Innovation and thinking out of the box is what makes a company stand in the competitive market. Every company focuses on the ultimate goal of achieving profit. This goal could be reached only if your business has got that extra spark which might be a different strategy, process formulae from your competitors, which is to be kept secret. For that, it becomes essential that this secret needs to be preserved because one leakage can lead to a great downfall. For example, the formulae used by the world’s most popular beverage company Coca-Cola remains a secret till date, which has been preserved since ages.
Be it any industry; it is to be noted that competitors always keep an eye on every move that you make. If you are dealing with manufacturing industry or has an idea to set up a business in the UAE, the world’s most significant plethora of business industries, this is all you need to know. The tactics, strategies, processes that you implement or will be doing it in the future needs to be protected. How? Well, don’t worry. This composition will provide you with the essentials regarding trade secrets that will preserve your commercial secrets. Let’s deep dive.
What Is Trade Secret?
Trade Secrets is another division of intellectual property that stands as a formula, practice, process, secret that a business organization uses to manufacture their goods. The trade secret information is unique and turns out to be valuable for a company. They can also be called as the driver of innovation as they differ for each organization. It focuses on the following:
- Measuring the economic value of the trade secret
- The reliability of whether it stands certain or not
- Measuring the efforts to maintain the trade secrecy
Now, there are certain essentials that a trade secret must have. Have a look at the 7 Musts of Trade Secret.
Trade Secret in the UAE
The United Arab Emirates cover the trade secrets under the Federal Law Number 31 of 2006. It is well known that the UAE is served as a booming business platform for setting up business industries. Now, when it comes to trade secrets in the UAE, the following can be protected by trade secret:
- Computer programs
- Client Identities
- Company manuals
- Strategic plans
- Manufacturing process
- Product Ingredients
- Technical information
- Strategic plans etc.
The UAE has joined hands with Trade-Related Aspects of Intellectual Property Rights (TRIPS) and has signed the TRIPS agreement in April 1996. This helps in ease trade regarding the Intellectual Property issues.
Benefits of Availing Trade Secret Services
By availing the trade secret services for your business, you will be able to gain the following benefits:
- Enhance company competitiveness
- Solve the issues related to the commercial secrets
- New ideas and formulas can be fetched with the help of experts
- Gain knowledge regarding the current market trends on IP
- The protection doesn’t have any limited time
- Ease formalities
- Have an immediate effect
Violation of Trade Secret| Misappropriation
In legal terms, the violation of trade secrets is known as misappropriation. This state occurs when anyone deliberately acquires or discloses the trade secrets of a company.
Trade Secret Audit
Audit refers to the scrutiny of an organization, whose primary purpose is to assure the organizational management, that the process, strategies, governance are followed accordingly and are managed professionally. A trade audit needs the following essentials to conduct the audit process:
- Trade Secrets policies and procedures
- Trade Secret portfolio
- Trade Secret valuation
Once the documents mentioned above have been gathered accordingly, the audit process takes place in the following phases:
While dealing with trade secrets, you will get to know that the process involves legal steps. Trade secrets will help you to protect your creations, and at this point, it becomes essential that you take the help of experts who are well-versed with the rights and processes. Subject matter experts have got in-depth knowledge and can guide you in every step. We at Commitbiz are here to help you in this trade secrets process. The team Commitbiz stands as one of the premium business consultants in UAE who has been in the business of providing the incorporation services to various business clients worldwide. Our business experts will help you to avail copyright services accordingly. To know more, do contact us-we’d be glad to assist.