annual turnover achieved from the period the startup label was granted ;
(c) maintain proper book of accounts in accordance with reporting obligations provided under extant laws and regulations ;
(d) provide an annual report on incentives received and advancement made by virtue of the incentives ;
(e) notify the Coordinator of any change in structure, composition or objects within a period of one month from the date of such change ; and
(f) comply with the obligations set out by the Coordinator after issuance of the startup label.
(2) Where a labelled startup defaults in any of the obligations, or fails to meet the eligibility criteria under this Act, the 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.
