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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
filed with the Securities and Exchange Commission on January 27, 2022</FONT></P>



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<P STYLE="margin: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration No.&nbsp;333-&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT></P>

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<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SECURITIES AND
EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WASHINGTON, DC
20549</B></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>FORM&nbsp;S-8</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>UNDER</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>THE SECURITIES
ACT OF 1933</B></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Netcapital Inc.</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact name of registrant
as specified in its charter)</FONT></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 50%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Utah</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 49%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>87-0409951</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State
    or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS
    Employer Identification Number)</FONT></TD></TR>
  </TABLE>
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<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1 Lincoln Street<BR>
Boston, MA 02111</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address, including
zip code, and telephone number, including area code, of registrant&rsquo;s principal executive offices)</FONT></P>


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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>2021 Equity Incentive
Plan</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Full title of the
plan)</FONT></P>

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<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cecilia Lenk</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Chief Executive
Officer</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Netcapital Inc.</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>1 Lincoln Street<BR>
Boston, MA 02111</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(781) 925-1700<BR>
</B>(Name, address, including zip code, and telephone number, including area code, of agent for service)</FONT></P>

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<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>With copies to:</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Richard Friedman,&nbsp;Esq.</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sheppard, Mullin,
Richter&nbsp;&amp; Hampton LLP</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>30 Rockefeller
Plaza, 39<SUP>th </SUP>Floor</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New York, New York
10112</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(212) 653-8700</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company
or an emerging growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller
reporting company,&rdquo; and &ldquo;emerging growth company&rdquo; in Rule&nbsp;12b-2 of the Exchange Act. (Check one):</FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[X]</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[X]</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 40%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 23%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[ ]</FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;7(a)(2)(B)&nbsp;of the Securities Act.&nbsp;&nbsp;o</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CALCULATION OF REGISTRATION FEE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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  <TR>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 31%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD>
    <TD STYLE="width: 1%; padding-top: 0.75pt; padding-right: 0.75pt; padding-left: 0.75pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 2.25pt double; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title&nbsp;of&nbsp;Each&nbsp;Class&nbsp;of&nbsp;Securities&nbsp;to&nbsp;be&nbsp;Registered</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 2.25pt double; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 2.25pt double; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>Amount&nbsp;to&nbsp;be</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>Registered&nbsp;(1)</B></P></TD>
    <TD COLSPAN="3" STYLE="border-top: black 2.25pt double; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 2.25pt double; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>&nbsp;Proposed</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>Maximum Offering Price Per Share&nbsp;(2)</B></P></TD>
    <TD COLSPAN="3" STYLE="border-top: black 2.25pt double; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 2.25pt double; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Proposed&nbsp;Maximum Aggregate Offering Price&nbsp;(2)</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 2.25pt double; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 2.25pt double; padding: 1.5pt 1pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>Amount&nbsp;of</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 5pt; text-align: center"><B>Registration&nbsp;Fee&nbsp;</B></P></TD></TR>
  <TR STYLE="background-color: #CCEEFF">
    <TD COLSPAN="3" STYLE="vertical-align: top; border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Common stock, par value $0.001 per share, pursuant to the 2021 Equity Incentive Plan of Netcapital Inc. (the &ldquo;Plan&rdquo;)</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt; padding-left: 1pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">300,000<BR>
shares</FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,000,000.00&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: black 1pt solid; padding-right: 1pt; padding-left: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-left: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">278.10</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; padding-top: 1.5pt; padding-right: 1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Registration Statement shall also cover any additional shares of common stock which become issuable under the Plans being registered pursuant to this Registration Statement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 48px">&nbsp;</TD>
    <TD STYLE="width: 48px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based upon the last sale of the Registrant&rsquo;s common stock on January 20, 2022 as reported in the over-the-counter market.</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<B>PART I</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The information required by Part I of
Form S-8 to be contained in the Section 10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under
the Securities Act or 1933, as amended (the &ldquo;Securities Act&rdquo;). The document(s) containing the information specified in Part
