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.
In any industry, enterprises are always dwelling on what their competitors are doing. Trade secret registration 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 that may be a recipe, process, practice, a secret that an enterprise uses to manufacture its product. 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 Registration
While registering your trade secrets, you must be aware of certain things.
- 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 regard to trade secrets in Dubai, 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.
Advantages of Trade Secret Registration
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
- 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.
Register Your Trade Secret With Commitbiz
Are you owning a creative, innovative company or just 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.
What is a trade secret?
Trade secrets are another branch of intellectual property, a secret that an enterprise uses to manufacture its product.
Can you register your company secrets?
Yes, you can register your trade secrets to secure it
Why to register trade secrets?
Trade secrets lets you to secure your secret formula to your business.
Does Dubai has trade secter registration?
Yes, UAE as a nation covers trade secrets under the Federal Law Number 31 of 2006.