Singapore has lowered the application filing fees for Intellectual Property Protection. From April 1, 2017 businesses and entrepreneurs will enjoy substantial cost savings when they file for patent and trade mark protection with the Intellectual Property Office of Singapore (IPOS) through lowered application fees.
This is part of IPOS’ efforts to support innovators and make IP protection more affordable for them, in keeping with our vision to help drive innovation in Singapore.
It is pertinent to mention that IPOS reviews fees regularly to keep them competitive with other countries, and encourage domestic innovation.
From 1 April 2017, fees will be reduced for anyone requesting for patent search and examination reports. In addition, brand owners applying for trademarks using a pre-approved list of goods and services will enjoy a substantial 30 per cent discount. To discourage IP hoarding, which can stifle innovation, fees for renewing patents and trademarks will see an upward adjustment – the first in about a decade for trademarks.
At the same time, patent owners who are willing to offer their patents for licensing will continue to enjoy a 50 percent discount in patent renewal fees. This will encourage IP owners to actively use their patents, or consider releasing them to the public domain, so as to fuel further innovations.
With the fees adjustment, Singapore remains as one of the most attractive countries for IP filing, with competitive rates compared to other major jurisdictions such as Korea, Japan,China,USA and Australia.
Desmond Tan, Patent Attorney of Davies Collison Cave, said, “Given the current uncertain economic and political outlook, the fees review is timely. My clients who want to build a competitive edge through IP in today’s highly globalised innovation economy will be encouraged to know that IPOS has taken steps to address their cost concerns and help them in midst of challenging environment.”
Daren Tang, Chief Executive of IPOS, said, “Singapore’s innovation scene is becoming more vibrant, with more companies and start-ups seeking to create business value through IP. The fee revisions make it easier and cheaper for them to protect their brands and technology. We hope that more of our creative enterprises and inventors will be encouraged by these changes to have a strong foundation for taking their ideas to the world.”