In essence, trademarks serve as a defense against goodwill. Trademark registration protects goods and services from being used maliciously. It enhances the worth of the goods and services. It is not only very advantageous economically and commercially, but it also improves the reputation of goods and services. The cost of goods and services will go up as a result. It produces distinctions and raises the goods and services’ market worth which counts as two key importance of trademark registration. Customers are drawn to your goods and services as a result. For example, Apple, Honda, BMW, Ford, and so forth. protects the company, the creation of assets, the growth of the brand’s value, the business’s autonomous existence, the firm’s increased creditworthiness, and the right to use the word “registered” in the brand name.
What is a Trademark?
Good as well as service providers utilize trademarks, which can be words, symbols, logos, wrappers, packaging labels, taglines, or any combination of these, to identify their own goods and/or services. A trademark is used to set the owner’s goods as well as services apart from those of its rivals in the marketplace. Trademarks and the things related to it will fall under the trademark Act of 1999. They are the important assets of the entities.
What is the Importance of Trademark Registration to Businesses?
The following is a discussion of the importance of trademark registration for businesses for individuals who are interested in learning more:
Ownership Right
As mentioned or discussed above that trademark is an intellectual property right and it is a very important asset for any business. Hence in order to get the ownership right over the trademark of the business owner needs to get registration. After registration the applicant of the trademark registration has all the ownership rights over that trademark. It is one of the importance of trademark registration.
Exclusive Right
Once your company’s trademark is registered, you will own the exclusive right to use it. This means that no one else may use the same brand without your consent. Should someone attempt to replicate the identical actions, they might be required to compensate you accordingly. This is one of the importance of trademark registration.
Protection Against Infringement
Infringement means using others’ trademarks without permission. Such action is an offense under the trademark laws of 1999. Hence one who commits such an offense may face penalty or imprisonment. In this way after the registration of the trademark people cannot use your trademark without your permission, if they will be punished for the same act. It is one of the key importance of trademark registration.
Credibility and Reliability
Registration of the trademark comes up with many advantages or you can say benefits. Two of them are credibility and reliability of the business. Yes, you have heard it right trademark registration will increase the reliability as well credibility of the business in the market among the various competitors.
Build Trust
Customers will have more faith in your company after your trademark is registered and the public is made aware of it. Customers will benefit from it as well as your business in terms of their safety. Trademarks that are registered are indicators of well-established companies. Therefore, registering your brand is crucial. It is also an importance of trademark registration.
Helps in Business Expansion
An organization’s consumers and products are connected through a registered trademark. The applicant can build a clientele with goods that are either efficient or distinctive. A trademark aids in attracting new and keeping customers. In addition to providing ten years of exclusive use rights, trademark registration safeguards company profits.
Asset Creation
In India, registering a trademark gives any business entity an advantage. In terms of accounting and income taxation, a trademark is considered an intangible asset. As a form of intellectual property, trademarks have a high value attached to the goods they represent. Trademarks may be assigned, sold, franchised, or used in any other way for commercial purposes.
Recognition of Brand
Consumers identify the company producing the product with its performance, quality, features, and so forth. In general, they use the logo which is registered as a trademark to identify the products. The process of registering a trademark helps consumers recognize the goods and services. Additionally, it fosters the positive will attached to a brand. As a result, the brand has earned recognition and has gained market value over time. While attracting new customers, brand recognition keeps old, devoted customers coming back.
What is the Process of Trademark Registration?
Follow the processes outlined below to register your trademark, which is a benefit for your company:
- Select a unique mark, logo, symbol or sign as your trademark
- Go to the official website of the trademark registry
- Prepare the application for the trademark registration
- Attach all the required documents with the same
- Once the application is prepared just check it once carefully
- Now submit the application for registration and pay the required fees
- Now the application will be examine by the examiner
- If everything is fine then then trademark will be published in the trademark journal
- If anybody will have the objection they have 4 months to object against the same.
- If no objection came then registration will be granted
Conclusion
Some of the importance of trademark registration to businesses has been discussed in the present writeup. The aim of discussing them is to reveal the benefits of the registration of a trademark. Points which are discussed here are not exhaustive, there may be some more things which we didn’t discuss here. The points which are converted here are the key importance of trademark registration. Because of all the above discussed advantages it has been always suggested to the business owners to register their trademarks although it is not compulsory to do so. It not only increases the value of the business but also helps you to earn more. Hence one must do this registration.
