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What is Patent Registration?
The patent is an exclusive right granted to the Patentee over his/her invention for a limited period of time. Through Patent Registration, the patentee shall have all the rights regarding controlling, making, using, selling or importing patented product or process for producing that product. After Patent Registration, no one will be able to use the invention without the consent of the patentee. However, whether the invention is patentable or not depends upon various factors such as invention must be innovative which involves an inventive step and which can be used in industry.
After the process of patent registration, one gets intellectual property right to an invention carried out by an individual or a firm. In case it is unique, the government will grant you the full right for your product. It grants you the full right of making, using, selling or importing the product or services and prohibits others from doing so. The patents in India are governed by the Patent Act 1970 and Patent Rules 1972.
The patent could be for many things, be it process, art, method to manufacture, particular apparatus, machine, computer software, technical application, chemicals or drugs. We, at LegalRaasta act as a patent agent and helps companies in registering themselves in Delhi NCR, Mumbai, Bengaluru, Chennai and all other Indian cities.
Benefits of Patent Registration
The benefits of obtaining Registration under the Patents Act 1970 are as follows:
Protection of Invention: A Patent is an Intellectual Property Right that aims to protect one's creation or invention and restrict others from using it without obtaining the prior consent of the Inventor
Sell or Transfer Patent: A Patent can easily be Sold, Transferred, or Franchised by the Inventor to generate revenue
20 Years of Validity: In India, a registered Patent remains valid for a period of 20 years, starting from the date of Registration
Helps in Growing Business: A registered patent will help the inventor to grow his/her business and will assist in raising capital for the business as well.
Receive Royalties: The Patentee can receive Royalties by licensing his/ her product to other company.
Monopoly: After obtaining Patent Registration, both businesses and investors can enjoy both Market Monopoly and Competitive Benefit.
What is the Importance of Patent Registration in India?
Protects your invention: A patent is a type of intellectual property that safeguards your invention by preventing others from using it without your permission. Because you own all of the rights, it deters competitors.
20-year patent protection: Your invention is protected for a set period of time, which is 20 years.
Rights Reserved: It also boosts your company's revenue by allowing the patent holder to charge a premium for the invention.
Reputation of the inventor: The inventor's credibility will increase once the patent is registered.
Enough funds: Although it only pays a lower royalty, it is extremely beneficial to people who have an idea but lack the funds to bring it to market by selling the idea outright.
Sell or transfer patent rights: You can sell, transfer, or franchise your patent after it has been registered
Different Types of Patent Applications
- Ordinary Application: The term "Ordinary Application" denotes a fresh application filed at the Indian Patent Office. Further, in this case, both the filing and priority date are the same for the application.
- Conventional Application: The term “Conventional Application” denotes an application that is previously filed by the applicant in some other country and wants to file the same in India as well. Further, it shall be relevant to take into consideration that the applicant needs to file the said application within a period of 12 months, starting from the date of its first filing.
- PCT International Application: The term "PCT International Application" denotes an application that is filed by the applicant in multiple countries. One can file this application in a maximum of 142 countries. Also, the same will take around 30 to 31 months to claim protection in each country, starting from the date of International Filing.
- PCT National Phase Application: The term "PCT National Phase Application" denotes an application filed by the applicant in India just like in other countries, for claiming protection. The applicant needs to file the same at the Indian Patent Office within a period of 31 months, starting from the date of International Filing.
Documents Required for Obtaining Patent Registration
- Identity Proof of the Inventor and Assignee
- Address Proof of the Inventor and Assignee.
- Contact Details
- Information corresponding to prior patent applications relating to the current invention, which you or any authorized entity has filed
- Some declarations, among other information.
Inventor Provide detailed specifications in English as well as a diagrammatic representation of your inventions, as well as the names, addresses, and nationality of the inventors and applicant.
- All assignment dates and application forms must be signed by the inventor.
- All information about similar applications filed in other countries must be provided in addition to this data.
- A verified PCT application in English must also be submitted, or it can be submitted by a trademark patent agent.
- Upon the controller's request, any type of priority application should be provided.
- If any of the sequences in the List are in computer-readable text format, they must be submitted as well.
- If the patent involves the use of biological material, a return permission from the national biodiversity authority must be included.
|Form of Business||PRIVATE LIMITED COMPANY||ONE PERSON COMPANY||LLP||PARTNERSHIP FIRM||PROPRIETORSHIP FIRM|
|Recommended For||Startups & Growing Companies||Sole Promoters||Professional Services Companies||Small Businesses Firms||Small Traders, Agents & Manufactures|
|Prevailing laws||Companies Act||Companies Act||LLP Act||Partnership Act||NA|
|Charter Documents||MOA & AOA||MOA & AOA||LLP Agreement||Partnership Deed||NA|
|Limit of Members||2-200||1||2-Unlimited||2-20||NA|
|Separate legal identity||Yes||Yes||Yes||NO||NO|
|Annual Statutory Compliances||High||High||Low||Low||Low|
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Simplified Performa for Incorporating Company Electronically, also known as SPICe, was introduced in the year 2016 for the purpose of incorporation of the companies. Under the Ease of Doing Business (EODB) initiative, the MCA released the new form SPICe+ to further ease the company incorporation process. The new SPICe+ form encompasses more features than the earlier SPICe form. Name approval is integrated as part of the SPICe+ form. The AGILE form has been converted to AGILE Pro to provide GSTIN / ESIC / EPFO / Bank account as well along with company incorporation. Apart from that, even after affixing DSC in the form, information can be modified in the SPICe+ form.
After the introduction of the SPICe+ form, the name approval has been integrated with SPICe+. Part-A of SPICe+ is for name approval. Therefore, from 15th February 2020, the RUN form can only be used for a change of name.
Company Limited by Shares: The liability of the shareholders is limited only to the amount that is unpaid on the shares held by them. Company Limited by Guarantee: A company having no share capital where the liability of the shareholders is limited up to the amount undertaken to be contributed by them in the event of liquidation of the company.
Yes. private limited companies are eligible for attracting foreign direct investments in compliance with the relevant laws and regulations.
DIN, also known as Director Identification Number, is an identification number of a person intending or has become a director in a company. DPIN, also known as Designated Partner Identification Number, is an identification number for a designated partner in LLP. It is similar to DIN in the case of companies. DIN and DPIN are issued by the Ministry of Corporate Affairs.
Yes. Even a foreign national can become a director in a private limited company.
As per the Companies Act, 2013, only an individual natural person can become a director in a company. Therefore, neither a company, firm, or association can become a director in any company. This is to ensure the fixation of duties and responsibilities that would be difficult in the case of companies and firms becoming directors.
The private limited company registration cost depends upon various factors like authorized capital, number of directors, etc. Initiate your Pvt. Ltd. Company Registration with eAuditor Office as your partner in corporate compliance! Reach out to us for any professional assistance.