Protect your Intellectual Property rights in Cyprus
The field of intellectual property rights is a crucial asset for businesses. It drives innovation, offers commercial opportunities, and sets companies apart from competitors. Exclusive rights provide significant advantages, and a patent-protected invention can secure a monopoly for twenty years. Intellectual property turns ideas into profitable activities. Protecting it is essential for businesses, as it enhances market value and increases profit expectations.
Without protection, businesses risk losing reimbursement and being copied by competitors. Cyprus has harmonized its laws with the EU’s acquis communautaire to protect individuals and businesses involved in commercial activity. It recognizes CTM and CD registrations and is a party to the Madrid Agreement, Madrid Protocol, and PCT.
Intellectual property includes patents, copyrights, trademarks, protection against unfair competition, and other rights from intellectual activity in various fields. Cyprus offers the lowest tax rate in the EU, at 2.5%, for profits arising from IP (known as IP Box Tax Regime).
Intellectual Property Rights in Cyprus: What can be considered as IP
The biggest corporate giants’ most expensive assets are their intellectual property rights.
Some of these intellectual property rights may include:
Patent:
By registering or filing for a patent in Cyprus, you can protect an innovative invention you have made, such as a new computer code.
You want to register your invention to protect it from theft, copying, or sale by others. To certify ownership of the patent, a patent certificate is issued, which allows the inventor to hold the rights to exploit the patent, which can be sold or leased.
Example of Patent: The Amazon ONE CLICK feature, worth a billion dollars, has exclusive license usage owned by Jeff Bezos.
Trademark:
By registering or filing for a trademark in Cyprus, you protect the use and copying of your distinctive logo or product and service name or your company’s brand name. The trademark can be words, images, graphics, a combination of words and images, or 3D images.
Example of Trademark: Licensing the name of a business for a franchise.
Industrial Design or Sample:
By registering your industrial design in Cyprus, you can protect the external design and appearance of your products. For example, the industrial design of the exterior appearance of an iPhone protects it from being copied by other companies with different software.
Copyright:
It is a general intellectual property right that aims to protect more artistic creations such as articles, books, architectural works, software, databases, paintings, photographs, etc.
Services
Renew or Register your IP:
Looking to make your Intellectual Property rights official? Registering with National, EU, or Worldwide organizations can help you protect your IP rights, while giving them a legal force and economic value.
Drafting Agreements:
To monetize your Intellectual Property, you’ll need to sign contracts allowing third parties to use or purchase your IP rights. Consult IP lawyer to ensure contracts protect your rights.
IP Box Tax Regime:
Pay almost zero taxes on profits deriving from Intellectual Property in Cyprus. Consult with us to set up a proper structure for your companies abroad, in order to reduce your taxes efficiently by using a Cypriot company to own your IP Rights.
Advisory:
If you’re considering anything related to your intellectual property rights, or even if you’re still in the idea stage, it’s crucial to consult with a legal expert. Our experience has shown that a single piece of information can completely alter your business plan. Don’t take any risks – seek professional advice from a legal expert before proceeding.
Negotiate or Review Contract:
It’s important to hire an IP Lawyer to review any contract your are called to sign. Signing terms you don’t understand can be very dangerous for your business.
Litigation and Mediation:
If you find or suspect a violation of your copyright by third parties without obtaining the necessary permission from you, contact us so that we can take the necessary measures to stop the illegal use of your rights and claim compensation.
A SMALL MISTAKE CAN COST A LOT
Make sure you hire Lawyers which understand you business and your Intellectual Property.