Why is trademark registration important for business?

WHY IS TRADEMARK REGISTRATION IMPORTANT FOR BUSINESS?

In today’s extremely competitive business market, you must have legal permission to own it if you possess something. Intellectual property (IP), which refers to intangible creations of the human intellect, must be registered in the form of a trademark, patent, copyright, industrial design, or geographical indication to ensure that illegal or unlawful people do not have the power to copy or represent your valuable assets.

Everyone deals with trademarks regularly, even if they aren’t aware of them. Trademark and the reputation that such brands represent have an impact on consumer purchase decisions. Business owners must understand why trademark registration is a valuable asset that may help them build their company.

First, we have to understand what a trademark really is.

TRADEMARK! WHAT'S THAT?

In common language, a Trade Mark is a source identifier for the Public to identify a product or service. The functioning of a Trademark is a concept which is used by many of us on daily basis without knowing the fact that the same is working in identification of a product and service. For example, Trade mark Law works when a person easily picks its choice of product from a super market among various others. It works for public in identification as well as for brand owners to get benefits of their hard work, time and efforts invested in the creation of the product or service. A product without its name is lost and cannot be easily found in the markets. Therefore, each product and service has been given a unique name which is called Trade Mark.

WHY SHOULD A STARTUP REGISTER ITS TRADEMARK?

Startups may protect their brand by trademarking it. By doing the same, a company name, one distinguishes one’s services and goods from those of rivals, and one’s intellectual property is protected. It prohibits competitors from duplicating or stealing their brand.

BENEFITS OF TRADEMARK REGISTRATION IN INDIA?

Exclusive Rights only for Registered Trademarks: The owner of a registered trademark has exclusive Trademark Rights and can restrict any third company or individual from using it without permission. Furthermore, the owners are free to use the same trademark for all items or services under the applicable class(es).

Builds an Atmosphere of Trust: The goodwill and confidence in the market among consumers are established by the quality of your product or service that corresponds to the registered brand. Furthermore, a registered trademark aids in expressing your company’s and brand’s distinct qualities and vision.

Give Aid in Legalities: Your registered trademark in India cannot be used by a company competitor or anyone else. However, if another individual does the same, you can file a lawsuit for trademark infringement.

A Valuable Asset: You establish an intangible asset and get exclusive rights to sell, franchise, assign, and commercially contract your idea when you register a trademark.

Stand Out in the Tough Competition: Customers will be able to recognize your goods or service if you register a trademark. Consumers associate the product’s quality with the brand name, which builds the brand’s reputation in the market and draws in new customers.

Gives you Authority at least for 10 Years: Once you have a registered trademark in India, all you have to do is pay the renewal fees, which are due every 10 years from the date of application. Furthermore, trademark registration online

and Renewal is now accessible at a significantly 10% reduced cost. As a result, you may successfully establish a unique picture of your company or brand without putting much effort and at a reasonable cost.

The Symbol ®: After registering a trademark, you can use the ® sign to indicate that it is a registered trademark, and no one else can use it without your permission.

Gaurav Suyal Is Law Student And Practicing In Intellectual property