It is important for business owners to register their trademarks with the Ministry of Economy in order to complete one of the most significant factors for safe and effective commercial presence in the markets. This is an inescapable option as non-registration means leaving the door open for losing your business identity, your concerted efforts, innovation, determination and thought. This is because one has registered the brand before you with good or bad intention, which might cause you a serious material or moral loss and waste of time in lengthy and unguaranteed legal disputes. We in ESCOPE for CONSULTANCY always recommend such registration and support SMEs with the lowest costs.
Many SME owners are not aware of the risks that face their businesses as they might lose their trademark once registered by another party. Some also do not realise that it is not enough to register only the trade name without registering the brand. Unless you register your trademark, you will be deprived of it as it was already registered by another party. Therefore, trademark registration is foremost important step that you should finalize quickly.
Trademark in business administration science is one of the company’s intangible assets. It can be turned into material value and continued direct earning by licensing the right to use it via Franchise or trade agency or other types of your licensing. It is also a pillar of relation between customers and presence in markets.
What happens if someone registers your trademark before you?
With the rise of competitiveness where factors of success and existence in markets depend on new ideas, flexibility in dealing with changes, innovation, creativity, excellence and skills in using advanced marketing methods, entrepreneurs must turn their enterprises into smart businesses and run them in accordance with the new global business model. Thus, owners spend a lot of money to come up with a unique trademark.
Wasting such efforts is frustrating and may have moral repercussions on the entrepreneur. However, if this happens, then he must have a strong determination and pluck his courage; the trick is that the entrepreneur must consider failure as a motivation and a catalyst for success. He should also focus on using modern marketing methods creatively to help the rapid spread of the alternative brand.
It should be clear to the entrepreneur that the brand is not only the link but also one of the most important means of access and continued communication and presence in the markets. Moreover, he should be aware and convinced that the brand is one of the key factors of his business future during the progress and expansion phases in regional and global markets. Therefore, from the beginning, he has to choose a globally accepted and clearly significant trademark.
SME owners mostly hesitate to register their trademark as they think about fees, which have been reduced to AED6700 due to the economic circumstances post COVID-19 implications and the rise of fees and fines in businesses. This led to an increase of business costs, losses and failure to fulfill obligations. Therefore, in order to stimulate and protect UAE startups, we have developed an initiative to receive applications for requesting more reduction or asking for support under the difficult current conditions of startups owned particularly by Emiratis if proven by the enterprise. This aims to encourage Emirati Brands and back the national economy. ESCPOE always endeavors to improve Emirati Brands, design trademarks and websites and modern modes of marketing while transforming to partially or full-digitize business. In this regard, we also assist in trademark registration.
ESCOPE service to facilitate registration
ESCOPE is keen on providing a trademark registration service with the Ministry of Economy for low fees. You only have to pay the above-mentioned registration fees and complete the registration form via ESCOPE website or contact us for advice.