IP Considerations When Expanding Business Overseas – A Singapore Perspective

Source: IPR Daily

Author：Emma QING

IP Considerations When Expanding Business Overseas – A Singapore Perspective

IP is always important for growing business as it protects the enterprise’s competitive edge while enabling monetisation.

Over the years, Singapore has made great strides in building an IP ecosystem that supports enterprises in creating, protecting, managing, and commercialising their IP assets. Collective efforts have been put in place to position Singapore as a global and Asia node for IP activities and transactions. These developments present a unique opportunity for enterprises who wish to rely on the city state’s firm foundations to hub their IP assets and fuel the next bound of growth

The following are some of the key advantages that companies could consider when expanding overseas and setting up their IP powerhouse in Singapore.

Dispute resolution

Singapore offers a robust IP litigation regime for dispute resolution (which are often cross and multi-jurisdictional). IP disputes can be heard at the Singapore International Commercial Court or at the General Division of the High Court by the specialist IP judges.

Singapore also has alternative dispute resolution frameworks that prioritise timely and cost-efficient dispute resolution, such as arbitration and mediation. Singapore ranks as the most preferred seat of arbitration and the Singapore International Arbitration Centre the second most preferred arbitral institution in the world (see 2021 International Arbitration Survey by Queen Mary University of London). Since January 2010, the World Intellectual Property Organisation Arbitration and Mediation Centre has sited its only office outside Geneva in Singapore to cater to the needs of IP stakeholders in the region and around the world.

Singapore is signatory to various conventions, allowing for Singapore court judgement, arbitral award or settlement agreements resulting from mediation to be efficiently enforced. 

Registration

In recent years, Singapore has become an attractive destination for international IP activities. There are growing numbers of international companies filing in Singapore to protect their IP

Recognising that registration is key to IP protection and business strategies, the Intellectual Property Office of Singapore (“IPOS”), considered the most innovative IP office in the world (see 2020 World Trademark Review), has been actively taking steps to help businesses accelerate their speed to market through obtaining registrations faster.

IPOS has pioneered a domestic IP fast-track programme and streamlined registration process via a mobile app and e-service portal, allowing businesses to do filings and secure grants quickly. IPOS has also participated in a number of work-sharing programmes with different IP offices around the globe, resulting in shorter timelines, cost savings and convenience for applicants

Incentives and schemes

The Singapore government has devised several incentives and schemes to encourage businesses to undertake substantive operations and have their IP activities in Singapore.

One such incentive is the Enterprise Innovation Scheme (“EIS”). Under the EIS, 400% tax deductions/ allowances on up to S$400,000 of qualifying expenditure per year are granted to qualifying activities. This includes expenditure on registration of IP and acquisition and licensing of IP rights. Enterprises may also choose to convert up to S$100,000 of the total qualifying expenditure for each year of assessment into a non-taxable cash payout at a conversion rate of 20%, in lieu of tax deductions/ allowances

In light of this, businesses may take an active interest in the context of these incentives and schemes to structure their dealings and achieve centralised management in Singapore.

About the author:

Emma QING is a Singapore qualified lawyer specialising in intellectual property and technology practice, with an academic background in law, science and engineering. She handles the full range of contentious and non-contentious IP matters relating to trade marks, patents, copyright, designs, domain names and trade secrets, including IP litigation, prosecution, transactions and portfolio management.

LinkedIn: https://sg.linkedin.com/in/emma-qing

Advocate & Solicitor, Singapore
Patent Attorney (non-practising), China
J.D. (Singapore Management University)
M.Sc. (National University of Singapore)
M.Eng., B.Sc. (Beijing Normal University)

来源：IPRdaily中文网（iprdaily.cn）

作者：Emma QING

Source: IPR Daily

Author: Emma QING