When you are at the initial stage of entrepreneurship it is important to create a strategy that can protect and preserve your business related assets in long run. Trademark protection is one of such strategies and in last few years it has gained huge traction among small and medium-sized enterprises viewing its long-term benefits and advantages. However, the overwhelming paper-works, legal obligations, and regulatory norms can make the whole process a cumbersome, costly, and complex affair. In such a situation “Madrid System of International Registration of Marks” could be of immense help, particularly for small and medium-sized enterprises that are new to the IP ecosystem.
This article is an attempt to underline major benefits of filing a trademark application through Madrid System of International Registration of Marks. With this, small and medium sized companies that are struggling to protect their business related assets with minimum inputs can gain huge benefits for their businesses.
Below are the benefits of filing a trademark application through Madrid System of International Registration of Marks:
Creating loyal customers in foreign markets- As an exporter or while selling your products overseas you want your consumers to recognize the exact source of the product so that they can differentiate your products from counterfeit products that might compromise your business interests. Filing a trademark application through Madrid System enables exporters create a brand name in multiple jurisdictions allowing their consumers to remember the brand. Such a system helps companies create loyal customers in foreign markets where they have limited presence to expose themselves physically.
Provides a solid basis to stop counterfeiters- Counterfeiting and copied products can damage the reputation of a company severely and thus it is important for companies to provide a solid basis to stop counterfeiters and parties that are taking illegal advantage of their business reputation. Madrid System could be regarded as one of such tools that can help companies create a solid basis to stop counterfeiters maligning the business reputation of a company.
Let exporting company enjoys exclusivity- The Madrid System is enacted, implemented, and approved by more than 76 member states and thus can enable companies enjoy exclusivity in multiple jurisdictions at one go. Filing a trademark application through this route can not only provide them a solid legal ownership but can also help them save much of their precious time and energy which is not possible otherwise.
Enables protecting marks in several countries with a single application- The Madrid System of International Registration of Marks is administered by the World Intellectual Property Organization (WIPO), which is a recognized international body for IPs and thus provides the opportunity of ensuring the protection of marks in several countries by filing one single international application.
A Legal bridge between the national and global market place- The Madrid System of International Registration of Marks provides a legal bridge between the national and global marketplace, by facilitating the protection of foreign trademarks within the member country and of national trademarks abroad.
Thus, we can say is that the Madrid System of International Registration of Marks can offer plenty of benefits to Small and Medium Sized Enterprises that are willing to protect their business related intellectual properties. If utilized prudently it can save plenty of time and resources of small and mid-sized enterprises that are struggling to optimize their resources including time and money.