I will be sent or given to participants in the 2021 Plan, as specified by Rule 428(b)(1) of the Securities Act. Such documents are not
being filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) as part of this registration statement or as prospectuses
or prospectus supplements pursuant to Rule 424 of the Securities Act. These document(s) and the documents incorporated by reference in
the registration statement pursuant to Item 3 of Part II of this form, taken together, constitute a prospectus that meets the requirements
of Section 10(a) of the Securities Act.</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>PART&nbsp;II&nbsp;<BR>
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 3.&nbsp;
Incorporation of Documents by Reference.</B></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following documents filed by Netcapital Inc. (the &ldquo;Company&rdquo;) with the Commission are hereby incorporated by reference in
this Registration Statement:</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">our
                                            Annual Report on Form 10-K for the fiscal year ended April 30, 2021 filed with the SEC on
                                            August 31, 2021;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">all
                                            other reports filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
                                            Securities Exchange Act of 1934, as amended, since August 31, 2021; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&bull;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">the
                                            description of our common stock contained in our Registration Statement on Form 10-12G filed
                                            with the Commission on September 3, 2013,</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">including
                                            any amendments or reports filed with the SEC for the purposes of updating such description<FONT STYLE="background-color: white">.</FONT></FONT></TD></TR></TABLE>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
other reports and documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d)&nbsp;of the Securities
Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;) (other than Current Reports furnished under Item 2.02 or Item 7.01
of Form 8-K and exhibits furnished on such form that related to such items) <FONT STYLE="background-color: white">on or after the date
of this Registration Statement and&nbsp;</FONT> prior to the filing of a post-effective amendment that indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold, are incorporated by reference in this Registration
Statement and are a part hereof from the date of filing such reports and documents.</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
statement contained in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</FONT></P>

<P STYLE="margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

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<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Item 4. Description
of Securities</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 5. Interests
of Named Experts and Counsel</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 6. Indemnification
of Directors and Officers</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant is
a Utah corporation. Section&nbsp;16-10a-902 of the Utah Revised Business Corporation Act (the &ldquo;Revised Act&rdquo;) provides that
a corporation may indemnify any individual who was, is, or is threatened to be made, a named defendant or respondent (a &ldquo;Party&rdquo;)
in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether
formal or informal (a &ldquo;Proceeding&rdquo;), because he or she is or was a director of the corporation or, while a director of the
corporation, is or was serving at its request as a director, officer, partner, trustee, employee, fiduciary or agent of another corporation
or other person or of an employee benefit plan (an &ldquo;Indemnifiable Director&rdquo;), against any obligation incurred with respect
to a Proceeding, including any judgment, settlement, penalty or fine, or reasonable expenses (including attorneys&rsquo; fees), incurred
in the Proceeding if his or her conduct was in good faith and he or she reasonably believed that his or her conduct was in, or not opposed
to, the best interests of the corporation, and, in the case of any criminal Proceeding, he or she had no reasonable cause to believe
such conduct was unlawful; provided, however, that pursuant to Subsection 902(4): (i)&nbsp;indemnification under Section&nbsp;902 in
connection with a Proceeding by or in the right of the corporation is limited to payment of reasonable expenses (including attorneys&rsquo;
fees) incurred in connection with the Proceeding and (ii)&nbsp;the corporation may not indemnify an Indemnifiable Director in connection
with a Proceeding by or in the right of the corporation in which the Indemnifiable Director was adjudged liable to the corporation, or
in connection with any other Proceeding charging that the Indemnifiable Director derived an improper personal benefit, whether or not
involving action in his or her official capacity, in which Proceeding he or she was adjudged liable on the basis that he or she derived
an improper personal benefit.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16-10a-903
of the Revised Act provides that, unless limited by its articles of incorporation, a corporation shall indemnify an Indemnifiable Director
who was successful, on the merits or otherwise, in the defense of any Proceeding, or in the defense of any claim, issue or matter in
the Proceeding, to which he or she was a Party because he or she is or was an Indemnifiable Director of the corporation, against reasonable
expenses (including attorneys&rsquo; fees) incurred in connection with the Proceeding or claim with respect to which he or she has been
successful.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In addition to the
indemnification provided by Sections 902 and 903, Section&nbsp;16-10a-905 of the Revised Act provides that, unless otherwise limited
by a corporation&rsquo;s articles of incorporation, an Indemnifiable Director may apply for indemnification to the court conducting the
Proceeding or to another court of competent jurisdiction.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16-10a-904
of the Revised Act provides that a corporation may pay for or reimburse the reasonable expenses (including attorneys&rsquo; fees) incurred
by an Indemnifiable Director who is a Party to a Proceeding in advance of the final disposition of the Proceeding, upon the satisfaction
of certain conditions.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;16-10a-907
of the Revised Act provides that, unless a corporation&rsquo;s articles of incorporation provide otherwise, (i)&nbsp;an officer of the
corporation is entitled to mandatory indemnification under Section&nbsp;903 and is entitled to apply for court-ordered indemnification
under Section&nbsp;905, in each case to the same extent as an Indemnifiable Director, (ii)&nbsp;the corporation may indemnify and advance
