Many countries remain uncertain toward intellectual property protection despite the multitudes of benefits it can provide to local economies. This belief may most likely transpire to local industries whose intellectual property (IP) regime is not completely established yet, such as in Singapore city.
Implementing IP law is expensive. It neseccitates comprehensive surveillance strategies especially since technology makes it harder to track violators of the IP infringement Law. Moreover, it needs practical and realistic plans on how to implement such surveillance schemes without impeding efficiency on the part of business communities and consumers.
Presented with these complicated challenges involved in promoting intellectual property protection, it seems that Singapore’s Law-making body needs to exhibit full commitment for this program against IP infringement. In Singapore the trademark owner and the authorities share responsibilities in enforcing IPR policies. It may incur additional expenditure on the trademark owner’s part, but this strategy seems to work for Singapore.
This co-operative system intended for IP protection helps law enforcers to focus on big-time organized syndicates while the patent holders may pursue their own investigations. This set up proves effective when the patent owner obtains the necessary resources to do this task. The legal step that patentees can do is to file civil or criminal complaints against IPR infringers. Patentees can request for a search warrant and help the police locate the suspect’s hideout. And by getting authorization from the Attorney-General’s Chamber, patent holders can initiate legal proceedings against the offenders.
But of course tie ups with the promoters of International IP protection are important for economies that are serious in safeguarding their intellectual assets and those that generate income out of it. Singapore thus takes part in the USSFTA (US-Singapore Free Trade Agreement) as a way of protecting its growing knowledge economy. The introduction of the intellectual property rules (more commonly known as the World Trade Organization on Trade-Related aspects of Intellectual Property Rights (WTO-TRIPS)) by the government of Singapore also helps strengthen the IP regime in the country.
Click for further information on accounting services or business financing.. Also published at How Business Owners Can Protect Their Intangible Assets With IPR.
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