The first step in the trademark registration process is to conduct a trademark search to ensure that the proposed trademark is not already in use or registered by another party. This can be done through the Trademark Office of the Cyprus Industrial Property Office.

Once the trademark search has been completed, the next step is to file a trademark application with the Cyprus Industrial Property Office. The application must include the proposed trademark, a description of the goods and services for which the trademark will be used, and the necessary fees.

It is important to note that trademarks are registered on a per-class basis, and the fee for each class must be paid separately. There are 45 different classes of goods and services recognized by the International Classification of Goods and Services.

After the trademark application has been filed, it will undergo a formal examination to ensure that it complies with the relevant laws and regulations. If the trademark is approved, it will be published in the Official Gazette of the Cyprus Industrial Property Office.

Once the trademark has been published, interested parties have a three-month period in which to file an opposition to the trademark registration. If no opposition is filed or if the opposition is unsuccessful, the trademark registration will be granted.

In conclusion, the process of registering a trademark in Cyprus is straightforward and can provide valuable protection for a business’s brand and reputation. It is advisable to seek the services of a legal advisor who is experienced in trademark law and can guide businesses through the registration process and ensure that all necessary steps are taken to protect their trademark.

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Majority of trading retail shops, malls, shopping centers, restaurants, cafes and other type of businesses are turning into online e-commerce in order to minimize and mitigate against the losses due to the lock-downs from the Pandemic.

It is crucial that any business should take the steps towards online sales (e-commerce) in order to continue their operations. In addition, e-commerce of course can play a critical role in actually even expanding a business. By going digital and online, a business can approach a bigger market share than the traditional retail store operation.

The transition to e-commerce must be done in a correct and educated manner, taking all the precautions and all legal measures to support that change of operations.

There are numerous procedures and documents that needs to be prepared in order to be able to legally and safely initiate online sales. Starting form basic terms and conditions, privacy policy, cookies policy, GDPR compliance, refund and returns rights, intellectual property, copyright and trademark issues are some of the few issues that a business should consult and act upon before they launch their online business.

The correct and professional set up of the above will increase your operational capabilities and minimize exposure in severe risks in the future. Our law firm has an expert team for specifically online – digital – eCommerce businesses and can assist you in a prompt, professional and efficient manner.

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An Article by Michalis Economides, Advocate & Legal Consultant | CEO of Chambersfield Economides Kranos Law firm

Article Publication: Capital Today Magazine July 2018.

The last decade formed a new reality in the Intellectual Property sector, which made its registration essential to any business.

The cyberspace with its continuous information flow, as well as the expansion of most businesses abroad, have already established the new, modern, framework for the intellectual property.

Intellectual Property is defined as the competitive advantage of a private or legal entity and is categorized as follows:

• Industry and Industrial Property that includes inventions – patents, trademarks, industrial designs and intellectual property rights.
• Creators’ Copyright rights. This category includes scientific, musical, literary and artistic works as well as television shows, software, databases, architectural plans, advertising and multimedia.
• Business strategies which include business secrets, confidentiality agreements and know-how.

As a business investment center and member of the European Union, Cyprus provides protection under the Community law while being harmonized with all the standards and requirements of the World Intellectual Property Organization (WIPO) and the European Union Intellectual Property Office (EUIPO). Additionally, the Republic of Cyprus has numerous Community and international conventions and related sanctioning laws, including the Bern Convention on the Protection of Literary and Artistic Works, the Madrid Agreement and Protocol on the Registration of Trademarks at International Level, the Paris Convention on the Protection of Industrial Property etc., and has rightfully earned its position on the world map as one of the most favorable jurisdictions for company formation and intellectual property management.

The competitive advantage gained by the intellectual property protection is of major economic importance for today’s businesses because it can provide instant awareness and / or differentiation in the company’s products and services, while adding value to its reputation. This is exactly why reputation is considered to be a fixed asset of a business.

Another competitive advantage, for reducing the taxation on intangible assets such as intellectual property, is the company’s formation in jurisdictions with a favorable tax regime. Republic of Cyprus is definitely a privileged jurisdiction due to the various double taxation treaties which maintains its favorable tax status with other countries, as well as the low to zero tax retention of dividends.

It is vital to understand the differentiation of the trademark, the business trade name and their significance.

The trademark guarantees the name and / or logo and / or both, while the business trade name basically protects only the name, without fully guaranteeing the owner’s copyright. The trademark is what effectively protects the name of the product or service, the logo, or the combination of both.
Additionally, the company name is not copyrighted if the company does not make the appropriate procedures provided by the legal framework for its registration as a trademark.

Subsequently, in order to be protected by the registration of the company name, it should be registered as a trademark, as defined by the Trademark Law (Chapter 268), combined with the provisions, principles and guidelines deriving from the International Convention of Paris for the Protection of Industrial Property (Laws 63/65 and 66/83).

As a law firm that operates internationally in more than twenty one jurisdictions by providing corporate services, we advise our customers, especially those operating abroad, to register their trademark so that they can prevent any use and / or exploitation, by third parties. Specifically, this process is of upmost importance when it comes to companies investing remarkable funds in branding the services and products they provide.

Besides, the trademark is the one characteristic that differentiates and highlights the innovative ideas and activities of the businesses. For that reason, huge branding, preservation and development budgets are being invested for the product or service concerned, always aiming at the establishment of reputation, which is inseparably interrelated with the profitability of the company.

