Today, we live in a knowledge society where entrepreneurship is as much about having a sound business plan as it is about protecting your intellectual property (IP). With Asia becoming not only the world’s manufacturing hub but also its biggest market, it is pertinent to find a suitable country in the continent with robust IP laws. Here, Singapore fits the bill perfectly.
This is because Singapore Government recognizes and underscores the fact that intellectual property is an invaluable asset in shaping a knowledge-based economy. So much so that in its recent Global Competitiveness Report, the World Economic Forum has ranked Singapore as having the best IP protection in Asia.
Singapore’s Ministry of Law, the nodal agency for IP protection in the city-state, “is committed to help create an environment that is conducive for the development of IP, which covers patents, trade marks, copyright, registered designs, plant varieties protection, geographical indications, trade secrets and layout-design of integrated circuits”.
While the ministry frames the laws and formulates the country’s IP policies, implementation is undertaken by one of its statutory bodies called the Intellectual Property Office of Singapore (IPOS).
Benefits of Incorporating a Singapore Company for IP Protection
IPOS’ Intellectual Property Hub Master Plan aims to develop Singapore as a Global IP Hub
The advantages as detailed below are numerous.
Specialized IP Legal System
Since February 2002, Singapore has a specialized IP Court, and in 2012, four judges were designated by the country’s Supreme Court as IP judges to handle the complex IP cases.
Moreover, initiatives such as the IP Academy of Singapore (established in 2002) graduate-level programmes (Graduate Certificate in IP Law and MSc in IP Management) are in place to raise the level of expertise of IP professionals in Singapore.
Expertise in IP Dispute Resolution
In a testimony to the country’s strong arbitration capabilities, the World Intellectual Property Organization (WIPO) has established an Arbitration and Mediation Centre in Singapore, it’s only centre outside Geneva to support IP dispute resolution in Asia.
Read more about Protecting your Intellectual Property by Incorporating a Company in SG at Singapore Company Incorporation website.