expenses to an officer, employee, fiduciary or agent of the corporation to the same extent as an Indemnifiable Director, and (iii)&nbsp;a
corporation may also indemnify and advance expenses to an officer, employee, fiduciary or agent who is not an Indemnifiable Director
to a greater extent than the right of indemnification granted to an Indemnifiable Director, if not inconsistent with public policy, and
if provided for by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Utah law permits director
liability to be eliminated in accordance with Section&nbsp;16-10a-841 of the Revised Act, which provides that the liability of a director
to the corporation or its shareholders for monetary damages for any action taken or any failure to take any action, as a director, may
be limited or eliminated by the corporation except for liability for (i)&nbsp;the amount of financial benefit received by a director
to which he or she is not entitled; (ii)&nbsp;an intentional infliction of harm on the corporation or its shareholders; (iii)&nbsp;a
violation of Section&nbsp;16-10a-842 of the Revised Act, which prohibits unlawful distributions by a corporation to its shareholders;
or (iv)&nbsp;an intentional violation of criminal law. Such a provision may appear either in a corporation&rsquo;s articles of incorporation
or bylaws; however, to be effective, such a provision must be approved by the corporation&rsquo;s shareholders.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"></P>

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<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Amended Articles
of Incorporation of the Registrant provide that the personal liability of any director to the Registrant or to its shareholders for monetary
damages for any action taken or the failure to take any action, as a director, is eliminated to the fullest extent permitted by Utah
law.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Registrant entered
into an indemnification agreement (each, an &ldquo;Indemnification Agreement&rdquo;) with each of its directors and executive officers.&nbsp;
On the terms and subject to the conditions set forth therein, each Indemnification Agreement provides, among other things, that the indemnified
person shall have a contractual right (i)&nbsp;to indemnification to the fullest extent permitted by the Revised Act for losses suffered
or expenses incurred in connection with the investigation, defense, settlement or appeal of any threatened, pending or completed litigation
or other proceeding by reason of the fact that the indemnified person is or was claimed to be an agent of the Registrant or any of its
subsidiaries or for other reasons relating to the that person&rsquo;s service as an agent of the Registrant or any of its subsidiaries;
(ii)&nbsp;to advancement of expenses paid or incurred in connection with such litigation or other proceeding, (iii)&nbsp;to coverage
under the Registrant&rsquo;s directors&rsquo; and officers&rsquo; insurance policies, to the extent that the Registrant maintains such
insurance policies, in reasonable amounts as its Board of Directors shall determine from time to time.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 7. Exemption
from Registration Claimed</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not applicable.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 8. Exhibits.</B></FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit<BR>
    Number</B></FONT></TD>
    <TD STYLE="width: 4%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 86%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f2sncpls8122221ex4_1.htm">Netcapital Inc. 2001 Equity Incentive Plan</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f2sncpls8122221ex5_1.htm">Opinion of Codelaw LLC</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 10%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.1</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 86%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f2sncpls8122221ex5_1.htm">Consent of Codelaw LLC (included in Exhibit&nbsp;5.1)</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">23.2</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f2sncpls8122221ex23_2.htm">Consent of Fruci &amp; Associates II, PLLC</A></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">24.1</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="f2sncpls8122221.htm">Power of Attorney (contained on page 7)</A></FONT></TD></TR>
  </TABLE>
<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>






<HR SIZE="1" NOSHADE ALIGN="LEFT" STYLE="width: 12%; color: black">

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Item 9. Undertakings.</B></FONT></P>

<P STYLE="margin: 0 0 0 1.5in; text-indent: -0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            undersigned registrant hereby undertakes:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this registration statement:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which, individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                            424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent
                                            change in the maximum aggregate offering price set forth in the &ldquo;Calculation of Registration
                                            Fee&rdquo; table in the effective registration statement; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            include any material information with respect to the plan of distribution not previously
                                            disclosed in the registration statement or any material change to such information in the
                                            registration statement; <I>provided</I>, however, that paragraphs (a)(1)(i), (a)(1)(ii),
                                            and (a)(1)(iii) above do not apply if the information required to be included in a post-effective
                                            amendment by those paragraphs is contained in reports filed with or furnished to the Commission
                                            by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
                                            of 1934 that are incorporated by reference in the registration statement, or is contained
                                            in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration
                                            statement.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining any liability under the Securities Act of 1933, each such
                                            post-effective amendment shall be deemed to be a new registration statement relating to the
                                            securities offered therein, and the offering of such securities at that time shall be deemed
                                            to be the initial bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining liability under the Securities Act of 1933 to any purchaser:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
                                            of the registration statement as of the date the filed prospectus was deemed part of and
                                            included in the registration statement; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
