Inventions and out of the box innovation is the sole factor that makes any company stand out amongst numerous competitors. Every business strives to be successful. However, if you have to become one of the top names in any industry, then the solution is to be different and unique. This can be achieved through intense research and development and employing the sharpest of minds. This extra spark or difference can be anything. It could be a formula, secret recipe, and secret technique, all of this knowledge available only to a trusted few of the enterprise. The secret cannot leave the group, and for this, there are sufficient measures to be taken, and if by any chance, this secret is out, it'll be a huge blow to the revenue of the enterprise. One of the best-protected secrets in the world is the recipe of the drink Coca-Cola, which has been protected for over 130 years.
In any industry, enterprises are always dwelling into what their competitors are doing. Trade secret protection in the UAE is vital if anyone wishes to establish an enterprise whose selling point is a secret. Every move you make is always recorded and watched.
What Is a Trade Secret?
Trade secrets are another branch of intellectual property which may be a recipe, process, practice, a secret that an enterprise uses to manufacture their product. The enterprise usually is very successful and has a very distinct product. For example, Kentucky Fried Chicken (KFC) has a secret recipe to make the batter for the fried chicken. This is their unique selling point, and people flock to KFC for the distinct taste. The advantage is that you can be a monopoly for that specific market because you’re the only one who sells that very specific kind of product. This serves as motivation to come up with their own secret processes as this will drive any industry to innovative success.
Trade secrets dwell into the following
- Focuses on the monetary value
- Whether it’s a sustainable
- The measures are taken to protect the trade secret
The Essentials of a Trade Secret
- It must be documented
- It must have discretionary access( Only a trusted few must have access to it)
- Must be well protected using legal, administrative and technical methods
- It should not have a place in the public domain
- It should be of considerable value to the enterprise.
- If shared with another enterprise, then there must be a legal framework protecting this agreement.
The UAE covers trade secrets under the Federal Law Number 31 of 2006. It is notable that the UAE is filled in as an excellent platform boosting all the industries that were set up in the nation. Presently, with regards to trade secrets in the UAE, the following can be protected
- Software Programs
- Client Identities
- Strategic Plans
- Design Works
- Product Ingredients
- Research and Development Information
- Can be any other legitimate document containing any of the above mentioned not violating any provision of law which is capable of being kept a secret.
The UAE is also a signatory of the TRIPS (Trade-Related Aspects of Intellectual Property Rights) Agreement since April 1996.
Advantages of Availing Trade Secret Services
By availing trade secret services, there are many benefits that occur
- Stand out amongst the competition
- Issues related to commercial secrets can be resolved with ease
- Keeping a trade secret in the UAE will give the enterprise an exclusive right to experiment and modify the trade secret to improve it. This can be done without worrying about someone else modifying or tweaking it before the original trade secret owner.
- The biggest advantage is that the secret can be kept for however long and there is no need to disclose it under any circumstance
- There is no compulsion to register a trade secret in the UAE
- A trade secret has effective since the birth of it. There are no formalities to be completed and can be put into use, however soon.
Violation of a trade secret is known as misappropriation. Anyone who acquires by illegal means a trade secret in the UAE and discloses it can be punished by law.
Famous Trade Secrets
- The Coca Cola drink – It is one of the most famous drinks and one of the most famous secrets.
- Google Search Algorithm- Another well-kept secret which Google keeps modifying time to time
- KFC chicken- The world famous KFC chicken is also one of the best-kept secrets. This has given them an edge over many of the fried chicken food chains.
- Krispy Kreme Doughnuts- The process to produce the fluffy mouth-watering doughnuts is a secret they haven’t revealed over the years.
Need help with respect to your new found trade secret? We at Commitbiz offer the best solutions to all your intellectual property needs. Feel free to contact us, and we'd be more than glad to help you.