Disruptive Changes in the Offshore Intellectual Property Services Market

Offshore Intellectual property services have seen a rising trend. Most individuals or organizations opt for this route to protect their unique and original ideas from fraud and misuse. While the concept of IP services sounds simple, recent technological developments have impacted this market as well. 

It would not be unusual for technological changes, with their complexities, to reach into the realm of art and ideas. Brands and organizations are taking extreme measures to safeguard their Intellectual Property Rights. One way to ensure the safeguarding of one’s IP rights is by an offshore company registration for Intellectual Property protection.

Talking about offshore IP services brings the question of what falls under the more extensive umbrella term of “Intellectual Property”. Generally, patents, copyrights, trademarks, trade secrets, design and design rights, domain names, and much more fall under the larger term of Intellectual Property.

The world of Intellectual Property rights has also been redefined with the advent of AI. Now, the question arises of who owns the ideas that an AI generates. Due to this, companies and countries alike are now seriously looking at the laws regarding IP protection. Recently, the question on everyone’s lips was whether AI-generated material belongs to the AI, the platform, or the requester.

Hence, several offshore jurisdictions, such as Seychelles, BVI, Hong Kong, Singapore, and others, are now promising their resources for the reworking of their IP protection laws so that it turns out to be a robust legal mechanism protecting the rights of creators and companies.

This legal system is one benefit when setting up an offshore company for Intellectual Property protection. Other benefits of an offshore company with regard to Intellectual Property protection are: 

• Huge cost savings
• Entry into global markets as a business can now enforce its IP rights in international markets.
• Low or 0 taxation.
• An offshore IP portfolio is easier to scale, which can lead to faster scalability.
• All the IP assets are easily manageable if one company inherits the entire portfolio.
• Confidential information and the privacy of the parent company or owner is maintained.

Now, if a company or an individual wants to register an offshore company for IP, then it would be best done through a service provider. Many may ask why they have to hire the services of an offshore company set-up provider in order to protect their rights on IP.

Well, because the devil is in the detailed process involved with getting offshore Intellectual Property (IP) protection. An individual or a company will have to:

• Do an internal audit and list all of its present assets, as well as any future assets or ideas.
• Each of these assets will then have efficient protection strategies from misuse.
• Once a business identifies its unique ideas, it then needs to select the most suitable jurisdiction to protect those business assets.
• Later in the process comes the tedium of filing an IP, drafting and applying protective legal agreements, monitoring and enforcing its IP rights, and generally reviewing and updating its IP strategies.

However, hiring a professional consultant will surely make it more accessible for clients to apply for, perform, check, and update their IP game plan.

Service providers like Business Setup Worldwide, which has been in the business for over seven years, are now coming up with a package of services to ensure that their clients can easily protect unique selling points. All that a company or individual has to do is register with them, express their needs to a dedicated account manager, prepare the paperwork needed, make timely payments, and then sit back and relax. The dedicated account manager will take care of the client’s needs and ensure that their IP rights are protected.