                                            prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of
                                            a registration statement in reliance on Rule 430B relating to an offering made pursuant to
                                            Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section
10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the
date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of
the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date.</FONT></TD></TR></TABLE>


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<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">That,
                                            for the purpose of determining liability of the registrant under the Securities Act of 1933
                                            to any purchaser in the initial distribution of the securities:</FONT></TD></TR></TABLE>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The undersigned
registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant; and</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99pt"></TD><TD STYLE="width: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 1.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
                                            undersigned registrant hereby undertakes that, for purposes of determining any liability
                                            under the Securities Act of 1933, each filing of the registrant&rsquo;s annual report pursuant
                                            to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
                                            each filing of an employee benefit plan&rsquo;s annual report pursuant to Section 15(d) of
                                            the Securities Exchange Act of 1934) that is incorporated by reference in the registration
                                            statement shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insofar
                                            as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
                                            to directors, officers and controlling persons of the registrant pursuant to the foregoing
                                            provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
                                            and Exchange Commission such indemnification is against public policy as expressed in the
                                            Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
                                            against such liabilities (other than the payment by the registrant of expenses incurred or
                                            paid by a director, officer or controlling person of the registrant in the successful defense
                                            of any action, suit or proceeding) is asserted by such director, officer or controlling person
                                            in connection with the securities being registered, the registrant will, unless in the opinion
                                            of its counsel the matter has been settled by controlling precedent, submit to a court of
                                            appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.</FONT></TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of
the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form&nbsp;S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Boston, Massachusetts on January 27, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>NETCAPITAL INC.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="width: 46%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;<I><U>/s/ Cecilia Lenk</U></I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name Cecilia Lenk</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below does hereby constitute and appoint Cecilia Lenk and Coreen Kraysler, with full power of
substitution, his or her true and lawful attorney-in-fact to act for him or her in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this registration statement, and to file each of the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact, and each of them,
full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the
same as fully, to all intents and purposes, as he or she could do in person, hereby ratifying and confirming all that said attorneys-in-fact
or substitutes, or any of them, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements of
the Securities Act of 1933, this registration statement has been signed by each of the following persons in the capacities and on the
dates indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 33%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 45%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 1%; padding-right: 0.8pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: black 1pt solid; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Cecilia Lenk</I></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer and Chairman of the Board</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 27, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Principal Executive Officer)</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Avi Liss</I></FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 27, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Thomas Carmody</I></FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 27, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
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    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Steven Geary</I></FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 27, 2022</FONT></TD></TR>
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    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>/s/ Coreen Kraysler&nbsp;&nbsp;</I></FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Financial Officer </FONT></TD>
    <TD STYLE="padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 0.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;January 27, 2022</FONT></TD></TR>
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[{"type": "S-8", "sequence": "1", "filename": "f2sncpls8122221.htm", "secsgml_size_bytes": 79532}]
{"company-data": {"conformed-name": "Netcapital Inc.", "cik": "0001414767", "assigned-sic": "6199", "irs-number": "870409951", "fiscal-year-end": "0430"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-262373", "film-number": "22563585"}, "business-address": {"street1": "745 ATLANTIC AVENUE", "street2": "SUITE 1000", "city": "BOSTON", "state": "MA", "zip": "02111", "phone": "(781) 925-1700"}, "mail-address": {"street1": "745 ATLANTIC AVENUE", "street2": "SUITE 1000", "city": "BOSTON", "state": "MA", "zip": "02111"}, "former-company": [{"former-conformed-name": "ValueSetters Inc.", "date-changed": "20140924"}, {"former-conformed-name": "ValueSetters Corp", "date-changed": "20071011"}]}
As
filed with the Securities and Exchange Commission on January 27, 2022
Registration No. 333-
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC
20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES
ACT OF 1933
Netcapital Inc.
