5 Reasons Why You Should Register A Trademark For Your Business
So, you have started a business and you have done all the necessary steps to embark on your new and exciting venture, what comes next?
Your trademark protection! One thing that you cannot afford to miss out for the good of your business. Otherwise, your business identity may be at risk of being replicated and falsely linked to other businesses. This may happen even before your business is introduced into the market!
With that in mind, here are some compelling reasons why it is so important to register your trademark for your business.
1. Exclusive right
By registering your trademark, it ensures legal ownership and exclusive rights over your brand name for the goods and services specified in the registration. This means the rights to use your brand name is entirely and exclusively yours. Anyone uses your registered trademark without your consent tantamount to trademark infringement and you may initiate legal actions against the infringer.
2. Plan and prevent, don’t repair and repent
Trademark registration has made it easier to enforce your trademark rights. This is all thanks to the presumption of ownership in a registered trademark and the ability to provide legal documentation of your brand name ownership.
For instance, any subsequent business applicant seeking to register a trademark which is same or confusingly similar with your existing registered trademark will be flagged and rejected by the Registrar of Trademarks. Surely, e-commerce platforms will only acknowledge a complaint about trademark infringement if you provide proper documentation to prove your brand name ownership. Similarly, this applies to complaints made to the customs and border control to seize export/import goods (counterfeits, knockoffs and etc.) that infringes your trademark rights.
The same cannot be done for unregistered trademark. Although it is still possible to defend your right by relying on passing off under common law, it is much more problematic and difficult to do so due to the additional requirements needed to prove the ownership on your trademark (which is sometimes lacking!).
3. A One-off protection
Trademark registration is a one-time process, and all the protections will take effect upon successful registration. The protection is conferred perpetually provided the registration is renewed every 10 years.
4. Brand recognition
A registered trademark is a stepping stone to building brand loyalty and brand recognition. By having that ® symbol on your brand name, it instils confidence in your customers, licensees and business partners. It shows that you are committed in protecting your reputation and product’s quality.
5. A valuable asset to expanding your business
A registered trademark is an intangible property that is part of your business’ assets. You are able to sell it, license it, transfer it or use it as security for loan. With strategically structured business model, you can create additional steam of revenue by licensing or franchising your trademark to others. As your business grows overtime, so will your brand reputation and this will simultaneously add value to your brand name.
On the whole, a registered trademark elevates your brand and eliminates potential risk of misidentification and infringement. If you plan on securing your business longevity, it is now the time to register your trademark. After all, your name says it all.
Disclaimer: The above information is merely for general sharing and does not constitute any legal advice. Readers are advised to seek individual advice from the professionals.
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