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Intellectual property (IP) is a list of certain types of legal monopolies over creations of the idea, both artistic and commercial, and the related fields of law. Under intellectual property law, owners have exclusive rights to several intangibles like musical, literary, and artistic works; ideas, breakthroughs, and inventions; and words. phrases, symbols, and designs. Trade secrets, copyrights, patents, and trademarks are four main types of intellectual property.

Copyrights give lawful rights to published and unpublished original creations. They are used to secure the authorship of works like poems, songs, stories, films etc. By using them, the owner can legally guard the expression of an original idea for a stipulated time span, during which only he or she has the authority to reproduce it, permit its adaptation, exhibit it to people, or sell it. In most nations, a copyright is valid even after the author’s demise for 50 years and any unsolicited usage is considered illegal.

Patents are legal and registered rights that allow creators to stop others from producing or marketing their invention. Typically they apply to new theories in the realm of science, technological inventions and even biological discoveries. Most of the nations provide patent protection only for a span of 20 years, subsequent to which the invention no longer remains in the private domain and the owner loses his legal rights over the invention.

Trade secrets are those secret ideas or information that a firm can use for gaining an edge over its rivals. A trade secret could be anything ranging from a client database with the contact information of most valuable clients to a unique recipe or even a confidential report. Typically, trade secrets are a confidential matter and are strongly guarded by the firm without any intervention from a government agency. The most common means of protecting trade secrets is by allowing access to only a few key personnel and not everyone, or by keeping it safe in a bank along with other valuable items and papers.

Trademarks, on the other hand, include one or more words, designs or symbols that are associated with the company on the whole or its products and services, which act as identifiers of its brand. Trademarks develop an exclusive brand identity for a company and generate instant recall in the minds of consumers. Usually, a trademark certification remains valid for a decade 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.