(Exact name of registrant
as specified in its charter)
Utah
87-0409951
(State
    or other jurisdiction of incorporation or organization)
(IRS
    Employer Identification Number)
1 Lincoln Street
Boston, MA 02111
(Address, including
zip code, and telephone number, including area code, of registrant's principal executive offices)
2021 Equity Incentive
Plan
(Full title of the
plan)
Cecilia Lenk
Chief Executive
Officer
Netcapital Inc.
1 Lincoln Street
Boston, MA 02111
(781) 925-1700
(Name, address, including zip code, and telephone number, including area code, of agent for service)
With copies to:
Richard Friedman, Esq.
Sheppard, Mullin,
Richter & Hampton LLP
30 Rockefeller
Plaza, 39
th
Floor
New York, New York
10112
(212) 653-8700
Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company
or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller
reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
[ ]
Accelerated filer
[ ]
Non-accelerated filer
[X]
Smaller reporting company
[X]
Emerging growth company
[ ]
If an emerging growth
company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.  o
CALCULATION OF REGISTRATION FEE
Title of Each Class of Securities to be Registered
Amount to be
Registered (1)
Proposed
Maximum Offering Price Per Share (2)
Proposed Maximum Aggregate Offering Price (2)
Amount of
Registration Fee
Common stock, par value $0.001 per share, pursuant to the 2021 Equity Incentive Plan of Netcapital Inc. (the "Plan")
300,000
shares
$
10.00
$
3,000,000.00
$
278.10
(1)
This Registration Statement shall also cover any additional shares of common stock which become issuable under the Plans being registered pursuant to this Registration Statement by reason of any stock dividend, stock split, recapitalization or any other similar transaction effected without the receipt of consideration which results in an increase in the number of our outstanding shares of common stock.
(2)
Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) under the Securities Act of 1933, as amended, based upon the last sale of the Registrant's common stock on January 20, 2022 as reported in the over-the-counter market.
PART I
INFORMATION REQUIRED
IN THE SECTION 10(a) PROSPECTUS
The information required by Part I of
Form S-8 to be contained in the Section 10(a) prospectus is omitted from this registration statement in accordance with Rule 428 under
the Securities Act or 1933, as amended (the "Securities Act"). The document(s) containing the information specified in Part
I will be sent or given to participants in the 2021 Plan, as specified by Rule 428(b)(1) of the Securities Act. Such documents are not
being filed with the Securities and Exchange Commission (the "Commission") as part of this registration statement or as prospectuses
or prospectus supplements pursuant to Rule 424 of the Securities Act. These document(s) and the documents incorporated by reference in
the registration statement pursuant to Item 3 of Part II of this form, taken together, constitute a prospectus that meets the requirements
of Section 10(a) of the Securities Act.
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. 
Incorporation of Documents by Reference.
The
following documents filed by Netcapital Inc. (the "Company") with the Commission are hereby incorporated by reference in
this Registration Statement:
•
our
                                            Annual Report on Form 10-K for the fiscal year ended April 30, 2021 filed with the SEC on
                                            August 31, 2021;
•
all
                                            other reports filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the
                                            Securities Exchange Act of 1934, as amended, since August 31, 2021; and
•
the
                                            description of our common stock contained in our Registration Statement on Form 10-12G filed
                                            with the Commission on September 3, 2013,
including
                                            any amendments or reports filed with the SEC for the purposes of updating such description
.
