Entrepreneurs today face extremely difficult situations when they find someone else trying to imitate the brand that they have created. It takes a lot of time, energy, and effort for any person to come up with a unique brand name and or logo. So, when someone else tries to mooch off the hardships you faced while coming up with a brand name, it becomes a terrible situation. Online Trademark registration in India is the best way to protect your efforts from going in vain.
What is a Trademark Registration?
A trademark registration or a brand name/logo registration is an Intellectual Property Right. All IPRs form part of an intangible asset for their owners. In today’s competitive world, IP rights are becoming the most important aspect for business owners. Out of all IPRs, trademark registration is getting the most attention in recent times.
A trademark is a mark that is capable of geographical representation that a business owner uses in the course of a business or trade. It is not necessary that your brand name must be the same as your company name. As soon as you receive company registration, your company name becomes your exclusive domain. To get protection on your brand name, you need to get TM registration.
WHY OPT FOR ONLINE TRADEMARK REGISTRATION?
Trademark registration process can take place through either online or offline modes. The online TM registration process is quite simple and hassle-free. Hence, it is gaining more and more popularity these days. Once you get the registration you become the exclusive owner of your mark. It gives you a legal right over your trademark property.
BENEFITS OF TRADEMARK REGISTRATION
Trademark registration provides you with endless benefits. A few of them are as follows:
An Intangible Asset-
As stated above, all intellectual properties are intangible assets. Hence, you can show your expense behind TM registration as an asset in your financial statements.
Unique Brand Identity
In this competitive world, it is not only difficult to create a unique brand identity, but also to retain one. When people start recognising your brand by a slogan you use, or just by your colour scheme or logo, then you can say that you have successfully retained your unique identity.
For example, as soon as you hear the words “Just Do it” you know it belongs to Nike. This is the level of impact they have left on the market. So, imagine if someone started a similar line of products under the name “Just Doo it”, it will most likely affect the brand reputation of Nike. In such a situation, having your brand name/ slogan registered can be beneficial in retaining your unique brand identity.
Protection from Infringement
Let’s continue the previous example, in case another brand was selling sportswear and promoting its products under the tagline “Just Doo it”, it will be confusing to the general public. This amounts to infringement. However, since Nike has already gotten their trademark “Just Do it” registered as a trademark, this gives them a chance to file a suit of infringement against the culprits, and further also gives them the right to seek damages and injunction orders, to refrain the culprit from using their mark.
Builds consumer trust
Trust is a fickle emotion. Especially when consumers are looking for goods and services online, they don’t have much information about the business owners. Since trademark registration is a government-granted registration, it becomes easier for consumers to trust your brand when you are using either the ™ or ® mark with your trademark.
Gain Profits from Licensing your mark
Once your mark is registered, it becomes your sole property. If anyone else wants to use your mark, for any specific reason, they need to have your permission to do so. Sometimes, people asking to use your mark can be monetarily beneficial for you. When you allow someone to use your mark for a specified period, it is known as “Trademark Licensing”. Big brands sometimes incense their marks and generate millions of profits from that. It not only gives you profit, but it also increases the value of your brand in the market.
Registration can last up to a lifetime!
Once a trademark is registered, its validity lasts for ten years. However, at the end of each ten years, you get an option to renew your trademark registration. If you keep on renewing your mark, and prove its usage over such an extended period, the protection over your trademark will last for a lifetime.
Trademarks can be protected globally
Once you apply for registration in your home country, you can also apply in a different country such as the US. Further, if you want to cover as many nations as possible, you can apply under the MADRID protocol. This will give your protection and the right to exclusive usage over your mark in all signatories of the WIPO treaty. You can also opt for the International Trademark Registration under Madrid Protocol.
By now, it must be pretty clear to you that trademark registration comes with multiple benefits. These benefits of online trademark registration are one of the major reasons why trademark protection is gaining its place in the legal regime amongst all other IP rights. If you are a business person, you should definitely get your brand name registered.