7 Reasons to Trademark Business Name
7 Reasons to Trademark Business Name
Registration of trademark has become an important aspect for any business in India. The awareness about trademark and intellectual property has steadily risen over the years in India and thousands of words are being trademarked each year. Further, the recently introduced Companies Act, 2013 does not allow for registration of a Company having a name that is similar to that of a trademark. Hence, if you are an existing business owner or planning to start a new business, it is vital to obtain trademark registration for the business name. In this article, we look at 7 important reasons to trademark a business name in India.
Trademark Registration is an Assets
A trademark is an asset for any business that grows in value overtime. In today’s crowded marketplace, it is important to distinguish your services and products from your competitors. Trademarks and brands are great tools for standing apart from competitors and calling attention to your business. Further, trademarked brand showcase to customer a sense of reputation and integrity – a critical factor in driving a customer’s purchase decision.
Also, just like a property, the value of the trademark grows over time as the popularity of the business grows in the marketplace. Similar to real estate assets, trademarks are today bought, sold, licensed or even used as a security for obtaining bank loan. Hence, it is important for all businesses to protect this valuable asset.
Trademark Registration is Cheap
Trademark filing costs have significantly come down and a trademark filing can now be done for just Rs.6000/- (inclusive of professional fee, government fee and taxes) through IndiaFilings.com. Once, a trademark application is filed, the processing time for obtaining trademark registration could vary anywhere between 6 months to 2 years – based on government processing. However, priority is afforded for trademark applications based on the date of filing. Hence, once a trademark application is filed, all other trademark application file after would not have the same priority and may not be registered.
Trademark Registration is valid for 10 Years
Once a trademark registration is obtained, the trademark is protected for 10 years. During the 10 years, no other filing or fee is payable to maintain the trademark registration. Also, on nearing completion of the 10 years, the trademark can be easily renewed to maintain trademark protection. Therefore, trademark registration is actually cheaper than domain registration in the long term and can be maintained forever.
Trademark can be enforced against Company Name
As per Companies Act, 2013, a company name cannot be similar or identical to that of a trademark. Therefore, once a trademark is registered, a company cannot be registered in the same name. This provision of the Companies Act, 2013 can be used by Entrepreneurs to block company names that they wish to use in the future for their business. Further, it is important for existing business owners also to register a trademark in their business name to avoid any complications in the future.
Protects investment in Advertising & Branding
Today’s competitive markets have made advertising and branding a must for any business. Businesses as well spend on a range of advertising medium such as digital, newsprint, radio, TV, etc., to promote their brand among consumers. If a brand is not trademarked, the brand can be claimed by anyone. Therefore, it is important to file a trademark application for the brands prior to the beginning of advertisement campaigns.
Protects against unfair competition
A registered trademark can be used as an effective weapon against unfair competition. Today the marketplace is filled with copycats and counterfeiters who exploit unscrupulously use brandnames for their own benefits. A registered trademark is an effective deterrent against such unfair competition. Under trademark act, remedies are available to the owner of a trademark for unauthorized use of his or her mark or its imitation by a third party.
Getting a Trademark Registration is Easy
Today obtaining a trademark registration is easier than ever. Trademark registration can be obtained from the comfort of your home through online services like IndiaFilings.com. Trademark registration has become so easy and simple that IndiaFilings offers a 30 Minute Trademark Filing service. So, what are you waiting for? Get a trademark and protect your investment today!