Intellectual Property can be one of the most valuable assets of an entity. If IP is critical to your business, choosing the right location for the centralisation and management of the IP is a key strategic business decision. The ideal location is one that can serve the group’s business strategies, safeguard and protect its IP and contribute to its tax implications.
Cyprus’ geographical location, common law framework, and full EU membership coupled with the fact that Cyprus offers a highly educated workforce, puts itself forward as a prominent choice. The attractive tax regime and the intellectual property laws are the basic reason that tech companies prefer the island. The country offers a great jurisdiction for registration of intellectual property as it combines the copyright protection laws of European Union with the signed treaties and protocols that the republic has signed.
IP registration in Cyprus
Once an application has been filed with the Registrar of companies it will be determined whether it complies with all the requirements contained in the Law and the Regulations. If an application is accepted, the Registrar will grant a patent on the basis of the application. The Registrar will then issue a patent certificate, which will be advertised in the Official Gazette.
Once a certificate of registration published, any person other than the patentee is expressly prohibited from manufacturing, selling, importing or otherwise commercially exploiting either the patented product or a product obtained by the patented process. In the event of infringement the patentee may bring an action in court seeking an injunction.
Trademark protection ensures that the owners have the exclusive right to use them to identify goods or services, or to authorize others to use them. The period of protection varies, but a trademark can be renewed indefinitely. Trademark protection is legally enforced by courts that have the authority to stop trademark infringement.Trademarks promote initiative and enterprise worldwide by rewarding their owners with recognition and financial profit. Trademark protection also hinders the efforts of unfair competitors, to use similar distinctive signs.
To register a Trademark an application must be filed with the appropriate trademark office. The application must contain a clear reproduction of the sign filed for registration. It must also contain a list of the goods or services to which the sign would apply. The sign must be distinctive and identify a particular product to be protected as a trademark.
Almost all countries register and protect trademarks. To avoid the need to register separate applications with each national or regional office, WIPO administers an international registration system for trademarks. The system is governed by two treaties: the Madrid Agreement and the Madrid Protocol. Persons with a link to a country party to one or both of these treaties may, obtain an international registration having effect in some or all of the other countries of the Madrid Union.
Copyright is a legal right that grants the creator of an original work exclusive rights to determine whether, and under what conditions, this original work may be used by others. There is no system of copyright registration in Cyprus. Copyright law protects Cyprus nationals for their works which are published anywhere in the world, and foreign nationals for their works published in Cyprus.
A fully completed application containing all relevant details, must be filed with the Registrar, along with the specification of the article to which the design or sample; and a written or photographic representation of the design or sample that can be produced.
By Georgia Danezi,
Head of Corporate, PHS & Partners
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