Intellectual property is a valuable asset for any organization, If you plan to do business or even if you are planning to do business it is important to know how to use, guard and enforce the rights over the Intellectual property that an individual or his business owns. Intellectual property means the creation of some tangible assets concerning the business and its operations. Intellectual property in India is a term that refers to brand, invention, design, and any other kind of creation over which the person or the business is having legal rights. Almost all businesses own some form of Intellectual Property which can be considered as a business asset.
The Intellectual property rights in India mainly include encompassing Trademarks, Copyrights, Patents, and Design, etc. Each category of Intellectual property covers a different group of properties and work. It is necessary for choosing the right category to safeguard the work and the business property.
What are the intellectual property rights in India?
Intellectual property rights in India include the following common types:
Copyright - Grants the protection of written or published works such as books, songs, films web content, and other artworks.
Patents - The patent rights protect an invention, new business product, or the process.
Design - Getting a design registration protects the design such as a drawing, color, pattern, or combination of designs.
Trademarks - A trademark protects signs, symbols, logos, words, or sounds that distinguish between the products and services from the competitors.
Understanding the intellectual property rights system in India
Trademark registration in India
Trademark registration in India allows a trademark owner to use symbols, words to represent a business or the products that are offered by a business. A trademark registration acts as a distinguisher where the products offered by a business are distinguished from their competitors. Once a trademark is registered no other organization can use the trademark as long as it is used.
After the brand is registered, the applicant can start using the TM symbol with the brand. The trademark is considered to be a valuable asset for the company. Trademark registration helps in protecting the brand. As there are various steps involved in trademark registration one should register a trademark under the guidance of experts.
We at IndiaFilings take care of the trademark registration process right from Trademark objection, trademark opposition, and trademark renewal.
Copyright registration is the right of ownership that is entitled to the literature, drama, music, sounds, artwork, and recordings, etc. Copyright registration in India grants the copyright owner a bundle of rights that include the right to reproduction, communication to the public, and also translation of the work.
Registering copyright in India ensures certain minimum safeguards to the right of ownership and enjoyment of authors over the creation. A copyright registration makes you communicate to the public, reproduce the rights, adapt as well as translate the work.
Design registration in India is a type of intellectual property protection in which a newly created design is applied to an article that is created under the industrial process can be protected from counterfeiting. By getting a design registration in India the creator of the design is granted exclusive rights for 10 years which can be further for the next five years.
Under the Design Act of 2000, any shape, configuration, pattern, or ornament, or composition of lines and colors can be registered as a design in India.
Patent registration in India can be obtained for an invention. By obtaining a patent a right is granted to an individual or an enterprise by the government that disallows others from making use, selling, or importing the patented product or a process without the approval or the consent of the Patent owner.
A rigorous check s to be done whether the product is innovative or novel or has industrial application. An individual can have a detailed search on the Intellectual property regulator of India's Website to check if an object or invention is the same. To avoid lengthy procedures, get expert advice from our trademark consultants.
Benefits of Intellectual property rights
Intellectual property rights not only protect the ideas or concepts of business but also protect the genuine business assets that are very vital to the products and services. The success and profitability of the business is depending on these intellectual property rights.
There are several advantages to secure intellectual property rights. Here we have listed a few of them.
Enhances the market value of your business: Intellectual property rights can help you generate business through the licensing, sale and even commercialization of the products are services that are protected under IPR. This will ultimately improve the market share and help in raising the profits. Also in case of Sale or Merger or Acquisition having a registered and protected under the Intellectual property right can raise the business’s value.
Turn ideas and thoughts into profit-making assets: Ideas have little value on their own but registering the ideas under Intellectual property rights can help you turn the ideas into commercially successful products and services. Copyrighting or licensing the patents can lead to a steady stream of royalties and additional income that can boost the business's bottom line.
Market your products and services: Getting intellectual property rights can help your business in creating a mage for the business. The intellectual property rights like trademark registration can help you differentiate between the products and services in the market and them to the customers.
Access or raise finance for the business: Through the sale, licensing, or by using as collateral for debt financing an individual can monetize for debt Financing. Intellectual property rights can be used as an advantage while applying for government funding like grants, subsidies, and loans.
Enhance the export opportunities of the business: The intellectual property rights in India can also help in increasing the competitiveness in the markets. A business will be able to use brands and designs to market the services overseas as well. A business can tap the franchising agreements with overseas companies too or even export the patent products.
Some of the Intellectual property rights are automatic some will need a formal application and registration to be done before claiming them. Lately, there has been a substantial increase in intellectual property registrations in India as the awareness about Intellectual property law also increase.
Get in touch with our experts to understand more about Intellectual property rights.