SG IP registration process now more streamlined
The Parliament approved the changes on 12 January.
Businesses looking to register their intellectual property (IP) assets will soon find the process more streamlined after Parliament approved changes to IP laws to encourage greater use of such intangible assets.
The Intellectual Property Bill Amendment, which proposes changes to multiple intellectual property statutes, comes amidst Singapore's push to become an IP hub, as the value of intangible assets like trademarks, patents, and copyrights are taking over physical assets globally.
Second Minister for Law Edwin Tong said: "It means that intangible assets are worth more than physical assets. In other words, ideas and innovations are more valuable than the physical assets that they animate."
Last year, the Intellectual Property Office of Singapore was recognised as the third-most innovative IP office in the world, behind the European Union Intellectual Property Office and the Korean Intellectual Property Office, sliding from its top spot in 2020.