The objectives of this new startup bill
The Nigeria Startup Act project is a joint initiative by Nigeria's tech startup ecosystem and the Presidency to harness the potential of our digital economy through co-created regulations. One of the main objectives for the Nigeria Startup Act is to help bridge the gap between regulators and startups. It will also ensure that any harmful regulations are shut down. The bill also helps offer many incentives to startup creators, ranging from credit guarantee schemes, governmental loans and tax breaks. All of these are designed to help people start their own business and grow it in the long run.
By offering these incentives, it will now become a lot easier to identify a niche and create your own startup. Act manages to make it easier for any bright entrepreneur to finally bring their dreams to life and create their own startup in no time.
What are the benefits of the Nigeria Startup Act for entrepreneurs?
Right from the start, the Nigeria Startup Act manages to deliver great tax incentives like the Pioneer Status Incentives or the Income Tax Relief. On top of that, the act removes some of the taxes that were very stringent for new businesses and startups. What happens is that startups are removed from the Companies Income Tax Act restrictions.
There are also tax benefits for investors. If you send money to Lagos for an entrepreneur to create a startup, you will have 5% withholding tax instead of 10%. The capital gains tax is not levied on gains if you are an investor.
The creation of this Nigeria Startup Act also shows that Nigeria is moving forward with the creation of a leading digital technology center. On top of that, the focus is to grow and develop tech-related talent, which is extremely important to take into consideration. Creating an enabling environment for startup operation is also a major focus for the new legislation. The Act also helps establish an institutional and legal framework that finally encourages startup creation with a plethora of different incentives.
The Nigeria Startup Act is a great move forward for the Nigerian Government in an effort to help entrepreneurs create their own businesses and boost the local economy moving forward. The Act comes with a comprehensive framework and legal changes that finally encourage any entrepreneur to access a money transfer to Nigeria as they receive foreign funds. Plus, even if you are an investor from outside the country, you can send money to Nigeria and also obtain some great benefits as well.
The first transfer you make is free*.
You can also refer a friend and earn £5 in your wallet.*Terms and conditions apply.