It is an important topic for every firm that is considering setting up shop in Singapore and has intellectual property as a major asset. Businesses from throughout the world choose Singapore as a site to set up shop. Singapore’s Intellectual Property Office provides answers to the most frequently asked questions, and a summary of the many organizations and programs it has in place to encourage intellectual property development and registration.
Singapore’s legal system is one of the hardest in the world when it comes to protecting a company’s intellectual property. Singapore was in second place globally for intellectual property protection in the 2019 World Economic Forum Global Competitiveness Index. Singapore’s high ranking in this area may be attributed to the government’s concerted efforts to promote the production and registration of intellectual property in the country as well as the establishment of sound legal frameworks for the active defence of registered rights.
In order to own intellectual property, what is the definition of that term?
Any human-made creation for which the government has recognised the existence of exclusive rights is referred to as “intellectual property” (IP). In Singapore, intellectual property rights may be registered via patents, copyrights, and trademarks. When it comes to the most exclusive of these three possibilities, it is patents. For Intellectual Property Office of Singapore (IPOS) you need to know the following here.
Design and inventive method are both examples of intellectual property in Singapore, and both are protected by the country’s patent laws. Patented inventions include the recipe for a pharmaceutical medication, Ford’s production line, and Apple’s iPod.
Intellectual property (IP) may take many forms, including musical compositions, literary works and even performances. An artist or a writer might be to blame for this. The copyright system in Singapore protects these works against infringement.
An intellectual property protection known as a trademark grants corporations exclusive rights to the name or symbol they use for their company and their goods. Owners have the right to utilize intellectual property (IP), but they may also choose to sell or license it in order to gain money.
In Singapore, intellectual property development and registration are encouraged and supported
It was announced in 2013 by the Singaporean government’s Intellectual Property Hub Master Plan. Singapore’s ambition of becoming the world’s foremost center for intellectual property production, registration, and protection is outlined in this ten-year road map. Singapore’s government proposed the implementation of an IP-Box tax system similar to those already in existence in the Netherlands and Ireland as part of this plan.
In order to encourage the production and registration of intellectual property, Singapore’s government offers a number of financial incentives and maintains a tax system that is business-friendly. Singapore-based firms may benefit from International Enterprise Singapore’s (IE Singapore) Market Readiness Assistance (MRA) program, which attempts to help them reduce some of the expenses involved with growing their operations abroad, including intellectual property expenditures. As much as 70% of authorized operations’ costs may be covered by the program (up to S$20,000 per business per new market from 1 April 2020 to 31 March 2023), including the filing of foreign IP applications.