All
other reports and documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act") (other than Current Reports furnished under Item 2.02 or Item 7.01
of Form 8-K and exhibits furnished on such form that related to such items)
on or after the date
of this Registration Statement and
prior to the filing of a post-effective amendment that indicates that all securities
offered have been sold or which deregisters all securities then remaining unsold, are incorporated by reference in this Registration
Statement and are a part hereof from the date of filing such reports and documents.
Any
statement contained in any document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded
for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document
which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description
of Securities
Not applicable.
Item 5. Interests
of Named Experts and Counsel
Not applicable.
Item 6. Indemnification
of Directors and Officers
The Registrant is
a Utah corporation. Section 16-10a-902 of the Utah Revised Business Corporation Act (the "Revised Act") provides that
a corporation may indemnify any individual who was, is, or is threatened to be made, a named defendant or respondent (a "Party")
in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative and whether
formal or informal (a "Proceeding"), because he or she is or was a director of the corporation or, while a director of the
corporation, is or was serving at its request as a director, officer, partner, trustee, employee, fiduciary or agent of another corporation
or other person or of an employee benefit plan (an "Indemnifiable Director"), against any obligation incurred with respect
to a Proceeding, including any judgment, settlement, penalty or fine, or reasonable expenses (including attorneys' fees), incurred
in the Proceeding if his or her conduct was in good faith and he or she reasonably believed that his or her conduct was in, or not opposed
to, the best interests of the corporation, and, in the case of any criminal Proceeding, he or she had no reasonable cause to believe
such conduct was unlawful; provided, however, that pursuant to Subsection 902(4): (i) indemnification under Section 902 in
connection with a Proceeding by or in the right of the corporation is limited to payment of reasonable expenses (including attorneys'
fees) incurred in connection with the Proceeding and (ii) the corporation may not indemnify an Indemnifiable Director in connection
with a Proceeding by or in the right of the corporation in which the Indemnifiable Director was adjudged liable to the corporation, or
in connection with any other Proceeding charging that the Indemnifiable Director derived an improper personal benefit, whether or not
involving action in his or her official capacity, in which Proceeding he or she was adjudged liable on the basis that he or she derived
an improper personal benefit.
Section 16-10a-903
of the Revised Act provides that, unless limited by its articles of incorporation, a corporation shall indemnify an Indemnifiable Director
who was successful, on the merits or otherwise, in the defense of any Proceeding, or in the defense of any claim, issue or matter in
the Proceeding, to which he or she was a Party because he or she is or was an Indemnifiable Director of the corporation, against reasonable
expenses (including attorneys' fees) incurred in connection with the Proceeding or claim with respect to which he or she has been
successful.
In addition to the
indemnification provided by Sections 902 and 903, Section 16-10a-905 of the Revised Act provides that, unless otherwise limited
by a corporation's articles of incorporation, an Indemnifiable Director may apply for indemnification to the court conducting the
Proceeding or to another court of competent jurisdiction.
Section 16-10a-904
of the Revised Act provides that a corporation may pay for or reimburse the reasonable expenses (including attorneys' fees) incurred
by an Indemnifiable Director who is a Party to a Proceeding in advance of the final disposition of the Proceeding, upon the satisfaction
of certain conditions.
Section 16-10a-907
of the Revised Act provides that, unless a corporation's articles of incorporation provide otherwise, (i) an officer of the
corporation is entitled to mandatory indemnification under Section 903 and is entitled to apply for court-ordered indemnification
under Section 905, in each case to the same extent as an Indemnifiable Director, (ii) the corporation may indemnify and advance
expenses to an officer, employee, fiduciary or agent of the corporation to the same extent as an Indemnifiable Director, and (iii) a
corporation may also indemnify and advance expenses to an officer, employee, fiduciary or agent who is not an Indemnifiable Director
to a greater extent than the right of indemnification granted to an Indemnifiable Director, if not inconsistent with public policy, and
if provided for by its articles of incorporation, bylaws, general or specific action of its board of directors, or contract.
