Intellectual Property and Licensing Management Services in Hong Kong – Protect Your IP
Intellectual Property (“IP”), is often one of the greatest company assets, be it in the form of patents, or trademarks, or copyright, and it is the crucial component for maintaining the value of a business. You should engage our associate’s Intellectual Property and Licensing Management Services in Hong Kong to protect your IP today.
What is Intellectual Property (IP)?
Intellectual property, as the name implies, is a category of property that consists of a group of separate intangible property rights that are protected by the law. IP is generally defined as patented inventions, names, designs, artistic works, images, and creations of the mind.
In many businesses, IP protects more than just an idea or a concept but also the original business assets that are crucial to the business’s core services. The IP rights could prevent fraudulent cases and reduce the chances of IP theft, for example preventing others from using your patented invention, copyright designs (or work) and trademarks without your consent.
Types of Intellectual Property:
- Patent: a form of IP that gives its owner the right to exclude other people from using, selling, making, and importing an invention for a certain period of time.
- Trademark: a type of IP that is usually a recognizable sign, logo, design, or expression, which distinguishes products or services of a particular source, like among competitors.
- Copyright: a legal term that defines the creator’s rights over his or her literary and artistic works.
- Trade secret: a trade secret is usually a formula, practice, process, design, instrument, pattern, commercial method, or compilation of information that gives its owner competitive advantage among its peers in the market.
Why Do You Need to Protect Your IP?
First thing first, your IP is important in your business because:
- It distinguishes your business from competitors
- It can be sold or licensed, giving an important revenue stream
- It is an important part of your marketing or branding
The case or event of IP theft always arises when people try to use your great idea for a product or service or to duplicate your success as well as to sell your ideas as their own, without your consent. Therefore, you need to protect your IP to prevent competitors or anybody else from stealing your ideas and use it for their own profit without your consent.
You can exploit your IP protection fully to:
- protect your IP against infringement by others
- prevent others from using, making, selling or importing it without your permission
- earn the royalties by licensing it
- exploit it via strategic alliances
- make revenues by selling it
The Intellectual Property Laws in Hong Kong
Like many other jurisdictions, Hong Kong has its own intellectual property laws, which are also the domestic laws alongside with a slew of international conventions that require member countries or economies to recognize the rights of individuals from other member countries or economies, such as:
- The Paris Convention for the Protection of Industrial Property
- The Berne Convention for the Protection of Literary and Artistic Works
- The Universal Copyright Convention
- The Geneva Convention for the Protection of Producers of Phonograms Against Unauthorised Duplication of Their Phonograms (The Phonograms Convention)
- The Patent Cooperation Treaty
- The Convention Establishing the World Intellectual Property Organization (WIPO)
- The WIPO Copyright Treaty
- The WIPO Performances and Phonograms Treaty
Why 3E Accounting?
3e Accounting provides a full spectrum of services related to company incorporation and business setup in Hong Kong. We could assist you to protect intellectual properties by registering your IPs where we will take care of the necessary application process and paper works. Contact us today if you need assistance in IP protection, Intellectual Property and Licensing Management Services in Hong Kong.