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The list of certain types of legal monopolies over creations of idea, both artistic and commercial, and the related fields of law is called Intellectual property (IP). Under intellectual property law, proprietors are granted certain sole rights to a variety of intangible assets, such as musical, literary, and artistic works; ideas, breakthroughs, and inventions; and words, phrases, symbols, and designs. Intellectual property has been categorized into four main kinds namely patents, copyrights, trademarks, and trade secrets.

Copyrights protect original creations, either published or unpublished. They offer legal safeguards for original works of creativity like novels, films, music, and so on. They allow the owners to exclusively use several forms of their idea in one or the other medium with exclusive legal authority over replication, adaptation, sale etc for a certain period of time. In most nations, a copyright lasts for fifty years even after the author’s death and any unauthorized use within this time span is liable to prosecution.

Patents are lawful and registered rights that allow inventors to stop others from manufacturing or marketing their invention. Typically they apply to new theories in the realm of science, inventions in the field of technology and also biological discoveries. In most countries, patent protection is available for a restricted span of 20 years and the owner loses his exclusive rights over the invention following the end of this time span.

Trade secrets are proprietary information that can be used by the firm to stand out in the industry. Trade secrets can be anything ranging from software algorithms to the recipe of a food item and even details such as contact numbers of most important clients. Usually, trade secrets are an internal matter and are zealously guarded by the firm without any involvement of the government. The most common means of protecting trade secrets is by allowing access to only a few key executives and not everyone, or by depositing it safely in a bank along with other valuables and papers.

Trademarks include words, logos and graphics that identify a specific brand or company and differentiate it from the rival brands. Trademarks create a unique brand identity that enables the customers recall or identify the manufacturer on seeing the trademark. Usually, a trademark registration holds valid for 10 years after which it has to be renewed.

Discover more about Trademark Registration Singapore and discover how does an Intellectual Property protection increase the net worth of your business very fast.

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