Intellectual Property Singapore: A Brief Background
The Definition Of Intellectual Property Singapore Companies Should Understand
Intellectual property, often called IP, is fast gaining importance among the business community. More importantly, IP is rapidly becoming a valuable asset of many companies involved in various industries such as tourism, retail and information technology.
However, because IP assets are intangible, managing them requires a different approach. Unlike those that are concrete and can readily be seen or heard or experienced, IP needs to be perceived, felt and understood as a concrete concept despite it being abstract.
One sound advice that potential IP owners must take heed of is to start registration and management of intellectual property at the earliest time possible. Thus, right at the onset of formulating business strategies, the notion, nay the very idea, of IP management should already be present.
Information About Intellectual Property Singapore Companies Must Know
Singapore’s policies on IP are contained in the Singapore Intellectual Property Law. In an effort to balance the protection of rights of owners of creative works with that of increased public access to IP, the Law is harmonised with principles that are the basis of global laws on IP rights.
For instance, IPRs registered in this Lion State are given the same standards of protection as those enumerated in international agreements, including the World Trade Organization’s TRIPS (also known as the Trade-Related Aspects of Intellectual Property Rights) Agreement, plus the Berne and Paris Conventions.
Intellectual Property Singapore – Know Where To Register For Protection Of IP Assets
At the forefront of protection of intellectual property is the Intellectual Property Office of Singapore. Also known as IPOS, it was created by virtue of the Intellectual Property Office of Singapore Act in April 2001.
IPOS is mandated to administer the following legislation: Copyright Act (Cap 63); Geographical Indications Act (Cap 117B); Patents Act (Cap 221); Layout-Designs of Integrated Circuits Act (Cap 159A); Registered Designs Act (Cap 266); Trade Marks Act (Cap 332); and, the Plant Varieties Protection Act (Act 22 of 2004).
To save on time and effort in the registration of intellectual property, Singapore companies need not go directly to IPOS. Consulting with a certified registration agency that is an expert in the field of managing intellectual property is more practical.