Registration of a trademark or a tradename is a key step to enforcing your brand’s rights. Protecting your brand is crucial to ensure its integrity and reputation.
What is a trademark?
A trademark is a distinctive symbol, logo, word, phrase, or any combination thereof that is legally registered and used by a business or individual to uniquely identify their products or services. It is a type of intellectual property which can be registered and grants the owner exclusive rights to use it in commerce and prevents others from using a similar trademark that could potentially cause confusion among consumers.
Why to register?
Trademark registration at national, EU, and international level is essential for safeguarding your brand, ensuring legal protection, and maximizing its value. It’s a strategic investment that can help your business thrive in Cyprus, the EU, and beyond.
Trademark registration is crucial for several compelling reasons:
1. Protection and Exclusive Rights: Registering a trademark in Cyprus (or any other country) at the national level provides you with exclusive rights to use that mark within the country. This means you can prevent others from using a similar mark for similar goods or services, safeguarding your brand identity.
2. Legal Recourse: Registration provides legal recourse in case of trademark infringement. If someone attempts to use a similar mark or copies your brand, you have a legal basis to enforce your rights and seek damages. Once registered then it is difficult to question the ownership of the trademark.
3. EU-Wide Protection: Registering your trademark with the European Union Intellectual Property Office (EUIPO) grants protection across all EU member states, including Cyprus. This single registration covers a vast market, simplifying the process for businesses seeking to expand their presence in Europe.
4. International Reach: For businesses looking beyond the EU, the Madrid Protocol offers a streamlined process to protect your trademark in multiple countries with a single application. This can be a cost-effective way to secure your brand globally. International trademark protection enables you to protect your mark in more than one hundred and twenty (120) Contracting States with a single application under the Madrid system, in one language and by paying a single set of fees.
It is always a safer option to first wait for the authorities in Cyprus to register the trademark on the national level first. If it is not accepted, then the international application will also fail.
Receive a subsidy to register your trademark:
There is an available grant scheme which provides EU small and medium sized enterprises (SMEs) financial support through partial reimbursement of fees in order to protect their intellectual property rights. The SME Fund is a European Commission initiative implemented by the European Union Intellectual Property Office (EUIPO) and this year it runs from 23 January 2023 to 8 December 2023.
The current scheme for 2023 subsidies the following Intellectual Property services:
- 75% reimbursement of trademark and design fees at EU level
- 75% reimbursement of trademark and design fees at national and regional level
- 50% reimbursement of trademark and design fee outside EU
- 50% reimbursement of patents filing, examination, grant and publication fees
Reimbursement will be granted as vouchers. Most probably the grant will also be available next year.
What is a trade name?
Trade names are primarily associated with the identity of the business itself. A trade name is the official name under which a company or business entity operates or conducts its business activities. It is essentially the name by which a business is known to the public and its customers. Trade names are primarily used for identification and branding purposes.
Difference between trade name and trademark:
A “trade name” and a “trademark” are related concepts in the realm of business and intellectual property, but they have distinct meanings and purposes. A trade name is the official name of a business, while a trademark is a legally protected symbol or identifier associated with specific products or services offered by that business. Trade names are important for business identification, while trademarks offer legal protection and prevent others from using similar marks in commerce. This means that where there is any violation of a trademark without the consent of the owner of the trademark, the trademark owner’s rights are protected under the Law of Trademarks Cap.262 which governs the registration, maintenance and protection of trademarks in the Republic of Cyprus.
How can IBCCS TAX help?
IBCCS TAX can assist you in registering a trademark or a trade name, in Cyprus or in any other country, as well us with the European Union Intellectual Property Office (EUIPO). Our team can handle the process on your behalf, ensuring a smooth experience and the application for the subsidy.
For further enquiries, please contact us by email on [email protected] or call our office in Cyprus on +357 222 58 777.
