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With the introduction of the Company Act 2013, the trademark registrations have become significant for any business entity. With the increasing awareness about trademark and intellectual property, more than thousands of “marks” each year are registered trademark. According to new Company Act 2013, the company cannot have the name similar to the registered trademark. Hence, obtaining trademark registration is a vital part of starting any business entity. In this article, we have thrown light on the benefits of trademark registration of a business name in India.
Benefits of Trademark Registrations as follows:
Trademark Registrations is an Asset
A trademark is an intangible asset to business that adds value to it. It differentiates the product or service from the competitors prevailing in the market.Trademark can resemble with the brand as they attract the customer, stands apart, easily identifiable from the rest of the others. Trademark is a marketing tool for your business. A trademark is a sign of commitment to the company, reputation, and integrity that helps the consumer in purchasing decisions. Like in real estate business, the value of asset appreciates over a period of time. Likewise, the value of trademark to grows exponentially as the business grows. Like tangible assets, trademarks can be purchased, sold or can be used as a security for obtaining a loan from the financial institutions. Hence, it is important for all businesses to protect this valuable asset.
Cost Effective
Registration of Trademark in India is relatively cheap. The cost of filing trademark has been lowered to just Rs.5,499/-(inclusive of professional fee, government fee, and taxes) through HireCA.com. Once, the application for registration of a trademark is filed it would take around 6 months to 2 years to process the application and grant the certificate depending on the government processing. The application that came first will be given priority over the others filed after it. The Trademark application for another party may be rejected if the “mark” proposed is similar to the “mark” proposed by you. Hence, First come First serve is the basis for processing the application for registration of the trademark.
Trademark Registrations is valid for 10 Years
Once, the trademark is registered it will be valid for next 10 years. In between these 10 years, no legal obligations, no fees and other statutory requirement regarding maintain trademarks to be done. Also just before the expiry of trademark certificate, it can be renewed just like passport and the owner can protect the trademark by the third party. If we closely notice, the trademark registration is much cheaper than domain registration in the long term and can be maintained forever.
Trademark registrations can be enforced against Company Name
As per Companies Act, 2013, the name of the company cannot be similar or identical to the registered trademark.This provision can be used to block the names that the company intends to use for future. 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 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 used brand names 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.