Utah law permits director
liability to be eliminated in accordance with Section 16-10a-841 of the Revised Act, which provides that the liability of a director
to the corporation or its shareholders for monetary damages for any action taken or any failure to take any action, as a director, may
be limited or eliminated by the corporation except for liability for (i) the amount of financial benefit received by a director
to which he or she is not entitled; (ii) an intentional infliction of harm on the corporation or its shareholders; (iii) a
violation of Section 16-10a-842 of the Revised Act, which prohibits unlawful distributions by a corporation to its shareholders;
or (iv) an intentional violation of criminal law. Such a provision may appear either in a corporation's articles of incorporation
or bylaws; however, to be effective, such a provision must be approved by the corporation's shareholders.
The Amended Articles
of Incorporation of the Registrant provide that the personal liability of any director to the Registrant or to its shareholders for monetary
damages for any action taken or the failure to take any action, as a director, is eliminated to the fullest extent permitted by Utah
law.
The Registrant entered
into an indemnification agreement (each, an "Indemnification Agreement") with each of its directors and executive officers. 
On the terms and subject to the conditions set forth therein, each Indemnification Agreement provides, among other things, that the indemnified
person shall have a contractual right (i) to indemnification to the fullest extent permitted by the Revised Act for losses suffered
or expenses incurred in connection with the investigation, defense, settlement or appeal of any threatened, pending or completed litigation
or other proceeding by reason of the fact that the indemnified person is or was claimed to be an agent of the Registrant or any of its
subsidiaries or for other reasons relating to the that person's service as an agent of the Registrant or any of its subsidiaries;
(ii) to advancement of expenses paid or incurred in connection with such litigation or other proceeding, (iii) to coverage
under the Registrant's directors' and officers' insurance policies, to the extent that the Registrant maintains such
insurance policies, in reasonable amounts as its Board of Directors shall determine from time to time.
Item 7. Exemption
from Registration Claimed
Not applicable.
Item 8. Exhibits.
Exhibit
Number
Description
4.1
Netcapital Inc. 2001 Equity Incentive Plan
5.1
Opinion of Codelaw LLC
23.1
Consent of Codelaw LLC (included in Exhibit 5.1)
23.2
Consent of Fruci & Associates II, PLLC
24.1
Power of Attorney (contained on page 7)
Item 9. Undertakings.
(a)
The
                                            undersigned registrant hereby undertakes:
(1)
To
                                            file, during any period in which offers or sales are being made, a post-effective amendment
                                            to this registration statement:
(i)
To
                                            include any prospectus required by Section 10(a)(3) of the Securities Act of 1933;
(ii)
To
                                            reflect in the prospectus any facts or events arising after the effective date of the registration
                                            statement (or the most recent post-effective amendment thereof) which, individually or in
                                            the aggregate, represent a fundamental change in the information set forth in the registration
                                            statement. Notwithstanding the foregoing, any increase or decrease in volume of securities
                                            offered (if the total dollar value of securities offered would not exceed that which was
                                            registered) and any deviation from the low or high end of the estimated maximum offering
                                            range may be reflected in the form of prospectus filed with the Commission pursuant to Rule
                                            424(b) if, in the aggregate, the changes in volume and price represent no more than 20 percent
                                            change in the maximum aggregate offering price set forth in the "Calculation of Registration
                                            Fee" table in the effective registration statement; and
(iii)
To
                                            include any material information with respect to the plan of distribution not previously
                                            disclosed in the registration statement or any material change to such information in the
                                            registration statement;
provided
, however, that paragraphs (a)(1)(i), (a)(1)(ii),
                                            and (a)(1)(iii) above do not apply if the information required to be included in a post-effective
                                            amendment by those paragraphs is contained in reports filed with or furnished to the Commission
                                            by the registrant pursuant to Section 13 or Section 15(d) of the Securities Exchange Act
                                            of 1934 that are incorporated by reference in the registration statement, or is contained
                                            in a form of prospectus filed pursuant to Rule 424(b) that is a part of the registration
                                            statement.
(2)
That,
                                            for the purpose of determining any liability under the Securities Act of 1933, each such
                                            post-effective amendment shall be deemed to be a new registration statement relating to the
                                            securities offered therein, and the offering of such securities at that time shall be deemed
                                            to be the initial bona fide offering thereof.
(3)
To
                                            remove from registration by means of a post-effective amendment any of the securities being
                                            registered which remain unsold at the termination of the offering.
