Hi there, personally I don’t see why not. There are relaxers for children and this treatment is not any different.
Only question is WHY? If it is really beneficial then I would consider it. I wouldn't do it just for a vanity.
There isn't long lasting effect like colour - it will wash out after 3-4 months. As to the chemicals - of course there are some. If you decide to go for it make sure the room is well ventilated.
For more info look at http://www.hairbyvieri.co.uk