The importance of registering the intellectual property of your business
“The value in Intellectual Property protection is often misjudged and the mistake many business owners make at the start of their entrepreneurial journey is not investing in their IP at the outset. The brand is the backbone of a business; without protecting it, the business is exposed and the opportunities for commercialisation may not be fully realised”. Kate Symons – SymonsIP
Many entrepreneurs who take that important step of starting their own business often overlook a very key component in the creation process; clearing and protecting the brand or trading name. Intellectual property (IP) is one of the most valuable intangible assets a company can have, so It’s important to protect it.
Whether the brand name and company name are one and the same, the trade licence does not guarantee that the brand is available to use in trade and does not protect it as a registered trade mark.
So before investing significant time and money in promoting your brand, it is wise to first check if it is already in use in your area of business and if it has already been legally protected. Internet searches only paint half of the picture and only searches of the Trade Marks Register can determine if there are any prior registered trade mark rights to consider, in relation to that name or ones very similar to it.
Once you’re confident that your chosen brand is available, secure it by registering it as a trade mark. The benefits are plentiful. It offers:
1) unequivocal proof of ownership for 10 years with the option for further renewals,
2) the exclusive right to use the brand
3) peace of mind you’re not infringing the rights of others
4) the opportunity of exploitation by licensing or franchising
5) recognition in the eyes of the law that it is an intangible asset that can be transferred independently of the business.
In the UAE, a local business (or individual) may register a trade mark provided it has a trade licence and an agent can be appointed for the registration process by providing a notarised Power of Attorney.
The timeframe for registration is around 3-6 months and the cost to protect trade mark in one class of goods and services is in the region of US $3,500.
To learn more call +971 52 890 3087 or email firstname.lastname@example.org