The Top 4 Reasons to Consider Registering a Trademark in Singapore
If you are looking for a country that is favorable to businesses, then look no further than Singapore. You have probably already heard that Singapore is a haven for businesses all over the world. At the same time, you can expand the reach of your business and protect your property by filing for something called a trademark, which will prevent others from infringing upon the intellectual property of your business.
According to information that has been published by the Intellectual Property Office of Singapore, a trademark can take the form of any device, name, brand, letter, numeral, word, or aspect of packaging that is distinct from other businesses. Even though you can register your trademark almost anywhere, Singapore can provide your business with several benefits if you decide to register your trademark here! Take a look below!
1. You Protect Yourself by Preventing Others from Registering a Similar Trademark
After you have registered your trademark, other business entities are not going to be able to register any trademark that is similar to yours. You will indicate the class or category of your good or service in which you would like your trademark registered. According to the IPOS, Singapore follows the Nice classification. Classes 1 to 34 are reserved for goods while classes 35 to 45 are reserved for services. Registering your trademark will:
- Provide you with exclusive usage of the mark
- Prevent others from copying your trademark
- Provide quality assurance to your customers
If someone attempts to register a similar trademark in the same class, the Intellectual Property Office in Singapore will refuse to register that trademark.
2. It Is Easier to Enforce This Protection
In addition, it will also be much easier for you to protect your business from other people. If you notice that someone is infringing upon your trademark, then you can file something known as an injunction with the IPOS to stop them from using it. If someone has illegally made money off of your trademark, you also have the right to pursue monetary compensation in court.
In the event that someone has infringed upon your trademark, the ideal approach is to get in touch with a local trademark attorney to help prove that you registered the mark and that the other entity infringed upon your trademark. This saves you the trouble of having to jump through a litany of other hoops if you didn’t register your trademark.
3. You Can Lease or Sell Your Trademark to Other People
Finally, when you brand your business through trademark recognition, you can also lease your trademark to other people and companies for use in exchange for a fee. By licensing your trademark for commercial use to third parties, you create an additional source of revenue.
If you don’t register your trademark, then other people might be able to use it without your permission. They could make money by using your company’s reputation! Prevent this problem from happening and make sure that you maximize your income by registering your trademark in Singapore.
4. The Singapore Government Provides Tax Rebates Under the Productivity and Innovation Credit Scheme
Finally, if you register your trademark, you are also eligible for tax rebates! Under the Productivity and Innovation Credit Scheme enacted by the Government of Singapore, you are eligible for up to 400 percent tax rebates. These tax rebates can be used to offset the costs that you incurred from registering the trademark. This is just another way that Singapore wants to encourage the growth of businesses by offsetting overhead expenses.
Register Your Trademark in Singapore
These are just a few of the top reasons why you should register your trademark in Singapore. Because Singapore is incredibly friendly to businesses, trademark protections are strong in this country. Take advantage of them by registering your trademark here. Once you register your trademark, your license is valid for 10 years and can be renewed in the future.