The intellectual property (IP) associated with a business name or system can be one of its most valuable assets – but only if it is properly protected. Any business that wishes to establish a national or international identity should take steps to protect the use of its name, logo or other IP, such as patent rights, formulae/processes, designs, trademarks, franchises, licence agreements, “know-how” and copyrights. Given the importance of IP to modern businesses, Sovereign has established an intellectual property division that specialises in registration, monitoring, advice and proactive assistance.
A new Trade Marks Act 2013, which will repeal the Trade Marks Act 1987 and the Registration of United Kingdom Trade Marks Act 1946, was passed by the House of Assembly in April 2013. The new Act will streamline BVI trademark procedure by replacing the current dual system providing for either independent or UK-based applications with a single system for filing applications in the BVI.