The trademark registration has generated a revenue of over Nu 100 m since its inception in 2000. Trademarks are distinctive signs, names and symbols that distinguish goods and services from one another.
As per the records with the Department of Intellectual Property (DoIP), international trademark filing system accounts for the major of the revenue generated.
The department has been receiving increasing number of foreign trademark applications after it became a member of the Madrid filing system.
“It is a convenient and cost effective solution for registering and managing trademarks worldwide. We have a lot of foreign applicants filing through Madrid system, which generates revenue for the country,” Binod Pradhan, the Deputy Chief Intellectual Property Officer, said.
“Under the national filing system, applicants can file directly to the office or through IP agents.”
However, the department says there is fewer number of local applicants. For instance, the cost of filing fee is Nu 1,000 per class in addition to a registration fee of Nu 1,000.
“Of the total, 99 per cent are foreign applicants, while one per cent is locals. The local applicants are quite low because the IP system in the country is in its nascent stage. But over the years with awareness programs, the registration is gradually increasing,” Binod Pradhan said.
Besides generating revenue through licensing trademarks, it helps entrepreneurs to enhance the quality of goods and services.
The national trademark award launched earlier this year is one of the initiatives the department has taken to encourage more local applicants to register their trademarks.
