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Singapore slashes fees for filling patents, trademarks
It will be effective April this year.
As part of the Intellectual Property Office of Singapore's efforts to support innovators and make IP protection more affordable, firms and entrepreneurs will now enjoy substantial cost savings when they file for patent and trademark protection.
"IPOS reviews our fees regularly to keep them competitive with other countries, and encourage domestic innovation. From 1 April 2017, fees will be reduced for anyone requesting for patent search & examination reports. In addition, brand owners applying for trademarks using a pre-approved list of goods and services will enjoy a substantial 30% discount," IPOS said in a statement.
IPOS noted that to discourage IP hoarding, fees for renewing patents and trademarks will see an upward adjustment, the first in about a decade for trademarks. At the same time, patent owners who are willing to offer their patents for licensing will continue to enjoy a 50% discount in patent renewal fees.
"This will encourage IP owners to actively use their patents, or consider releasing them to the public domain, so as to fuel further innovations. IP owners who release their patents will enjoy a waiver of the administrative costs for doing so," the patent office explained.
Patent attorney of Davies Collison Cave Desmond Tan said with the fees adjustment, Singapore remains as one of the most attractive countries for IP filing, with competitive rates compared to other major jurisdictions such as Korea, Japan, China, the USA and Australia.
"Given the current uncertain economic and political outlook, the fees review is timely. My clients who want to build a competitive edge through IP in today’s highly globalised innovation economy will be encouraged to know that IPOS has taken steps to address their cost concerns and help them in the midst of a challenging business environment," Tan noted.
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