Revenue from trademark registration with the Department of Intellectual Property (DoIP) crossed Nu 100 Million (M) this year, a press release from DoIP states.
According to a press release, the department saw an increase in the revenue collected from Nu 89.12M in 2017 to Nu 102M this year. “As of June 2018, the total combined revenue generation from both national and Madrid trademark filing stands at Nu 102 Million, with the total number of applications reaching up to 17, 458,” the press release.
The department also saw an increase in the number of filed applicants from 16,115 in 2016 to 17,458 applicants in 2018.
The trade mark registration also earns Swiss Francs (CHF) as the cost of filing applications (Fee) when international applications are filed to Bhutan for registration. According to the press release, revenue earnings from international trademark applicants increased from CHF 1.53M to CHF 1.67M. “This contributes to the government exchequer and increases our foreign currency reserves,” the press release stated.
The Industrial Property Act, 2001 and the copyright Act, 2001 were enacted to register and grant rights over creation of trademarks, industrial designs, patents, copyrights and other related rights.
Trademarks of companies and enterprises are distinctive signs, names and symbols or other forms of indications that distinguish goods and services from one another in the marketplace.
“Trademarks also impart information, which reduces consumer search costs as to the source or sponsorship of a product or service and promote brand competition leading to higher quality goods in the market,” the press release stated. “The protection and enforcement of trademark is of strategic importance to business to grow and become bigger, which in turn creates employment and promotes new products for needy consumers.”
According to the department, there are two routes of filing trademark applications in Bhutan – the national filing system and the Madrid filing system, which is administered at the international level by the World Intellectual Property Organisation (WIPO).
The DoIP registers trademarks for goods, service marks for service and collective marks for collective organisations and cooperatives. “Bhutan became a member of the Madrid Filing system in 2000, and the DoIP have been receiving increasing foreign trademark applications through this system,” the press release stated.