Registration of patent: what are the benefits?

Registration of patent: what are the benefits?

April 11, 2019

 

A common question that looms the minds of many is why should I register my patent?

In answer to the question we have pinpointed the benefits derived from registration of patent. Here are some stated below;

• A patent gives you the right to stop others from copying, manufacturing, selling or importing your invention without your permission.
• You get protection for a pre-determined period, allowing you to keep competitors at bay.
• You can then use your invention yourself.
• Alternatively,  you can license your patent for others to use it, or sell it, as with any asset. This can provide an important source of revenue for your business. Indeed, some businesses exist solely to collect the royalties from a patent they have licensed – perhaps in combination with a registered design and trade mark.

Hope the above was insightful? To patent or not to patent is a decision that needs careful consideration. Obtaining a patent can be a complex and costly procedure. A patent specification is a legal document and requires specialist skills to draft properly. Your chances of obtaining a useful patent are much greater if you use a patent attorney. So before taking a decision you should consider consulting a registered patent attorney you can try 618 bees and your journey towards registration of your patent will be shorter and smoother.

 

Team 618 Bees

The information in this blog post (“post”) is provided for general informational purposes only, no information contained in this post should be construed as legal advice, nor is it intended to be a substitute for legal counsel on any subject matter. No reader of this post should act or refrain from acting on the basis of any information included in, or accessible through this post without seeking the appropriate legal or professional advice from the particular facts and circumstances at issue from a lawyer. This post is protected by intellectual property law and regulations. It may however be shared using appropriate sharing tools provided that our authorship is always acknowledged and this Disclaimer Notice attached.

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Frequently Asked

  • Why must I file Annual Returns?

    It is a mandatory statutory requirement under the Companies and Allied Matters Act to file Annual Returns yearly. 

  • Must my Company Secretary be a Lawyer?

    Although it’s ideal to have a lawyer as a company secretary, it is not compulsory for small private businesses.

  • What is a testimonium clause in an agreement?

    This is the part of the agreement where the witness attests to have witnessed the execution of the agreement.

  • What is SON?

    SON stands for ‘Standards Organization of Nigeria’

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    No, its not legal. This is because the law prohibits anyone from transferring the data of a third party to another person without consent from the third party to do same even if the data was rightfully obtained in the first instance.

  • What is the basic criteria for registering a Design?

    The design must be new and original. This means that it must be a unique design not similar to an already existing design.

  • What are the product categories available when registering with NAFDAC?

    The product categories include: Food, Cosmetics, Drug, Medical Device, Agro-Chemicals & Pesticide, Veterinary Products, Vaccines & Biologicals, Herbal and Nutraceuticals and Water

  • What is the first thing I must do to register a business in Nigeria?

    To register a business in Nigeria; you would need to conduct a name search of the business. You can achieve this using your CAC-CRP account.

  • How long does a trademark registration in Nigeria Last?

    Trademark is valid for seven years from the date of application but you may renew the application for the trademark for an additional period of 14years.

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