Therefore, it is better to understand the trademark guidelines in Canada and get one as soon as possible. Getting a trademark will open your business to many benefits. We will discuss the top 5 in this article.
1. Increases your Business' Value
Increasing brand value is a top priority for many businesses. You would want your brand to have a high value to build a strong image and increase customer awareness. And that is where trademark registration comes into play. A company's intangibles, such as goodwill and trademark, increase its value.
It makes it easy to measure the true value of the company. Moreover, the investor or the buyer will have a guarantee that the company's intellectual property is protected because of the trademark registration. For investors, companies that don't have a trademark registration are difficult to evaluate.
It also makes investors doubtful about investing in the company since they will have concerns. So, it is better for you to get your trademark registered to protect your brand identity. While you might find it costly, trademark registration is worth the effort since you will reap the benefits when the company is expanding.
Moreover, it also allows your brand to benefit from trademark licensing. You can use it to grow your business by expanding your operations, entering a new market, or increasing the sphere of activity. In addition, you can also get a license fee from the licensee, creating an extra source of income for your business.
2. Gives Exclusive Rights throughout Canada
If you register a trademark in Canada, you will have the exclusive rights to offer your goods and services under it throughout the nation. The exclusive right is given to the trademark owner through Canada, no matter where it was used.
If you want to get this exclusive right, you can apply for trademark registration before offering your products to the customers. On the other hand, common law rights will be given to the trademark owners once they become popular among the people.
Therefore, it is better to apply for trademark registration as quickly as you can. There is a possibility that you might see the application or registration of it. You must be aware that there are companies that steal the name or TM from others, so they can get a ransom from the original owners.
Without trademark registration, it will be difficult for you to pursue a legal path. It can also be very costly for you to prove that you are the rightful trademark owner without prior registration. As we mentioned before, it is important to register your trademark in Canada to save your brand and business from all this hassle.
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3. Blocks Other Applications
Another advantage of going for trademark registration is that it blocks other applications. The registrar will check for similar marks when the trademark application is in the review process. If the registrar finds a mark has been filed previously during their analysis, they will issue an objection.
It is then the applicant's responsibility to convince the registrar and remove any confusion. If the applicants fail to convince the registrar, they will reject the application and not register the mark. Therefore, getting your trademark registered earlier can help your business.
It is known that this process will take a lot of your time and energy, but you will make sure that your Trademark will be safe in the future as well as your business. By doing this you can stop potential competitors from getting a similar name.
4. Expands Your E-commerce Business
E-commerce is becoming a new reality as people now rely on ordering online for the goods and services they need. Not just that, but many prefer to choose goods and services of companies that have a trademark registration. Ergo, having a trademark can help you expand your business online.
Most importantly, E-commerce platforms and sites, like Amazon, need proof of trademark registration. They want to ensure that the company selling the products on the platform has the trademark under its name. Even if you have filed for trademark registration, these sites will need proof of it.
Many top E-commerce platforms have a prerequisite to submitting the trademark registration before you can start selling products. If you're avoiding the process because
5. Stops Counterfeit Products to Cross the Canadian Border
Trademark owners have the benefit of stopping any counterfeit products before they leave the Canadian territory. It ensures duplicate products don't go to other countries under your brand name.
The Canadian Border Services Agency keeps a continuous check for counterfeit goods before they go out. If you are a trademark owner, you can avail of this right by registering with the agency. Consequently, they will inform you if the agency finds any counterfeit goods leaving the country under your brand's name.
Conclusion
Protecting your brand in the Canadian marketplace is imperative since it helps increase your brand awareness and recognition. Since brand identity is a vital asset of your business, there is no doubt that trademark registration will protect it.
You can reap amazing returns on your investment in the years ahead. In addition, it can enhance your brand value and create an extra income stream through trademark licensing.
You can also save yourself from going through a long and hectic legal proceeding if someone tries to register the same mark as yours. You can register your trademark in Canada to enjoy the benefits mentioned in this article.