Furthermore, our highly competitive business environment, having as its main feature the widespread and immediate dissemination of information, indicates the significance of branding, making it a matter of major importance.

In the Republic of Cyprus, the Intellectual and Industrial Property sector of the Department of Company Registrar and Official Receiver, is the one who manages and regulates Intellectual Property issues. This sector includes trademarks, patents, industrial designs, record keeping and intellectual property rights.

In conclusion, the registration of Intellectual Property should not be overlooked; on the contrary, it is an investment and at the same time, an intangible asset, which adds value to the products and / or services of each business. Moreover, it is important that an intellectual property owner monitors and protects his intellectual property rights in a wider range, especially when they operate in other countries, where appropriate actions should be taken to register and protect such intellectual property rights to all required entities.

Based on our experience and due to the fact that not all cases are simple, we recommend that all intellectual property procedures must be supervised by experienced and accredited law firms, which can provide the necessary and appropriate advice throughout the procedure, both at national and international level.

The post Intellectual Property | IP appeared first on Chambersfield Economides Kranos.

In the last few years the term “StartUps” has become quite popular, despite the fact that this business model first appeared in 1950s.

“StartUps or Young Entrepreneurships” are newly established enterprises which offer innovative ideas, aim at extremely fast business development and reach a wide audience.

Their main goal is to create a model that can evolve and repeat itself.

Due to the above-mentioned characteristics, a large percentage of these companies originate from the field of technology aiming at the dynamic development of an existing idea or the creation of an innovation that will satisfy a new need.

Based on our experience, the past has repeatedly demonstrated that there is no “secret recipe for success”. Each case is different and unique, it accepts either positive or negative influences from the various changes and fluctuations that occur in the domestic and international market, as they result from the political, economic, social, technological, environmental and legal framework.

Due to the complexity of the aforementioned factors as they arise from the markets, especially from the legal perspective, it is important for StartUps companies, from the conception of the idea until its realization, to cooperate with a law firm specializing in company and business law. Embracing this approach, you directly ensure the protection of the newly established company, the implementation of the correct procedures and due diligence on the points of cooperation. It also prevents uncertainties on terms and conditions, while providing legal and business advices at every stage of the business development.

Although each case is unique, we have noticed that there are common legal questions about the establishment of the StartUp corporate entity, such as:

• Which is the most appropriate type of forming a corporate entity for a “StartUp” company?

The most popular corporate entity of a “StartUp” type is the Limited Liability Company (LTD). This is because the company is a separate legal entity and the responsibility of the owners and shareholders is limited to their share of the investment capital, without any extension to their personal assets, unless of course the case is of a criminal nature.

• Where will the headquarters of the new entity’s StartUp be?

Because of the European Union as well as globalization, a “StartUp” company can choose its headquarters among multiple jurisdictions. Cyprus is one of the most popular jurisdictions for the incorporation of a company since it has a straightforward taxation system and a 12.5% corporate tax, one of the lowest in Europe. In addition, among others reasons, Cyprus has more than 60 double taxation treaties established with other countries, is a Member State of the European Union, operates in a favorable tax regime, has a low to zero retention of dividend taxes, any financial losses of a company may be transferred against future profits for an indefinite period, while the company registration is quick and immediate.
Additionally, Cyprus’s investment strategy is strongly supported by the government and is constantly creating new business opportunities.

• How long does it take to establish a new legal entity in Cyprus?

7 – 9 days

• What is the appropriate structure / organization chart of the new legal entity “StartUp”?

The appropriate structure / organization chart of the new legal entity depends on a case-by-case basis; however, it is explained in a descriptive way in the Memorandum and Article of Association, defining the relations of the contracting parties.

• What should be mentioned in the Memorandum and Article of Association of the new legal entity?

The Memorandum and Article of Association mentions, all general terms as well as specific, all the conditions that ensure and regulate the relations of all the Contracting Parties involved, as they result from the legislative framework of the jurisdiction in which the new legal entity will operate.

• How will the ownership of partners and / or shareholders and employees be divided in the new legal entity?

The drafting of a shareholders’ agreement defines, inter alia, their obligations and rights, their meetings, the decision-making process to be followed, the terms and conditions of a voluntary resolution and the provision of the necessary mechanisms for the immediate settlement of disputes between the parties.

• What contracts are needed to ensure the stable and continuous development of the new legal entity?

It is wise to have shareholders and employee contracts that will define and clarify the relationship of all the parties involved.

• Is the drafting of a Privacy and Confidentiality Agreement needed?

Because of the innovative nature of “StartUps”, it is advised to draft a Privacy and Confidentiality Agreement when two or more members exist, to preserve the idea until the new entity has its proprietary intellectual property in its possession.

• Do the “StartUps” need to register their intellectual property?

The main competitive advantage and the most important predictor of StartUps’ success is innovation. Therefore, safeguarding and protecting intellectual property is of major economic importance for the enterprises of this type.

My legal and business advice for StartUps, is to work with a law firm specialized in corporate, commercial and employment law, prior to the start of the company, which will also have the necessary knowledge and connections at an international level. This cooperation will ensure the protection of the new corporate entity while the company is in line with all procedures resulting from the legislative framework.

In addition, such cooperation is a necessary pillar for setting the right foundations of the enterprise, which can later evolve into an international “StartUp”. Unfortunately, we have repeatedly observed that the founders of companies turn to legal advisors at a later stage and they are called upon to solve various problems that could be avoided with the proper cooperation of reliable lawyers who are familiar with this company model.

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