(4)
That,
                                            for the purpose of determining liability under the Securities Act of 1933 to any purchaser:
(i)
Each
                                            prospectus filed by the registrant pursuant to Rule 424(b)(3) shall be deemed to be part
                                            of the registration statement as of the date the filed prospectus was deemed part of and
                                            included in the registration statement; and
(ii)
Each
                                            prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of
                                            a registration statement in reliance on Rule 430B relating to an offering made pursuant to
                                            Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required by Section
10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier of the
date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement
or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of
the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify
any statement that was made in the registration statement or prospectus that was part of the registration statement or made in any such
document immediately prior to such effective date.
(5)
That,
                                            for the purpose of determining liability of the registrant under the Securities Act of 1933
                                            to any purchaser in the initial distribution of the securities:
The undersigned
registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser
by means of any of the following communications, the undersigned registrant will be a seller to the purchaser and will be considered
to offer or sell such securities to such purchaser:
(i)
Any
                                            preliminary prospectus or prospectus of the undersigned registrant relating to the offering
                                            required to be filed pursuant to Rule 424;
(ii)
Any
                                            free writing prospectus relating to the offering prepared by or on behalf of the undersigned
                                            registrant or used or referred to by the undersigned registrant;
(iii)
The
                                            portion of any other free writing prospectus relating to the offering containing material
                                            information about the undersigned registrant or its securities provided by or on behalf of
                                            the undersigned registrant; and
(iv)
Any
                                            other communication that is an offer in the offering made by the undersigned registrant to
                                            the purchaser.
(b)
The
                                            undersigned registrant hereby undertakes that, for purposes of determining any liability
                                            under the Securities Act of 1933, each filing of the registrant's annual report pursuant
                                            to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where applicable,
                                            each filing of an employee benefit plan's annual report pursuant to Section 15(d) of
                                            the Securities Exchange Act of 1934) that is incorporated by reference in the registration
                                            statement shall be deemed to be a new registration statement relating to the securities offered
                                            therein, and the offering of such securities at that time shall be deemed to be the initial
                                            bona fide offering thereof.
(c)
Insofar
                                            as indemnification for liabilities arising under the Securities Act of 1933 may be permitted
                                            to directors, officers and controlling persons of the registrant pursuant to the foregoing
                                            provisions, or otherwise, the registrant has been advised that in the opinion of the Securities
                                            and Exchange Commission such indemnification is against public policy as expressed in the
                                            Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
                                            against such liabilities (other than the payment by the registrant of expenses incurred or
                                            paid by a director, officer or controlling person of the registrant in the successful defense
                                            of any action, suit or proceeding) is asserted by such director, officer or controlling person
                                            in connection with the securities being registered, the registrant will, unless in the opinion
                                            of its counsel the matter has been settled by controlling precedent, submit to a court of
                                            appropriate jurisdiction the question whether
such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication
of such issue.
SIGNATURES
Pursuant to the requirements of
the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for
filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in Boston, Massachusetts on January 27, 2022.
NETCAPITAL INC.
By:
/s/ Cecilia Lenk
Name Cecilia Lenk
Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS,
that each person whose signature appears below does hereby constitute and appoint Cecilia Lenk and Coreen Kraysler, with full power of
substitution, his or her true and lawful attorney-in-fact to act for him or her in any and all capacities, to sign any and all amendments
(including post-effective amendments) to this registration statement, and to file each of the same, with all exhibits thereto, and other
documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact, and each of them,
full power and authority to do and perform each and every act and thing requisite and necessary to be done in order to effectuate the
same as fully, to all intents and purposes, as he or she could do in person, hereby ratifying and confirming all that said attorneys-in-fact
or substitutes, or any of them, may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of
the Securities Act of 1933, this registration statement has been signed by each of the following persons in the capacities and on the
dates indicated.
Signature
Title
Date
/s/ Cecilia Lenk
Chief Executive Officer and Chairman of the Board
January 27, 2022
(Principal Executive Officer)
/s/ Avi Liss
Director
January 27, 2022
/s/ Thomas Carmody
Director
January 27, 2022
/s/ Steven Geary
Director
January 27, 2022
/s/ Coreen Kraysler
Chief Financial Officer
January 27, 2022