We all know how difficult it is to set up one’s own business in today’s world. Brand building and marketing is one big factor for any such business, and one needs to pay great attention to these factors to build the successful business of their dreams. Trademarking your symbol or products is one way in which you can assure that your business maintains its uniqueness in today’s competitive market. This is why registration of trademark in India is so important for every business out there.
If you have enough knowledge of business and commerce, you must know the important role that a trademark plays in order to promote your products and also ensure their quality. When you get a trademark registration for your goods, you get all the rights to utilize and distribute them to your benefit. You also make sure that no one else can gain access to your unique idea in the market. In this way, trademark registration lets you stay one step ahead of your competitors and allows you an extra boost to grow your business.
What is Trademark Registration?
The Trademark Act of 1999 of the Indian Constitution holds the power to protect the legal processes of trademark registration and trademark rights. You must know that not only your logo or product design but anything that comes under your Intellectual Property can be trademarked. This Intellectual Property may also be the name of your enterprise, a phrase or your tagline, the design, an image, or the combination of all of these elements. Trademark Registration not only distinguishes you but also protects any infringement of your Intellectual property. It ensures that anyone who tries to copy your property has to face a very hefty lawsuit.
Trademark registration or license gives you the ownership of your Intellectual property and thus prevents any other brand in the market from copying it. The trademark registration gives you ownership of your Intellectual property for ten years, but you can always renew it after this period of time. Therefore, you can have the ownership of your Intellectual property for an indefinite time.
Types of Trademark
The Trademark Act of 1999 allows provisions for different types of trademarks. They are:
- Product Trademark: These trademarks are designed in such a manner that an enterprise’s products can be recognized.
- Service Trademark: Trademarks that are designed to identify the services of the enterprise are known as service trademarks. Such trademarks signify the specific services owned by some businesses, for example, Hawaiian Airlines, FedEx, and Google.
- Collective Trademark: A collective trademark, also known as a collective mark, helps in distinguishing the goods and services of a group of members who are not in a partnership according to the Indian Partnership Act, 1932. This helps the associations to relate themselves with a certain quality and accuracy during commercial or business activities.
- Certification Trademark: This particular type of trademark helps identify that a product or service lives up to a certain standard. It eventually helps people judge the quality of the goods and services that they are paying for, and also the safety levels.
What is Trademark Objection?
In the initial stages of getting a trademark registration, one might face a trademark objection. A Trademark objection is not a straight rejection of the registration. Rather, it is the trademark registrar seeking an explanation or a valid reason from the entrepreneur about their registration. Therefore, when a person comes across a Trademark objection, they must not be disheartened. Instead, they need to draft a valid reply to the queries of the registrar to get the process complete.
Importance of Registration of Trademark in India
- A Strong mark of Identity
A trademark can help the consumer instantly connect with your enterprise. When they take one look at your logo, tagline, or product design, they will instantly know that it belongs to your company. Therefore, a trademark helps your consumer recognize and identify your enterprise.
- Establishes the Uniqueness of your Brand
When you get the trademark registered for your Intellectual Property, they help distinguish your brand from everyone else in the market. No other brand can copy your product or services, and therefore, only your company will be known for these specific services in the market.
- Adds up as Valuable Assets
So many entrepreneurs still do not know that trademarks are great assets to a business. As your business grows, the value of trademarks also appreciates over time. So trademarks often grow into highly important assets in your business for accounting or income tax purposes.
- Can Have Financial Benefits
Because the Trademark is a valuable asset, the company can commercially utilize it in various ways. If required, the company can rent it out to gain more income. They can also utilize it by selling, franchising, or assigning the trademark to another party.
- Establishes a High Standard and Quality
When the product or service of a brand is trademarked, then it serves as a symbol for the high level of product or service that the company provides. This knowledge among the customers secures their goodwill and trust, which has great potential to boost business. Not only the customers, but it can also help you gain the trust of investors in the quality of goods or services that your company provides.
- Provides Legal Protection
Trademark registration helps you in securing legal protection for your intellectual property. When you get your trademark registration done, your company acquires the ownership of the particular intellectual property, which also has the potential of becoming a valuable asset for the company over time. If you choose to not get a trademark registration done for any particular Intellectual property, then you might be putting your products at risk. There are so many brands out there who can copy your logo or design, product or service, and your unique differentiator in the market will be destroyed. A trademark registration gives you the agency to legally challenge any brand for infringement of your Intellectual property, and you will always be under legal protection.
- A Trademark Registration can be Valid for as long as you want
The best part about getting a trademark registration is that they remain valid for an indefinite period of time. Although they have a validity of 10 years, they can always be renewed for as long as you want. Any enterprise that registers for a trademark and gets approval, they have the ownership of the trademark for eternity!
Trademark registration can prove to be very advantageous to brands, not just for instantly differentiating them in the market, but also in the long run as an invaluable asset to the company. Therefore, registration of a trademark in India is surely something that you should not ignore for the sake of your business.