A trademark is a graphic depiction of a name, word, label, device, or numeric characters that a company uses to distinguish its products and/or services from those of other companies that produce comparable products and/or services. A trademark distinguishes the products and/or services that a person is selling from similar products and services offered by others.
When a trademark is registered, it turns into an irreplaceable asset or piece of intellectual property and serves the purpose of protecting a company’s investment in its brand or ideogram.
A trademark is registered once it is distinctive for the goods and services being provided. Despite being identical or very similar to a trademark that has already been registered, trademarks that are being offered for registration. Furthermore, it is illegal to register trademarks that are deceptive, generic, derogatory, confusingly identical, only contain protected insignia, etc.
The Controller General of Patents, Designs, and Trademarks of the Ministry of Commerce and Industry is responsible apply for trademark online. The Trademark Act, 2016, which grants the ability to sue for damages when trademarks are violated, governs the registration of trademarks in India.
Following trademark registration, the owner may use the sign, and the trademark registration will be in effect for a set term of ten years. However, if a registered trademark is close to expiring, it is simple to renew it by submitting a trademark renewal application for an additional 10-year extension.
Benefits of registering a trademark
The main benefit of owning a registered trademark is the capacity to defend one’s name and business through the compassion of one’s company. Additionally, by ensuring that they are dependable and linked to the company for an extended period of time, a strong brand can serve as a direct link between the customer and the product.
There are other additional advantages, including as
- A trademark registration establishes the legitimacy of the product’s and service’s source.
- A trademark registration ensures superior goods and services.
- A trademark that has been registered promotes both goods and services.
The importance of registering a trademark
Knowing how advantageous it is to register a trademark while operating a firm from the foregoing, let’s now comprehend the significance of the registration:
A TM offers unique identity
Since the marketplace has been overpopulated with multiple businesses and brands, it has become nearly impossible to distinguish between them. Therefore, the only way to distinguish one company from another for exclusivity to draw clients and be able to stand out is by registering an exclusive trademark for one’s brand and subsequently elevating the company’s reputation over it.
A TM is unending.
A trademark can continue as long as the company is in operation or even longer because, as previously noted, trademark registrations have a long 10-year validity period that can be readily renewed after every 10-year period.
TMs serve as barriers.
It is essential for any business to ensure that their brand is protected from rivalry. Now, if the trademark that the person has been labouring to develop has already been registered as a trademark by another party, not only does that person lose money and goodwill in the market, but they also forfeit the right to forbid others from using the same brand. Therefore, protecting the trademark will protect it and the business, which helps the owner by restricting the use of identical trademarks by others.
A TM is affordable.
The expense of registering a trademark is only incurred once. The duration and process for trademark registration have also been satisfactorily shortened. Today, the processing time for a trademark registration is between six and twelve months.
Furthermore, a trademark that has been registered is valid for a period of ten years and may be readily renewed ten years before the trademark expires.
A TM is valuable.
A registered trademark is a priceless asset for the business, brand, or organisation since it generates positive goodwill. As a result, the value of a trademark increases together with the expansion of the company. In reality, just like any other tangible item, a registered trademark can be bought, sold, transferred, or even used as a collateral to secure a loan.
Read More:-
- How To Avoid Trademark Infringement And What Is It?
- What Are The Consequences Of Not Renewing A Trademark?
- Online Trademark Registration Procedure