Trademarks are highly valuable assets. It is the brand name of your Business. A trademark can be almost anything–a word, logo, sound, shape, color, or any combination of these–that distinguishes the goods or services of one party from those of another. Trademarks also assure consumers of consistent quality and thus help promote efficient competition. Business owners spend a great deal of time, money, and effort building their company and its reputation in the marketplace. Protecting that reputation is of paramount importance to the survival and future success.
A Good Trademark shall be easy to speak and remember, despite it should not lose its uniqueness and distinctive character. Every business should understand and should be aware of the benefits of the trademark.
Here are Top 6 benefits of Trademark:
- BENEFIT OF SELECTIVE RIGHT
The proprietor of Registered Trademark has the benefit of selective right over the trademark. The proprietor can utilize the same for every one of the items falling under the class (es) submitted the application. Moreover, the proprietor can enjoy the sole responsibility for the Trademark and can prevent others from the unapproved utilization of the Trademark under a similar class where it is registered. It gives the privilege to prosecute the unapproved client of the Trademark Registered.
- INVESTMENT IN CUSTOMER GOODWILL
Developing and protecting trademarks is not a mere “cost of doing business,” but rather an investment in customer goodwill, leading to greater customer satisfaction and higher sales.
- PREVENTS PROBLEMS BEFORE THEY EVEN BEGIN
Discourages others from using confusingly similar marks in the first place by making the mark easy to find in a trademark availability search, thereby preventing problems before they even begin.
- PROVIDES A DEFENCE TO AN ATTACK
Owning a trademark registration provides a defense to an attack by a third party challenging the use of that mark. In other words, owning a registration serves as both a sword and a shield vis-à-vis another trademark owner.
- NOTICE OF OWNERSHIP
Provides nationwide notice of ownership of the mark as of the registration date, preventing others from claiming their subsequent adoption of the mark was in “good faith.”
- TO USE THE ® SYMBOL
Grants the right to use the ® symbol when the mark is used for the goods and services listed in the registration (unregistered marks may be designated by a superscript “TM”), giving your products more marketing cachet and putting competitors on notice that you are serious about protecting your rights.
In a world where risk is ever-present and inescapable, registering a trademark is a simple process that can significantly reduce risk and drive value. Registration provides nationwide priority over all others who might seek to adopt the registered mark. Registration significantly reduces the costs of enforcing trademark rights. With so many benefits, trademark registration is undoubtedly one of the most important steps a business should take to protect its brand.
- Who can apply for the trademark?
Any person which can be an individual, company, proprietor, or legal entity claiming to be the owner of the trademark can apply. The application for the trademark can be filed within a few days and you can start using the “TM” symbol. And the time required for the trademark registry to complete formalities is 8 to 24 months. You may use the ® (Registered symbol) next to your trademark once your trademark is registered and the registration certificate is issued. Once registered a trademark is valid for 10 years from the date of filing, which can be renewed from time to time.
- When should I register my trademark or company name?
The simple answer is – as soon as possible, for the six reasons stated above. Most business owners start to explore the trademark process before even forming the company. It can become quite costly in legal fees to have to amend the company name, should you accidentally infringe upon someone else’s registered trademark.
- What are the documents required for Filing a trademark?
- Details of applicant – Pan & Aadhaar of Applicant.
- Trademark (name), Logo and business description
- Date of first use of the trademark in India, if used by you prior to applying.
- Power of attorney to be signed by the applicant.
- MOA & AOA, Certificate of incorporation, Trust deed, Society bylaws agreement, whichever is applicable in your case.
- What is the cost for the application of the trademark?
Government fees are Rs. 4,500/- in the case of Individual/ Startup/ Small Enterprise (it would be 9,000/- in all other cases) and trademark attorney professional fees is Rs. 2500/- per application per class. In case of any objection from the Trademark Registry or hearing, fees will be charged separately.
- What are the various steps to register the trademark?
Step 1: trademark search
This search is to check whether your business name or logo is similar to other already registered trademarks. Once found to be unique you can proceed to the next step.
Step 2: Create a trademark application (time required 1-2 days)
Based on the results of the search conducted, the trademark attorney will draft a trademark application, provided that your business name/logo found to be unique. You can start using the ™ symbol as soon as you file the form of a trademark application.
Step 3: trademark registration (time 8 to 24 months)
- The Trademarks Office will first check your application to see if it’s already been taken. If it has, a trademark objection will be raised.
- If it has no objection, it makes an advertisement in the Trademarks Journal.
- If there is no opposition from other businesses in the next four months, your trademark is registered around six eight months later.