Regulatory Costs of registering intellectual property will vary depending on the country where an application is filed or depending on the invention’s complexity. Those who recognize the true value of the intellectual property are prepared to invest in securing ownership of effective IP rights. There are different types of intellectual property (IP) that can be legally protected: patents, trademarks, copyrights, and trade secrets. Each has its own attributes, requirements and costs.
Below mentioned are some basic cost involved in intellectual property:
Cost to acquire intellectual property rights
An application cost payable when filing for registration of intellectual property. There are different fees that will be charged for different intellectual property depending upon the nature of the intellectual property and the location was the user wants to register.
Cost of examination
This cost will apply if the owner has asked to have the intellectual property examined by the relevant authority. This may depend upon the chosen intellectual properties and the country in which the holder wants protection.
Cost of maintenance
The governing authorities of intellectual property may require the applicant to file an intent to use a statement. A Statement of Use is simply a declaration from the applicant that they have actually started using their intellectual property for commercial use. The authorities charge as per the class of goods/services for filing the Statement of Use. Once the intellectual property is registered the owner has to file a declaration for continued use of the intellectual property.
The renewal fees must be paid on time in the country where the intellectual property right is effective. Any default in the payment results in the loss of the IP right. The owner is responsible for maintaining and tracking the usage of their intellectual property and paying the appropriate periodic government renewal fees.
Renewal with late payment cost
late payment cost will be charged for any default in paying the renewal cost within a certain period of time. the renewal cost may depend upon the location where the intellectual property is effective.
The Administrative Cost
Incurred for office action
Intellectual property authorities may reject the application because of any similarity or unauthorized use of any intellectual property. Cost may vary depending on the number of rejections and oppositions received for a particular intellectual property.
cost for extension
Any extensions required connected to intellectual property will incur an additional cost. These vary depending on nature and reason for the extension of time needed.
The cost incurred for rejections
Sometimes the application filed may get rejected by the government. The reason for the objected marks by the government is because of the already existing brand name or logo symbol.
In case of any opposition in the registration process, there will be an extra fee involved. There may be a variety of official fees involved, along with professional charges for assisting in these processes.
Attorney fee: attorney fees are associated with the legal consultancy and hiring an agent to help with the legal formalities to attain a monopoly on intellectual property. Hiring a professional on your behalf include:
- Drafting cost: drafting request is more or less complex according to the type of invention and drawings required. An expert attorney is often required to draft some important documents to acquire rights on intellectual property. The cost may vary depending upon the complexity of the case and upon the expert hired.
- Consultation cost.: seeking the guidance of an expert attorney may charge you consultation cost.
Specific requirement cost
A logo or design or name combination that meets specific requirements may incur specific cost. Any intellectual property might cost different depending on the specification of the product.
The cost incurred for multiple application
Filing a separate application for a different class of goods may involve different costs
Intellectual property services in UAE
The impact of tracking intellectual property’s creation, usage and cost structure is different depending on one type of intellectual property and location. The above-mentioned cost is just an estimation and if you want to determine the exact cost of your intellectual property you can approach HHS lawyer and legal consultant for exact determination cost. Contact us for further consultation.