06 May
How to register a Trademark – FAQ’s
The rise in technology and increase in globality have made it far easier to start a business than it was a decade ago, it is far simpler to source products at extremely affordable prices from countries even as far as China. Providers such as Ali Express and White label manufacturers can deliver products to retailers who can sell the same white label products under their brands; the selling has become more about brand image than about the product or its quality. Applying for a trademark for such businesses can mean the difference between success or failure.
Trademarks are a necessity for a business’s protection and its success. A trademark is a brand of distinction and a legal seal of ownership.
Below are the FAQ’s on registering a Trademark:
How can I register for a Trademark?
The process of registering a trademark for your business is incredibly easy. The application process can take up to 3 hours, and you don’t necessarily need a lawyer. The trademark has to be unique; it can be a logo, a sound, a colour or words, it can also be a combination of all of these options as well. The mark needs to describe your goods or services. You cannot register another person’s business name or business idea. The mark usually has to be unique like no other existing one. Please speak to a suitable business accountant; they can guide you in the right direction and connect you with the relevant professional who can help you design a brand and then trademark it. A trademark is a valuable asset; make sure your accountant is valuing and reflecting the asset correctly; some businesses even utilize trademarks as investments.
How to Check if your trademark is available
There are chances that the trademark you’ve come up with could already be registered by someone else or for another business. Before you file the application, it would be wise to check whether an exact (or similar) trademark has been registered for the same line of business. You can browse the UK trademarks database online for this purpose. The process often involves comparing your line of business against the trademarks already registered. The right mark should be a representation of the goods and services that you trade. Sometimes you may be called upon to file for multiple trademarks, the slight chance that you find the process complicated you can speak to a good Accountant in London, their expertise, connections and guidance will help you sail smoothly through the process.
What you can and cannot register
You or your Business will not be able to register a mark that has already been registered if it relates to similar goods or services, even if the businesses are slightly different with shared similarities, as such a trademark registration could lead to branding blunders and loss of revenue in marketing. You will have to find another mark if the one you intend to register is famous or recognized within the industry.
The application process to register a trademark
The application is made online with the intellectual property office. You will need to submit details of the mark you wish to register as the distinctive identity for your business and the trademark class your business falls under, e.g., food, pharmaceuticals, etc. The process of branding can be complicated and costly if not planned for properly. A rigorous planning and budgeting process carried out with your Business Accountant, or a Certified Business Advisor (Futrli Certified Advisers) could mean the difference between having enough cash or not for the business. Be aware the process of budgeting is not one-off; keep track of your business performance utilizing effective performance reporting and management accounting processes.
What happens after the application is submitted?
It takes about three weeks to get feedback on your trademark application. In case there are objections, you are usually allowed two months to straighten things. That might include buying a trademark that was already registered or getting the consent of the previous owners. An accountant can especially be helpful in this process, helping you value the asset and even procure the funding required to finance the purchase of the intellectual property.
What happens after my Trademark is Published?
After the application is accepted, your IP will get published in the trademarks journal for two months. During this time anyone is allowed to come forth and contest the rights to the mark. If there is no opposition, the trademark will be registered, and you will receive a confirmation certificate.
What happened when the Registration is complete?
Your trademark will be registered once all objections are resolved and you’ll get a certificate confirming this. The value of trademarking for your business can be based on many factors as a trademark serves many purposes. First and most importantly, it safeguards your business idea from copycats and unscrupulous business people. The value of trademarks in branding and marketing is also immeasurable. From an accounting approach or an accounting firm’s perspective, your trademark is the biggest asset in the business that warrants protection. You can work with experts from an accounting firm nearby to help register your trademark, value it, source financing for it and ultimately how to account for it on your books and treat it for tax purposes. It is an asset that you have to track and value over its lifetime.
The simplest of processes can seem daunting if never done before or done incorrectly, our asset valuation department and service partner centre can help put you in touch with the right connections to set up, start and grow your business sustainability and effectively. Our growth portal is full of value-added resources such as free legal helplines, subsidized outsource services etc., which will enable your business to grow faster than your next-door competitor.
Clear House Accountants are Accountants in London who cater to Businesses and Individuals across the UK, our services are designed in such a way that they can cater to a fairly new startup with services such as basic company formation, business plan development etc. to in-depth tax and accounting services or strategic planning and financial valuations. If you want a business service, we are sure that we can provide you with it or point you in the correct direction.
Author Bio
Thao is a Senior Accounting Manager at Clear House Accountants. Her experience in the industry has led her to her current position in which she is responsible for a team of accountants, tax planners and bookkeepers.
Thao works with her team to help clients from a variety of industries, grow, save money and plan for the future. Thao holds a Bachelor and Masters degree in Accounting and Finance and is currently working towards her ACCA, she is also a Xero and Quickbooks Certified Advisor.
Thao’s expertise lies in high-level tax planning, management accounting and strategic business planning based on financial performance and business analytics. Her experience, expertise and knowledge make her an exceptional contributor at Clear House.