Why Does a Business Need Intellectual Property Services?
Intellectual property (IP) is aninnovative and original product of human intelligence, creativity and/or mental labour that has some market value, and therefore warrants protection under the law. IP is usually non-material, for instance, ideas, logos, literary works, inventions, and names of services, products or companies. The owners of these intangibleproperties have exclusivity on those and can manufacture or use it mostly in any way, provided they are protected through appropriate IP rights. Therefore, IP protection assumes prime importance, given the criticality IP holds as an asset to a firm.
How Intellectual Property Services Work in Singapore
A company in Singapore can register IP rights for patents, trademarks, copyrights and registered designs, which can be appliedelectronically via the Intellectual Property Office of Singapore (IPOS).
- Patent: A patent grants rights to the owner of an invention, preventing others from making, using, selling or importing it without the owner’s permission.For an invention to be patentable in Singapore, it must be new, inventive, and must have some industrial application. Singapore grants a patent for 20 years subject to the payment of yearly renewal fees.
- Trademark: A trademark is a sign (like a signatureor logo) that a company may use to differentiate its goods or services from those of other companies. As per IPOS. Singapore uses the International Classification of Goods and Services, under the Nice Agreement, to classify trademark registrations. This classification sets out 34 different classes of goods and 11 classes of services that a trader can register in relation to a mark.Singapore employs the first-to-use rule for granting trademark rights which comes with statutory protection. After registration, a trademark can be renewed once every 10 years.
- Copyright: Copyrights protection is meant for creative works like literature, novels, computer programmes, plays, music and paintings. The author of the copyrighted work has the right to reproduce, publish, perform or communicate the work. The duration (term of protection) varies depending on the type of copyright work concerned. For a copyright in Singapore, there is no need to file for registration;an author gets copyright protection automatically as soon as he/she creates and expresses his original work in a tangible form, such as in a recording or writing.
- Registered Design: A registered design refers to the features of a shape, configuration, pattern or ornament applied to an original article by means of an industrial process. In Singapore, protection for registered design is valid for a period of 5 years, extendable for an additional 10 years. According to IPOS, when an artistic work, such as a drawing or a sculpture, is applied to a product and industrially produced (i.e. more than 50 copies of the products are produced), copyright protection will no longer cover that artistic work. It may be protected as a registered design under the Registered Designs Act (Chapter 266), if the registration criteria are met.
Benefits of Intellectual Property Services
- Intellectual property registration serves as a mark of the authenticity of a business. By filing an IP, an entrepreneur gets the legal right to ownership of the IP, and the right to prevent others from using the IP without the authorization of the owner
- An IP enables one to thwart the eating away of one’s market share by preventing impostors from copying the same idea or concept
- An IP can be licensed to third parties for commercial gains
- An IP can be sold if required or even used to raise equity for a business
Who We Are
Business Setup Worldwide is a platform to help you start your company. We facilitate the setup of your business through services like incorporation, registration and licensing.
We keep your business objectives at the centre of our operations. We specialize in business-oriented support activities, in face of the ever-changing global executive environment. We take pride in our ability to adapt to the market and devise innovative strategies to aid firms with their vision.
Business Setup Worldwide's proprietary business design techniques, combined with its specialized industry knowledge and global reach, enable companies to anticipate changes in customer priorities and the competitive environment, and then design their businesses and improve operations to seize opportunities created by those changes.
Business Setup Worldwide offers a broad gamut of intellectual property protection services. Our team comprises intellectual property protection experts, to facilitate the IP protection process for you. We are well equipped to protect your intangible assets.